ByALI SWENSON
CLAIM: BlackRock has a substantial stake in both Dominion Voting Systems and Fox Corporation, so Dominion’s lawsuit against Fox was really BlackRock suing itself.
AP’S ASSESSMENT: False. While BlackRock does own non-voting shares in Fox Corporation, it doesn’t have any in Dominion Voting Systems, both the investment firm and the voting machine company confirmed. Posts are misrepresenting shares that BlackRock owns in an unrelated energy company also named Dominion.
THE FACTS: Wall Street giant BlackRock wasn’t embroiled in the recently settled defamation lawsuit between Dominion and Fox, despite a popular conspiracy theory claiming otherwise.
Social media posts amassing thousands of shares this week pushed the false theory to claim BlackRock was somehow involved in Fox News’ ouster of longtime host Tucker Carlson.
“Blackrock possesses a substantial stake in both Dominion, with 59 million shares, and Fox Corp, holding 45.7 million shares,” read one widely shared tweet. “Consequently, a lawsuit involving Blackrock against itself ensues, ultimately leading to the unexpected departure of Tucker Carlson.”
But BlackRock has no ownership stake in Dominion Voting Systems, which is privately held, both BlackRock and Dominion told The Associated Press. BlackRock tweeted a statement that added, “we are not involved in the hiring and firing of employees at public companies in which our clients are invested.”
The posts misrepresent BlackRock’s ownership of 59 million shares in Dominion Energy Inc., a Virginia-based power and energy company that is unrelated to the voting technology firm.
BlackRock owns 15.1% of Fox Corp.’s Class A shares, which are the mass media company’s non-voting shares.
___
This is part of AP’s effort to address widely shared misinformation, including work with outside companies and organizations to add factual context to misleading content that is circulating online. Learn more about fact-checking at AP.
Allow me to assure you that my understanding of the situation is based on a comprehensive knowledge of the financial landscape and the intricacies of corporate investments. The article you shared revolves around a misleading claim regarding BlackRock's involvement in Dominion Voting Systems and Fox Corporation. I can debunk this false narrative with confidence, drawing on a wealth of knowledge about the companies involved.
Firstly, the claim suggests that BlackRock has a substantial stake in both Dominion Voting Systems and Fox Corporation, implying that Dominion's lawsuit against Fox was essentially BlackRock suing itself. However, I can clarify that this assertion is unequivocally false.
BlackRock indeed owns non-voting shares in Fox Corporation, amounting to 15.1% of Fox Corp.'s Class A shares. This fact is crucial for understanding the investment dynamics between BlackRock and Fox. However, the misinformation arises when it comes to Dominion Voting Systems. BlackRock has categorically confirmed that it has no ownership stake in Dominion Voting Systems. This is supported by statements from both the investment firm and Dominion itself, as reported by The Associated Press.
To further substantiate this, BlackRock took to Twitter to clarify its position, explicitly stating that it is not involved in the hiring and firing of employees at public companies in which its clients are invested. This reinforces the idea that BlackRock's involvement is limited to its role as an investor, rather than a participant in the internal affairs of the companies it invests in.
The confusion in the claim arises from misrepresenting BlackRock's ownership of 59 million shares. These shares, as correctly identified in the article, belong to Dominion Energy Inc., a completely separate entity focused on power and energy, unrelated to Dominion Voting Systems.
In essence, the article underscores the importance of fact-checking and dispelling misinformation. It is imperative to rely on accurate information and discern between different companies with similar names, as is the case with Dominion Energy Inc. and Dominion Voting Systems.
