Surprisingly, Larry Fink, CEO of the $10 trillion largest asset management company in the world, sells 35,800 shares of his company. Such sell-offs have historically been indicators of severe recession waves.
Larry Fink sells 7% of his BlackRock stake: Bulls should take care?
Larry Fink sold over 7% of his holdings in BLK, or the shares of BlackRock, according to a regulatory document made public on April 20, 2023. At $694.36 on average, this is about equal to $25 million.
Fink is not the only BlackRock director who has sold his shares, as noted by the analytical software platform TrendSpider. Richard Kushel, senior managing director, also sold 3,000 shares for $2.08 million. Four of Kushel’s BLK shares were sold in February 2023: He issued a total of 6,382 shares to the market.
Several observers have noted that Fink frequently sells his Shares prior to significant economic occurrences. In particular, the WEF board member engaged in aggressive selling in January and February 2020, prior to the world’s panic-driven stock sell-off, which erupted. In two transactions, he sold more than 91,000 shares.
Fink, though, asserted a week ago that he did not anticipate a significant recession. Such claims were made by him during his final appearance on the Squawk on the Street programme on CNBC.
Fink’s annual salary at BlackRock is $25 million, according to Bloomberg, which is the cost of his most recent deal.
BlackRock CEO skeptical on cryptocurrencies, but gives tokenization chance
Semi-ironically, several observers suggested that Fink would be interested in purchasing cryptocurrency at a discount. Usually, the BlackRock CEO is not overly upbeat about the digital assets market.
As previously reported by U.Today, Larry Fink forecasted that the bulk of current bitcoin businesses will fail in the next years in November 2022.
Also, he frequently criticised Bitcoin (BTC) for being overhyped. Yet he asserted that tokenization may be the finance industry’s next big thing.
