Once the king of the American beer market, Bud Light lost $40 billion in market cap after one polarizing ad campaign—a collapse dissected in Joe Lonsdale’s American Optimist podcast episode, “Former Business Exec: How BlackRock Manipulates Companies & Investors” (uploaded February 20, 2025). Featuring Anson Frericks, a former Anheuser-Busch president, the 42-minute video (2,374 views as of now) unravels how BlackRock manipulation and its peers steer corporate America astray with ESG impact and DEI controversy. How did the Bud Light collapse happen? Why do these frameworks falter? And can businesses rediscover their business mission? Here’s the story—and the solution.

TL;DR

Bud Light’s $40 billion loss wasn’t just a marketing flop—it exposed BlackRock, State Street, and Vanguard’s grip on corporate America, pushing stakeholder theory over shareholder value. In Joe Lonsdale’s February 20, 2025, podcast “Former Business Exec: How BlackRock Manipulates Companies & Investors“, ex-Anheuser-Busch exec Anson Frericks reveals how these forces derailed Bud Light, why he co-founded Strive Asset Management with Vivek Ramaswamy to fight back, and how meritocracy could revive American business.

Executive Summary

In the latest American Optimist episode, “Former Business Exec: How BlackRock Manipulates Companies & Investors“, tech mogul Joe Lonsdale—co-founder of Palantir and 8VC—interviews Anson Frericks, a Yale and Harvard alum who led Anheuser-Busch’s U.S. operations until its cultural drift. Frericks ties the Anheuser-Busch decline to its 2008 InBev acquisition and a shift from St. Louis to New York, aligning it with ESG and DEI pressures from BlackRock’s $20 trillion empire. Contrasting Milton Friedman’s shareholder primacy with Europe’s World Economic Forum stakeholder theory, he details how these frameworks fueled Bud Light’s 2023 Dylan Mulvaney ad fiasco. Now, through Strive Asset Management and his book Last Call for Bud Light, Frericks charts a path back to customer-focused economic prosperity—watch the full discussion for his insider take.

Key Takeaways

• Bud Light’s Collapse: A $40 billion market cap loss followed its 2023 campaign, a misstep Frericks calls “the pin that popped the ESG bubble” (17:07 in the video).
• BlackRock’s Power: With State Street and Vanguard, BlackRock leverages $20 trillion to enforce ESG via letters, votes, and media (13:50).
• ESG & DEI Roots: Emerging from Europe’s World Economic Forum and post-2008 PR fixes, these became tools for political control (11:08).
• Corporate Split: Goldman Sachs retreats from DEI quotas, while Costco doubles down, per Frericks (19:04).
• Strive’s Solution: Frericks’ firm offers low-fee funds focused on merit and returns, not politics (28:10).

The Questions This Answers—Explained Metaphorically

1. How Did Bud Light Fall So Far?

Metaphor: Picture a hearty oak uprooted from Midwest soil and replanted in a New York penthouse pot. Frericks explains in the video (1:59) that after InBev’s 2008 buyout, Bud Light’s move to NYC exposed it to ESG-DEI gusts. The Dylan Mulvaney ad was the storm that felled it—a king dethroned by losing its roots.

2. Where Did ESG and DEI Come From?

Metaphor: Envision a vine slithering from Europe’s World Economic Forum, watered by post-2008 remorse. At 11:08, Frericks traces ESG’s rise to the UN’s 2005 framework and banks’ image repair, with BlackRock pruning firms to fit stakeholder theory—a garden of control, not freedom.

3. How Does BlackRock Manipulate Companies and Investors?

Metaphor: BlackRock’s the puppeteer, its $20 trillion strings jerking corporate limbs. Frericks details at 13:50 how annual letters, media pressure, and shareholder votes (30:15) force ESG compliance—turning CEOs into marionettes dancing to a political tune.

4. Why Did This Hurt Corporate America?

Metaphor: It’s like chefs abandoning stoves to chase fads, starving their patrons. At 16:17, Frericks notes Bud Light, Disney, and Nike lost focus on customers, burning profits and trust in a futile bid to please stakeholders—a recipe for ruin.

5. How Can We Fix It?

Metaphor: Strive Asset Management’s a lighthouse, guiding ships from stormy activism to safe harbors of merit. Frericks shares at 28:10 how his firm with Vivek Ramaswamy rejects ESG mandates, steering firms back to their north star—serving customers and shareholders, not politics.

The Rise and Fall of Bud Light: A Cautionary Tale

Bud Light ruled as America’s working-class brew until InBev’s 2008 takeover uprooted it from St. Louis. In the podcast (1:59), Frericks recalls its shift to New York, where 3G Capital’s meritocracy faded under ESG-DEI pressures. By 2023, the Dylan Mulvaney ad—pitched as inclusive—tanked $40 billion and thousands of jobs. “$40 billion’s been erased since this happened,” Frericks laments (00:00 in the video), a wake-up call for brands straying from their base. His book, Last Call for Bud Light (linked in the video description), dives deeper into this ESG backlash.

BlackRock’s Shadow: The Mechanics of Manipulation

BlackRock, State Street, and Vanguard wield $20 trillion, owning 20-30% of S&P 500 firms. At 13:50, Frericks outlines their tactics: CEO letters demand “social licenses,” media amplifies ESG goals, and votes ram through proposals—30-40% passed by 2021 (30:15). California’s $280 billion pension fund, only 80% funded, bends to this, shunning oil while padding Texas gains. “They’re forcing behaviors,” Frericks warns (00:00:24), a top-down hijack of free markets and corporate governance.

ESG and DEI: From Ideals to Ideology

ESG and DEI sprouted from Europe’s stakeholder theory, gaining ground post-2008 (11:08). Initially a PR fix, they became profit engines—high-fee ESG indexes excluded “non-compliant” firms like Tesla (no unions). Frericks recounts at 21:44 how Bud Light nixed a Black Rifle Coffee deal over “controversy,” showing DEI’s exclusionary twist. “The left used business to get done what they couldn’t through government,” he says (14:47), fueling the DEI controversy.

Corporate America’s Fork in the Road

The video (19:04) highlights a divide: Goldman Sachs drops DEI quotas, Costco leans in. Frericks bets on retreaters outperforming, citing his bets against Business Roundtable signers. Yet, Bud Light’s leadership lingers despite losses—European heirs of 3G Capital cling to ESG, missing American pragmatism (24:59). Accountability’s scarce, but Wall Street reform is stirring.

The Path Forward: Strive and Beyond

Frericks left Anheuser-Busch in 2021, launching Strive Asset Management with Vivek Ramaswamy to counter the asset managers’ influence (28:10). Offering low-fee funds, Strive pushes firms to “be excellent at their mission”—oil firms drill, tech fosters speech. Its record ETF launch proves demand (33:04). Now with Athletic Capital, Frericks urges courage—challenge pronouns or quotas (37:13). Watch the full episode “Former Business Exec: How BlackRock Manipulates Companies & Investors” for his roadmap to reclaim corporate America and restore economic prosperity.