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Entrepreneur and author Vivek Ramaswamy says his newly launched fund aimed at boosting energy production in the United States has already raised more than $100 million.
Last week, Ramaswamy-based Ohio-based asset management firm Strive unveiled an exchange-traded fund DRLL that aims to be an energy index fund to fight the woke ESG movement that has stifled energy American.
In a press release obtained by Fox News Digital, DRLL “exceeded $100 million in assets under management (AUM) and over $160 million in traded volume in its first full week of launch.
“This represents a milestone, and it is only the first leg of our journey,” Ramaswamy wrote in the press release. “Our goal is to unlock the potential of America’s energy sector by forcing companies to focus on excellence, including through greater oil and gas production, instead of the social programs imposed by big managers. of ESG-related assets.”
VIVEK RAMASWAMY LAUNCHES A NEW INITIATIVE TO FACE THE ENERGY CRISIS AND FIGHT ESG IN THE DAYS TO COME: “STAY TUNED”
“We believe our message and mandates to American businesses are already resonating with Americans,” said Matt Cole, chief product officer of Strive. “Unlike typical ETF launches where you see a small number of high dollar trades, DRLL’s success has been driven by smaller dollar trades.”
Earlier this month, Ramaswamy teased his new initiative during an interview with Fox News Digital, saying his energy-based index fund would compete with investment giants like BlackRock and Vanguard, promising to… bring a “different voice of shareholders to the boardrooms of Corporate America”. focus on strengthening the energy industry rather than “those toxic political and social agendas”.
“That means yes, drilling for more oil. Yes, fracking for more natural gas. Yes, doing whatever allows you to be most profitable and successful in the long term regardless of the agenda somebody else’s politics. Nobody is giving that voice to the energy sector today. And I’ll tell you, that’s the shareholder mandate that Strive plans to give American energy companies,” said Ramaswamy at Fox News Digital.
VIVEK RAMASWAMY: AMERICAN’S INVESTMENT ACCOUNTS ARE ‘ARMED’ TO SUPPORT ENVIRONMENTAL POLITICS
ESG, which stands for Environmental, Social and Governance, has become a growing concern among conservative critics who accuse the movement of ultimately harming consumers and business owners by prioritizing social justice and the green agenda .
Ramaswamy, author of “Woke, Inc.” and the forthcoming book “Nation of Victims”, criticized ESG for becoming powerful enough to “dictate the flow of capital into the country”, calling it “one of the defining threats to capitalism and democracy”.
“There is an unprecedented aggregation of capital, $22 trillion of capital in the hands of just three large investment firms who are now using this philosophy to be able to do by the back door what the government could not do by the back door. gateway through the democratic process. That’s why I consider it to be, I think, probably the greatest spectacle of capitalism and democracy.”
While he urged Republicans to act “more aggressively” against it, especially GOP governors, Ramaswamy believes it is a “market problem” that requires a “market solution” rather than to resort to government intervention.
“At the end of the day, if there are three big asset managers using their market power to force companies in every industry, from energy to consumer products to technology companies, to behave a certain way, then there must be new, large scale asset managers who represent the will of ordinary Americans by investing their money and speaking up and representing their interests in a way that, in fact, most of these regular citizens would want to,” Ramaswamy told Fox News Digital.
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The co-founder and executive chairman of Strive also sounded the alarm about the direct impact of ESG on the current energy crisis.
“We have a massive energy crisis in this country, an imbalance between supply and demand that American energy companies are unable to address due to constraints on the sector,” Ramaswamy said. “The ESG movement has effectively demanded that American oil companies drill for less oil, fracture for less natural gas, produce less energy. This is actually what has led to the massive problem of supply, which in turn has created high gas prices, which in turn states are starting to create blackouts and the right response has to be to remove the chains and handcuffs from these companies, not just through regulations… [but] through the private sector itself.
Over the past few weeks, countries like Sri Lanka, the Netherlands, and even Canada have adopted or plan to adopt ESG-influenced policies and restrictions.
Sri Lanka’s ban on chemical fertilizers has led to shortages and economic instability – and protesters in the capital Colombo have forced President Gotabaya Rajapaksa to evacuate his palace.
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In the Netherlands, similar green restrictions have led angry farmers to block roads and protest Prime Minister Mark Rutte’s government after the country – which is the world’s second-largest food exporter after the United States – plunged its agricultural sector into chaos.
More recently, Canadian Prime Minister Justin Trudeau announced his intention to impose a reduction in agricultural emissions, which, according to an analysis by Bloomberg, “would risk [its] grain yield. »
Fox News’ Joshua Comins and Charlie Creitz contributed to this report.