> Also, how did Blackrock get so wealthy so fast? They've only been around since 1988.
It is not their money. They have roughly $11.5 trillion of assets under management, but their market cap is only $161.5b (on net income of about $6b). Compare that to xAI, which has existed for less than two years and has a valuation around $50b.
I am interested in learning about what you are referring to, but you linked his entire Substack and Twitter account. Would you please link a specific post?
Yes. If they collectively decide stock price matters more than anything else (sustainability, the planet, long term viability of the business), they get it, whatever the short or long term costs.
There was a comparison between Amundi (France based) and BlackRock, and their voting patterns, and BlackRock was consistently voting against any ESG or in any way ecology related proposals. Anything that isn't directly about making more money is just not their thing. Contrast that with Amundi who overwhelmingly voted for ESG or similar measures.
Electronic trading and passive investing drove commissions to zero so Blackrock helped create ESG because ESG requires paying commission for the service of certifying an investment as ESG.
It is not their money. They have roughly $11.5 trillion of assets under management, but their market cap is only $161.5b (on net income of about $6b). Compare that to xAI, which has existed for less than two years and has a valuation around $50b.