BlackRock CEO Sold $24 Million of Stock as Insider Sales Up
Donald Moore, 23 July 2020
BlackRock Inc. Chief Executive Officer Larry Fink sold $24.2 million of stock in the world’s largest asset manager, bringing his sales this year to $74.4 million. What’s moving markets
Start your day with the 5 Things newsletter. Fink disposed of 41,706 shares — about 5% of his stake in the business — at an average price of $580.29 on July 21, according to a regulatory filing. The filings didn’t indicate that his sales this year were made under a pre-scheduled trading plan.
The latest disposal comes as corporate insiders, whose buying accurately signaled the market bottom in March, are now mostly sellers. Almost 1,000 corporate executives and officers have sold shares of their own companies this month, outpacing insider buyers by a ratio of 5-to-1, data compiled by the Washington Service showed. Only twice in the past three decades has the sell-buy ratio been higher than now.
Fink, who’s a billionaire and still owns $457 million of BlackRock stock, this month warned of an uneven economic recovery even as rising investor confidence buoyed second-quarter results at the New York-based money manager.
