(LifeSiteNews) Go woke, go broke!
Major investment firm BlackRock, which has drawn substantial backlash for embracing controversial left-wing Environmental, Social, and Governance (ESG) ideology, has reportedly lost $1.5 trillion and plans major layoffs.
BlackRock CEO Larry Fink and president Rob Kapito made the announcement in a memo sent to employees and viewed by Business Insider.
“Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,” the executives wrote.
“BlackRock plans to dismiss some 500 workers as the asset management company seeks to contend with heavy losses.”
Via @BenZeisloft at @realDailyWirehttps://t.co/s4mS5UD5aR
— Tea Party Patriots (@TPPatriots) January 12, 2023
The world’s top asset manager, BlackRock manages almost $10 trillion in investments. Its holdings include Amazon, Apple, Microsoft, and Tesla, according to filings with the Securities and Exchange Commission (SEC).
Now, an estimated 500 BlackRock employees, representing roughly 3% of the company, are slated to see their jobs on the chopping block.
The Daily Wire cited the firm’s most recent earnings report, noting that BlackRock’s “assets under management declined from $9.5 trillion in the third quarter of 2021 to $8.0 trillion in the third quarter of 2022.”
The layoffs will be the first for BlackRock since 2019 and follow a pause on new hires at the end of 2022.
The company’s financial woes mirror those of other major corporations, including Big Tech companies, which have been forced to downsize as the economy continues to lag, The Daily Wire pointed out.
However, the moves also come on the heels of crucial actions by state governments to strip away billions of dollars in assets from the major money manager over their objections to the company’s embrace of “ESG” principles.
States that have opted to divest from BlackRock in recent months include Florida, Texas, South Carolina, Louisiana, and Missouri.
