Texas Yanks $8.5 BILLION Out of BlackRock re ESG

The State of Texas just dropped a major bombshell on investment manager BlackRock and the entire so-called ESG (environment, social, governance) space. The Texas Permanent School Fund (PSF), created in the 19th century to support the state's public schools, has pulled $8.5 billion of its investments away from BlackRock over the state’s determination that BlackRock is engaged in a boycott of energy companies by pressuring companies to avoid the fossil fuel sector. The Texas PSF has $53 billion in invested assets. Investing $8.5 billion of it with BlackRock represents 16% of the entire fund.

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