GOP 2024 hopeful slams woke capitalism amid Bud Light and Target controversies

Vivek Ramaswamy, the 37-year-old wealthy biotech entrepreneur and GOP presidential 2024 hopeful laid into 'woke capitalism' during an appearance on Fox Business on Sunday. 

Ramaswamy, the author of 'Woke, Inc.' described wokeness as being both 'bad for business' and 'bad for our civic culture'.

His observations come as sales of Bud Light and Target have plummeted after the brands explicitly aligned themselves with LGBTQ communities. 

The businessman and Harvard graduate kicked off his presidential campaign in February and has largely self-funded his campaign.

The son of Indian immigrants, he has gained stature in conservative circles for his criticism of the environmental, social and corporate governance movement that aims to promote socially responsible investing. 

Vivek Ramaswamy, a GOP candidate for the 2024 presidential election, has long expressed strong criticism of 'woke capitalism'

Ramaswamy believes businesses sole purpose is to provide products and services to customers, generating profits rather than make political statements

'My view is that businesses have a purpose – it is to provide products and services to customers who actually need them and yes, to make a profit unapologetically,' Ramaswamy said during an appearance on Fox Business.

'And when those businesses wade into social disputes, not only is that often bad for business – just look at what happened to Bud Light. Look at what's happening to Target,' he added. 

In his book, 'Woke, Inc.' Ramaswamy portrays wokeness by companies as a 'scam'.

'The modern woke-industrial complex divides us as a people. By mixing morality with consumerism, America's elites prey on our innermost insecurities about who we really are. They sell us cheap social causes and skin-deep identities to satisfy our hunger for a cause and our search for meaning, at a moment when we as Americans lack both,' he writes.

Ramaswamy said he believes the country to be 'in the middle of a national identity crisis.' 

'What we need is apolitical spaces that bring people together, whether they're black or white or Democrat or Republican. The private sector – the sports stadiums of this country, the labs of this country – that's where Americans unite, regardless of their partisan or identarian affiliations,' Ramaswamy told Fox.

'And so I think woke capitalism is bad for capitalism, but it's also bad for American democracy,' he continued.

Ramaswamy argued woke capitalism to be detrimental not only to capitalism itself but also to American democracy

'Young Americans across 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 it is part of my responsibility to revive that civic pride in the next generation.

'And the beautiful thing about America is that we're not a country founded on an ethnicity or on a single language or a monarch. We're a nation founded on a set of ideals that brought together a divided group of people 250 years ago.'

Ramaswamy argued corporate America should not be stepping into politics or making statements that may display where they might fall on the political spectrum.

Despite the damage that has been done by Target and Bud Light brands, he believed there is still time for things to be reset. 

'I think that there's an opportunity for companies to set their course straight. I believe in companies learning from their mistakes.'

Ramaswamy continues to poll behind other GOP leaders. According to Real Clear Politics, the son of Indian immigrants picks up just over 2 percent of potential primary voters alongside larger-than-life former New Jersey Governor Chris Christie.

That is far behind front-runners of former president Donald Trump and Florida Gov. Ron DeSantis. 

Allies of Ramaswamy 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, vowing to scrap the U.S. green card lottery, end affirmative action and to raise the voting age to 25.

Target has lost billions of dollars in market capitalization in the span of a few weeks as it continues to face backlash for its Pride-themed clothing line 

One controversial element of the store's pride line were swimsuits that were advertised as having 'extra crotch coverage' and room for 'tucking.' The design is ostensibly to accommodate individuals with male genitalia who want swimsuits designed for women

In two of the most high-profile cases in recent months, both Target and Bud Light have borne the brunt of what it means to upset their loyal customer base - and ultimately their investors, as their share price plunges. 

Target has shed $15 billion from its market cap in recent weeks as outrage over its decision to stock 'tuck-friendly' transgender bathing suits and Pride merchandise grows.

Before the becoming engulfed in the controversy, Target's market value stood at over $74 billion, according to Dow Jones Market Data Group. Its market cap - calculated by multiplying the number of shares by the price per share - now sits at just $61 billion.  

Target is one of several major corporate brands facing backlash for its promotion of LGBTQ-friendly items during Pride Month. 

Some consumers became especially distraught when they saw Target's extensive Pride line, which included clothing for children, and items of clothing that appeared to be for women but were advertised as having room for 'tucking,' in case the buyer possessed male genitalia.

The company held an emergency meeting and decided to downsize and relocate some Pride merchandise so that it's less visible in stores.

CEO Brian Cornell also released a statement saying the company had pulled several items that have 'been at the center of the most confrontational behavior.'

'Since introducing this year's collection, we've experienced threats impacting our team members' sense of safety and wellbeing while at work,' the firm said in its statement.

Bud Light's popularity continues to plummet as both corporate and personal events pivot away from featuring the Anheuser-Busch brand at their gatherings.

Dylan Mulvaney worked with Bud Light in April as part of their March Madness campaign and was gifted a can of the light beer with her face on it

After Anheuser-Busch tried 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 controversy over a promotion it did with transgender influencer Dylan Mulvaney. 

The share price tanked by almost 20 percent from $66. It is now hovering around $58 a share. 

The company has since lost billions of dollars in market capitalization, now valued around $109 billion - while its 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 contemplating how to deal with the people at every juncture of the sales lifecycle who are experiencing a loss of profits. 

Bud Light's parent company said it will triple its marketing spending in the US this summer as it tries to boost ailing sales.

But whichever way the company turns, they are now in a position where they cannot win. 

After Anheuser-Busch tried 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.