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Florida State pulls $2B from Blackrock's 'woke ESG agenda' joining states Louisiana & Missouri

Blackrock is a behemoth. If we want to quickly bring up numbers…one vanity metric darling rises above all AUM (Assets Under Management). For BlackRock a quick google lookup it’s $10 Trillion Dollars USD. To contextualize that Brookefield Asset Management a major Canadian Multi-National manages $725 Billion USD. To further contextualize, Apple’s current market cap, that is outstanding shares * current market price yields $2.10 Trillion.

So basically Blackrock is 5 apples if we want to compare apples with oranges.

To summarize key takeaways:

KEY TAKEAWAYS

• ESG's fiduciary standards and potential greenwashing attract critics across the political spectrum.

• Blackrock's support of ESG has made it the prime target for scrutiny.

• Despite its popularity in recent years, sustainable investing's impact remains difficult to assess.

"Using our cash to fund BlackRock's social-engineering project isn't something Florida ever signed up for," Jimmy Patronis, Florida's chief financial officer, said in a released statement. "It's got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do."

https://www.bloomberg.com/news/articles/2022-12-14/florida-escalates-esg-war-says-larry-fink-did-it-to-himself