In a Sunday Special interview with The Daily Wire’s Editor Emeritus Ben Shapiro, author, influencer, and media mogul Patrick Bet-David offered an optimistic view of the future that would see the eventual end of “woke capitalism.”
Bet-David, an Iranian-American political commentator, CEO and founder of Valuetainment, explained that the ultimate downfall of the ‘woke’ economy will be how deeply ESG (Environment, Social, and Governance) initiatives have burrowed themselves into Fortune 100 firms could ultimately be the undoing of the movement given that such firms are likely to abandon those policies as more of the population rejects them.
According to The Daily Wire, he told Shapiro, “They’re not going to win long-term because people are starting to get exposed to it, and they’re learning more about it. And even they’re saying, ‘Hey, let me back off a little bit.’” He theorized that “common sense” would eventually win out. Bet-David pointed to the recent public admission from Mcdonald’s that the fast-food giant would remove ESG elements from its website.
The conversation even diverted to why content creator Andrew Tate was able to gather such a large following as quickly as he did with primarily young men. While Bet-David contended that some critique of Tate’s personal life is valid, the messaging he gave was attractive to young men.
“But a lot of the values and what he’s presenting, you can’t argue young men are looking for that, especially nowadays. There’s a lot of boys that are looking for an older brother or a father figure, and his messaging keeps resonating with them,” he said.
In May 2023, Bet-David offered a scathing rebuke of the ‘Woke’ Capitalism phenomenon following Target’s loss of $9 Billion in market capitalization in a single week. He posted to X, formerly Twitter, ” Target loses $9B in a week after introducing LGBTQ-friendly kids clothing. Target stock down 12%, Bud Light down 25%.”
He offered a series of “Lessons for all Fortune 500 CEOs & CMOs.”
“1. Screw your ESG score. Instead, Focus on KEEPING your BEST customers happy. 2. You can’t please both the ESG community & your best customers at the same time. Attempting to do so will cost you both. 3. It’s Time for the board to fire the CEO & the entire marketing team. Not doing so will continue this downfall. 4. Bad ideas have consequences. 5. Capitalism works. Pandering doesn’t. Either go into politics and sell your woke policies to voters or be a TRUE capitalist.”
He concluded, “In capitalism YOUR BEST CUSTOMERS are your voters. Not the .1% of your voters who complain and scream the loudest.”
Target loses $9B in a week after the introducing LGBTQ-friendly kids clothing.
Target stock down 12%
Bud light down 25%
Lessons for all Fortune 500 CEO’s & CMO’s.
1. Screw your ESG score. Instead, Focus on KEEPING your BEST customers happy.
2. You can’t please both the…
— Patrick Bet-David (@patrickbetdavid) May 26, 2023
In a prominently featured August video for his Valuetainment brand, Bet-David identified BlackRock’s co-founding CEO Larry Fink as “the man who pioneered the concept of ESG [environmental, social and governance],” adding that Fink “is the reason why Dylan Mulvaney got a Bud Light,” according to LifeSite. He event went on to describe the investment firm as the “Fourth government branch,” with the company recruiting from both the Obama and Biden administrations.