Article: BlackRock CEO Larry Fink sells 5% of stake, raising $24m

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BlackRock CEO Larry Fink sells 5% of stake, raising $24m

NICOLE PIPER, 27 July 2020

Larry Fink, chief executive of BlackRock, sold $24.2m of stock in the company earlier this week. According to Bloomberg, Fink sold 41,706 shares at an average price of $580.29 on July 21, shedding about 5% of his stake in the world’s largest asset manager. The latest sale means that Fink has raised $74.4m from selling BlackRock stock this year. He still owns $457m in BlackRock stock.

A spokesman for BlackRock declined to comment on the report. In the firm’s most recent earnings report, BlackRock’s assets under management rebounded to $7.3tn, up 7% from 2Q 2019, when the firm had $6.8tn. In 1Q 2020, the firm had $6.4tn in assets, markedly lower than this most recent quarter. Despite the surge in assets, the firm’s inflows of $100.2bn in the quarter were down from $151bn in the same quarter one year ago.

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