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Get Woke, Go Broke: BlackRock Stock Downgraded Over Risk From ESG Investing

View Source | October 19, 2022 3:00 am

  • BlackRock was downgraded by UBS analyst Brennan Hawken last week over the asset management company’s adherence to the environmental, social, and governance movement, also known as ESG.
  • “We are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm’s ESG positioning,” Hawken remarked, citing the potential for further lost business and increased regulatory scrutiny.
  • Most recently, South Carolina State Treasurer Curtis Lofits said he would pull the state’s remaining $200 million in BlackRock because of the company’s “leftist worldview.”
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