BlackRock started in 1988 as a risk management and asset management company. Now it has become the world’s most significant asset managing company. Other than that, it is the most dominating company globally by owning shares of enormous companies around the globe. BlackRock has grown its power in media, food and beverages, transportation, Steel, energy, fuel, and many more, probably owning every industry.
Who found Black Rock?
It was founded by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson in 1988, a group of colleagues who worked together in the First Boston cooperation. Since then, Larry Fink has served as the chairman and CEO and Robert Kapito as President.
How did BlackRock grow?
In less than 30 years, it has achieved remarkable things that others could not imagine. BlackRock could not accomplish any of these goals without solid management, and Larry Fink‘s vision made them what they are now.
At the initial stage, Mr. Fink requires $5 million as capital to run the company. He acquired it from Black stone, another asset management company that was the most significant asset management company, in 1988. They believed in Fink’s vision, and yet not more than a few months it became, BlackRock became profitable. Not more than a few years later, BlackRock surpasses Blackstone with its owning assets.
In 2004 they made their first significant investment, buying State Street Research and Management company for $325 million in cash and $50 million in stock.
It was only the beginning after they dominated every aspect of our lives. They are the ones who control the cash flow in the world, including ours.
Why is it so significant in the world?
Because currently, it is managing more than $ 10 trillion worth of assets worldwide. It is the most assets managed by a single company. They have more control and power than any other company in terms of cash flow in the world.
They own stakes in tech giants like Google, Apple, Microsft, Facebook, etc.
Also, BlackRock is the only foreign company allowed to invest in China. They have invested in Hikivision to research and manufacture new face recognition cameras alongside the Chinese government.
The ownership of 500 companies worldwide allows them to trace us and sometimes knows us more than we do.
Does the world economy rely on BlackRock?
In this post-pandemic era, we are relying on BlackRock. Even the US government hired them to manage their funds and assets. As the largest seed producer owner globally, we depend on them because we are on the verge of a global food crisis.
Why don’t we hear about BlackRock daily?
As a collective BlackRock owns 90% of the world’s media. Including channels and social media. Their corporations can feed any of their products to our minds indirectly.
If they want to make public appearances as a company or fame, they have control of any of it, but still, they choose not to. According to Fink, they believe that it is the best option to grow their power more and more.