Vivek Ramaswamy’s 2024 bid for president might be a long shot but the wealthy “anti-woke” entrepreneur is expected to invigorate national debate around the precept of investing based on environmental, social, and corporate governance or ESG.
The financial strategy, which Republicans call “woke capitalism” because it makes climate change and social issues a priority, has been thrust into the culture-war spotlight with conservatives combatting ESG-embracing Wall Street institutions.
“We’re in the middle of a national identity crisis. Faith, patriotism and hard work have disappeared,” Mr. Ramaswamy said in a campaign video. “Wokism, climatism and gender ideology have replaced them.” With the backing of GOP megadonor and PayPal co-founder Peter Thiel, Mr. Ramaswamy co-founded Strive Asset Management last year. The firm’s stated goal is to “offer everyday Americans a way to invest in the stock market without mixing business with politics.”
The anti-ESG movement erupted last year when Republican officials in states across the country began pulling public pension funds worth billions of dollars from pro-ESG investment firms and banks such as BlackRock, Vanguard and Wells Fargo. They accused the institutions of putting politics above their fiduciary responsibilities. The states cumulatively divested more than $4 billion from BlackRock last year.
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