He then explains how concern for stakeholders took over concern for shareholders.
Then he moves in on current-day players who are at the forefront of the woke movement. He especially singles out Larry Fink of Black Rock.
Black Rock has $8.7 trillion under management. That is power. Fink being a true believer of wokeism, has enormous sway over corporate heads with his position as CEO of Black Rock which holds massive stock positions in most of the major publicly traded companies in the United States.
Soukup states, “Larry Fink is a religious fanatic; a believer in the pure fundamental practice of his faith… [That is]Fink aligned himself with and placed himself at the forefront of the ‘ESG’ movement, an investment trend focused on Environmental, Social and Governance matters in assessing a company’s long-term value.
He placed himself in the position to be crowned king not just of the financial services world but also of ‘woke capital,’ the top down, anti-democratic means by which some of the most powerful and best-known men and women in American business are endeavoring to change capitalism, the securities markets in the fundamental relationship between the state and its citizens –– and save the world.” Fink is playing a major role in all this. …
On the individual investor front, he points to, among others, the woke activism of the widow of Steve Jobs.
Laurene Powell Jobs (worth $20 billion) is a member of the Climate Leadership Council and has bought a majority stake in The Atlantic and Axios. She has been a major money funder of lefty voter registration programs.
Notice how neither Fink now Powell-Jobs earned their money by providing goods or services that other people voluntarily paid for. One buys and sells assets, while the other married a guy who provided stuff people actually want.