Vivek Ramaswamy, the 37-year-old wealthy biotech entrepreneur and GOP presidential 2024 hopeful, fell into “wake up capitalism” during an appearance on Fox Business on Sunday.
Ramaswamy, the author of ‘Woke, Inc.’ described being awake as both “bad for business” and “bad for our civic culture.”
His observations come after sales of Bud Light and Target plummeted after the brands explicitly aligned themselves with LGBTQ communities.
The businessman and Harvard graduate began his presidential campaign in February and largely self-funded his campaign.
The son of Indian immigrants, he has gained prestige in conservative circles for his criticism of the environmental, social and corporate governance movement that promotes socially responsible investing.
Vivek Ramaswamy, a GOP candidate for the 2024 presidential election, has long strongly criticized “awakened capitalism”
Ramaswamy believes that the sole purpose of companies is to provide products and services to customers and generate profits rather than making political statements
“My view is that companies have a purpose – it is to provide products and services to customers who really need them and yes, to make unashamed profits,” Ramaswamy said during an appearance on Fox business.
“And when those companies get into social disputes, it’s not only often bad for business – just look at what happened with Bud Light. Look what’s happening with Target,” he added.
In his book ‘Woke, Inc.’ Ramaswamy paints corporate wake-up calls as a “scam.”
“The modern waking industrial complex divides us as a people. By mixing morality with consumerism, the American elites prey on our deepest insecurities about who we really are. They sell us cheap social goals and superficial identities to satisfy our hunger for purpose and our search for meaning at a time when we Americans lack both,” he writes.
Ramaswamy said he believes the country is “in the midst of a national identity crisis.”
“What we need are apolitical spaces that bring people together, whether they’re black or white, Democrat or Republican. The private sector – this country’s sports stadiums, this country’s laboratories – is where Americans unite, regardless of their partisan or identity affiliations,” Ramaswamy said. Fox.
“And so I think awake capitalism is bad for capitalism, but it’s also bad for American democracy,” he continued.
Ramaswamy argued that awake capitalism is not only detrimental to capitalism itself, but also to American democracy
“Young Americans in this country are no longer proud to be American. I am — and as the first millennial ever to run for president as a Republican, I think part of my responsibility is to rekindle that civic pride in the next generation.
“And the beauty of America is that we are not a country based on one ethnicity or one language or one monarch. We are a nation founded on a set of ideals that brought together a divided group of people 250 years ago.”
Ramaswamy argued that corporate America should not get involved in politics or make statements that might show where they might fall on the political spectrum.
Despite the damage done by the Target and Bud Light brands, he believed there is still time to reset things.
“I think there is an opportunity for companies to set their course straight. I believe in companies that learn from their mistakes.’
Ramaswamy continues to poll behind other GOP leaders. According to Real Clear Politics, the son of Indian immigrants gets just over 2 percent of potential primary voters next to larger-than-life former New Jersey governor Chris Christie.
That’s far behind frontrunners former President Donald Trump and Florida Governor Ron DeSantis.
Ramaswamy’s allies deny that he is seeking a position in a second-term Trump administration. They insist that Ramaswamy will return to his business interests if he fails to win the GOP nomination.
Ramaswamy has largely positioned himself on an “anti-woke” ticket, pledging to scrap the US green card lottery, end affirmative action and raise the voting age to 25.
Target has lost billions of dollars in market cap in the space of a few weeks while still facing backlash for its Pride-themed clothing line
A controversial part of the store’s pride line were bathing suits advertised as having “extra crotch coverage” and room for “tucking in.” The design is ostensibly aimed at individuals with male genitals who want swimsuits designed for women
In two of the most high-profile cases in recent months, both Target and Bud Light have taken the brunt of what it means to upset their loyal customer base – and ultimately their investors – as their share price plummets.
Target has lost $15 billion from its market cap in recent weeks as outrage grows over its decision to stock “tuck-friendly” transgender swimsuits and Pride merchandise.
Before being engulfed in controversy, Target’s market value was more than $74 billion, according to Dow Jones Market Data Group. The market capitalization – calculated by multiplying the number of shares by the price per share – is now just $61 billion.
Target is one of many major corporate brands facing backlash for promoting LGBTQ-friendly items during Pride Month.
Some consumers became especially distraught when they saw Target’s extensive Pride line, which included children’s clothing, as well as garments that appeared to be for women but were advertised as having room for “tucking in,” in case the buyer was male. possessed genitals.
The company held an emergency meeting and decided to downsize and relocate some Pride merchandise so that it is less visible in stores.
CEO Brian Cornell also released a statement saying the company pulled several items that were “at the center of the most confrontational behavior.”
“Since the introduction of this year’s collection, we have faced threats that affect our team members’ sense of safety and well-being at work,” the company said in a statement.
Bud Light’s popularity continues to decline as both corporate and personal events no longer display the Anheuser-Busch brand at their gatherings.
Dylan Mulvaney worked with Bud Light as part of their March Madness campaign in April and received a can of light beer with her face on it as a gift
After Anheuser-Busch attempted to distance itself from the Dylan Mulvaney promotion, Bud Light faced backlash from the opposite direction, with pro-LGBTQ groups accusing the company of abandoning the transgender influencer. Pictured: Dylan at Paris Hilton: live at The Fonda in Los Angeles, California on June 7
In April, the beer brand became embroiled in a controversy over a promotion it did with transgender influencer Dylan Mulvaney.
The share price fell nearly 20 percent from $66. It is now hovering around $58 per share.
The company has since lost billions of dollars in market cap, now worth about $109 billion – while the beer continues to be boycotted by tens of millions of former consumers.
The brand has even been forced to buy back expired beer from wholesalers and is considering how to deal with the people at any point in the sales lifecycle who experience lost profits.
Bud Light’s parent company said it will triple its marketing spending in the US this summer to boost ailing sales.
But whichever way the company goes, they’re now in a position where they can’t win.
After Anheuser-Busch attempted to distance itself from the Mulvaney promotion, Bud Light faced backlash from the opposite direction, with pro-LGBTQ groups accusing the company of abandoning the transgender influencer.