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BlackRock Is Becoming the Republican Bogeyman for ESG

Ron DeSantis labels the asset manager “woke,” while activist investors question the urgency of the Wall Street giant’s ESG campaign.

BlackRock Signs Pact With Saudi Wealth Fund for Infrastructure
Photographer: Spencer Platt/Getty Images

Florida Governor Ron DeSantis is making it clear that he either doesn’t like BlackRock Inc. or thinks pillorying the Wall Street giant as “woke” is good politics with 2024 approaching.

The Republican’s administration is pulling $2 billion from the world’s largest investment firm and is pushing managers who run the state’s pension funds to withdraw their holdings—some $13 billion. Why? Mainly because of the New York-based company’s loudly professed ties to environmental, social and governance investment principles.