The Texas Permanent School Fund (TPSF) on March 19, 2024, pulled roughly $8.5 billion from BlackRock’s asset management. Texas State Board of Education Chairman Aaron Kinsey (R) argued that since BlackRock supported environmental, social, and corporate governance (ESG) investing through its boycott of the fossil fuel industry, state law prohibited BlackRock from managing public funds. BlackRock responded with a thread on Twitter/X and a letter to Kinsey and the TPSF, arguing the move was not in the best financial interest of the school fund. The move raised the total of Republican state funds withdrawn from BlackRock’s management to more than $13 billion.

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