BlackRock Inc., known for pushing woke activism in investing, has lost $1.7 trillion of its clients’ money in the last sixth months, Bloomberg reported Wednesday.
The massive sum is the largest amount of money lost by an individual investment firm over that time period.
BlackRock has pushed for Environmental, Social and Corporate Governance (ESG), a form of investing that scores companies based on their commitments to certain environmental aims and social causes, such as racial and gender diversity. (RELATED: ANALYSIS: The Massive Woke Company Selling Out Americans To China)
“Environmental, social and governance (ESG) investing is about investing in progress and recognising that companies solving the world’s biggest challenges can be best positioned to grow,” the investment firm writes on its website.
Larry Fink over the years:
2017: “At BlackRock, we are forcing behaviors.”
2020: “BlackRock does not see itself as a passive observer in the low carbon climate transition.”
2022: “I don’t want to be the environmental police.”
Translated: “Red states, PLEASE don’t pull your $.”
— Vivek Ramaswamy (@VivekGRamaswamy) July 21, 2022
“2022 ranks as the worst start in 50 years for both stocks and bonds,” Larry Fink said on an earnings call last week.
BlackRock voted in three activist board members for the oil company Exxon, resulting in the company significantly pulling back on its oil production over the next five years. The resulting decrease in the supply of oil is expected to contribute to rising gas prices.
The country of Sri Lanka is struggling to save its economy after it banned artificial fertilizers, one of the country’s largest industries, as part of its environmental, social and corporate governance goals.