In opposition to its extreme practices, red states are turning against the largest asset manager in the world. Four of them have decided to withdraw their money from BlackRock. It’s a drop in the ocean compared to the firm’s entire assets, but it might be the beginning of a much broader revolution.
BlackRock, Inc., headquartered in Manhattan, is the largest investment firm in the world, with around $10 trillion in global holdings. It is a far-left social corporation with more than 70 offices in 30 countries.
BlackRock has been promoting environmental, social, and corporate governance (ESG) since 2020. This left-wing ideology attempts to impose these ideals on businesses and directs money toward woke causes. BlackRock, for instance, has been funding President Joe Biden’s environmental program while attempting to punish fossil fuel corporations. Republicans don’t like it very much, but the political left does.
Louisiana to remove $794 mln from BlackRock funds over ESG drive https://t.co/Y5ibXnCBJV pic.twitter.com/QdhB295uSz
— Reuters (@Reuters) October 6, 2022
19 Republican state attorneys general wrote to BlackRock on August 4 to express their disapproval of the company’s woke capitalism and call for a boycott of the energy sector. Currently, red states Arkansas, Louisiana, South Carolina, and Utah are attracting $1 billion in investments. The company’s CEO, Larry Fink, was informed by Louisiana State Treasurer John Schroder that the action was taken to defend his state against demands made by BlackRock that would seriously harm our vital energy sector.
Although the amount taken out represents only 0.01% of BlackRock’s total assets, it’s a start. Even BlackRock’s bottom line might suffer if additional red states follow suit. The business might not fail, but it won’t gain anything from becoming more progressive.
