BlackRock is the single largest investor in the destruction of the planet's forests and the largest money contributor to fossil fuels industry, and we all have ties to BlackRock, mostly through its connections to the largest banks and pension funds internationally, but also due to extensive investments in nearly all industries. Accusations of "circular ownership" have been thrown at Goldman Sachs, JP Morgan, Black Rock and other company's, which allows these banks and financial giants to act as an effective financial monopoly without seeming like one, for this reason BlackRock is often referred to as a "shadow monopoly" or a "shadow bank". Likewise, BlackRock is often one of the largest shareholders in major competing brands (for example Pepsi-Co and Coca-Cola) cementing these monopoly accusations even more, but more worryingly BlackRock is a major shareholder in a huge array of media companies including social media tech companies.
Whether through direct or indirect ownership there is hardly any industries exempt from their control, with around $9 trillion of assets around the globe, BlackRock holds more assets than the GDP of every country on the planet other than the US and China. The only solution to such great financial power is stronger regulation, in 2020 US Representatives Katie Porter and Jesús García proposed legislation to better regulate shadow banks like BlackRock, but this is only a start, due to the phenomenal reach of this company efforts such as this should be taking place globally. The company uses its financial power to maximize profits for shareholders often at the expense to the environment and society at large, for example assetizing housing markets and driving up the cost of real estate pricing out more and more families as the property market becomes increasingly speculative.
BlackRock also received various criticism for taking advantage of their extensive financial ties to the US Federal Reserve System to profit from the US government's emergency pandemic efforts. But most importantly BlackRock have an ominous detriment to the environment that threatens human civilization as we know it. Climate change and poverty cannot be addressed with shadow monopolies like BlackRock investing in all industries that put profits above all else, there are few that have the financial power to oppose such negative influences on this world, we cannot let groups like this accumulate more wealth. We desperately need to regulate Blackrock as they are the main driving force of climate change inaction and deforestation of the Amazon, blindly adding fuel to the fire in the name of profit.