Florida divests from Woke

Fla. Pulls $2B From BlackRock Over Firm's Environmental, Social Policies

Patronis accused BlackRock of focusing on ESG (support and invest in companies more proactively managing environmental, social, and corporate governance related issues, also known as ESG) rather than higher returns for investors.

"Florida's Treasury Division is divesting from BlackRock because they have openly stated they've got other goals than producing returns," Patronis said in the statement provided by his office.

The move will hardly dent BlackRock's $8 trillion in assets and drew a strong response from the company, which said the action put politics over investor interests.

Nonetheless it underscores how a backlash against ESG investing is gathering steam among Republican leaders in Florida, and elsewhere, who criticize corporations for focusing on matters like climate change or workforce diversity.

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