‘Woke, Inc.’ Author Ramaswamy Targets Apple and Disney

Apple and Disney face new pressure from the right

A conservative investor, with backing from Peter Thiel and Bill Ackman, has two new targets in his anti-E.S.G. campaign. Yesterday, Vivek Ramaswamy sent letters to the C.E.O.s of Apple and Disney, urging them to refrain from making political statements on behalf of their companies, or hiring decisions based on race, sex or political beliefs.

Ramaswamy has emerged as one of Wall Street’s most prominent critics of the environmental, social and governance investing movement. Earlier this year, the investor, who is the author of “Woke, Inc.,” launched Strive Asset Management, which he says will combat pressure on companies to consider liberal politics before bottom lines. Its first exchange-traded fund, which is focused on energy, launched last month and already has roughly $320 million in assets. Its ticker symbol, which echoes Ramaswamy’s prescription for the energy industry, is DRLL.

Strive’s second fund, the Strive 500 E.T.F., which invests in large public companies, launches today. Ramaswamy’s plan is to use the power of shareholder votes to refocus large companies on maximizing profit, a goal from which Ramaswamy says boardrooms have strayed. One of the first issues it’s tackling is hiring policies; Apple, Ramaswamy says, is a prime example of the problem.

Article source: https://www.nytimes.com/2022/09/20/business/dealbook/anti-esg-campaign-fund-etf-disney-apple.html