BlackRock is $2 billion dollars lighter.
According to a report from USA Today, Florida and Governor Ron DeSantis have pulled billions in state cash managed by BlackRock over ESG investments; the state treasury will freeze about $1.43 billion worth of long-term securities and remove BlackRock as the manager of about $600 million worth of short-term overnight investments.
From USA Today:
Republicans, who say liberals are using environmental, social and corporate governance investing strategies to advance an ideological agenda that would be voted down at the ballot box, have lashed out at “woke” corporations and money managers, pledging to roll back the $40 trillion ESG investing business.
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In August, DeSantis…pushed through a resolution calling for Florida to stop considering “the ideological agenda” of the ESG movement when investing state funds.
DeSantis is leading the Republican revolt —and BlackRock CEO Larry Fink is a frequent target.
“I think it’s undemocratic of major asset managers to use their power to influence societal outcomes. If Larry, or his friends on Wall Street, want to change the world – run for office. Start a non-profit. Donate to the causes you care about. Using our cash, however, to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for,” Florida Chief Financial Officer Jimmy Patronis said in a statement Thursday.
More over at USA Today:
Florida is yanking $2 billion worth of state assets managed by BlackRock, escalating the GOP standoff with the world’s largest money manager over its ESG investment policies.https://t.co/Dpk97siWkh
— USA TODAY (@USATODAY) December 2, 2022
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