Laurence Fink net worth
Laurence Fink net worth
Published on November 23, 2022 14:31 PM by Sally Harbor
Name: Laurence Douglas Fink
Date of Birth: November 2, 1952
Profession: Financial executive
Net Worth: $1 billion
American financial executive Larry Fink, the chairman and CEO of BlackRock, an American multinational investment management corporation, holds a net worth of $1 billion.
Larry Fink was born on November 2, 1952, in Los Angeles, California. He was raised in a Jewish household of three in Van Nuys, California, where his father, Frederick, had a shoe business and his mother, Lila, taught English. He graduated from UCLA in 1974 with a B.A. in Political Science. Fink belongs to Kappa Beta Phi as well. He earned an MBA in Real Estate at the UCLA Anderson Graduate School of Management.
In 1976, Fink began his career at First Boston, a New York-based investment bank, where he was one of the company's first dealers of mortgage-backed securities and later oversaw its bond division. Fink had several positions at First Boston, including managing director, co-head of the Taxable Fixed Income Division, member of the management committee, founder of the Financial Futures and Options Department, and manager of the Mortgage and Real Estate Products Group
In 1986, miscalculating interest rates cost his department $100 million. The encounter informed his choice to create a business that would manage full risk while investing customers' money.
Fink co-founded BlackRock in 1988 and rose to the position of director and CEO while operating under The Blackstone Group's corporate banner. Fink kept his stakes when BlackRock broke away from Blackstone in 1994 and when BlackRock became more autonomous in 1998 and 1999 went public.
Ties with the federal government
BlackRock was given a contract by the American government to assist with the clean-up following the 2008 financial crisis. Concerns about a possible conflict of interest surrounding government contracts issued without competitive bidding have been raised due to Fink's long-standing contacts with key government officials. Fink was able to build contacts with other Obama economic recovery team members and Tim Geithner, Obama's first Treasury Secretary, thanks to BlackRock's contract. Fink has ambitions to join the federal administration in 2016 by serving as Hillary Clinton's Treasury Secretary.
Many previous executive branch appointees, including Cheryl Mills, Christopher Meade, Katheryn Rosen, Michael Pyle, Coryann Stefansson, Gary Reeder, and Ken Wilson, were employed by Blackrock simultaneously. This action made BlackRock's relationship with the federal government more fluid.
Through its U.S. Aerospace and Defense ETF, BlackRock is the largest weapon maker investor.
BlackRock and the Saudi asset manager purchased pipelines for $15.5 billion, who later leased them back to Saudi Aramco.
The Guardian identified Fink as one of the top U.S. "climate criminals" because BlackRock benefited from deforestation.
Fink and his wife Lori have been together since 1974, and they own properties in Vail, Colorado, North Salem, New York, and Manhattan. Three kids were born to the couple. Their eldest child, Joshua, served as CEO of the now-defunct hedge firm Enso Capital, where Fink owned stock.
BlackRock acquired Barclays Global Investors in December 2009, making it the world's largest money management organization.
Fink received payments from BlackRock totalling $23.6 million in 2010 and $36 million in 2021. BlackRock managed $5 trillion and employed 12,000 people in 27 countries as of 2016.
Fink won the 2007 Golden Plate Award from the American Academy of Achievement.
Also won 2015, Appeal of Conscience Award and the Americas Society Gold Medal.
Fink was presented with the ABANA Achievement Award in New York City in 2016 as an honour for exceptional leadership in banking and finance and the UCLA medal.
Also won the 2019 Charles Schwab Financial Innovation Award.
Social Media Handlers
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Q: How much does Larry Fink own of BlackRock?
A: He owns over 14,600 units of Blackrock stock valued at over $406,556,783.
Q: Who owns most of BlackRock?
A: The Vanguard Group Inc owns 8.49% of shares in BlackRock.
Q: How much of the world is owned by BlackRock?
A: Around $40 trillion worth of money is presently in circulation worldwide, which means BlackRock is responsible for managing a quarter of it.
Q: How much Coke does BlackRock own?
A: It holds 7.77%
Q: Does BlackRock own Tesla?
A: Top institutional investors in Tesla include Vanguard Group, Blackrock (BLK), and Capital World Investors, who own 15% of the company's outstanding shares.