BlackRock’s Fink Sold $20 Million of Stock After Share Gains
(Bloomberg) -- BlackRock Inc. Chief Executive Officer Larry Fink sold $20 million of stock in the world’s largest asset manager, following several divestitures last year.
Fink disposed of 27,400 shares at an average price of $728.77 on Feb. 2, according to a regulatory filing. The transactions reduced his direct ownership of the company shares by 3.5%.
The billionaire still owns $560 million of BlackRock stock, according to data compiled by Bloomberg. The company disappointed some investors in January when it said that margin guidance for this year would be the same as last year, adding that it plans to repurpose lower travel expenses into funding for technology and market data investments to support sustainability.
Fink also sold about $2 million of BlackRock shares last month, a separate filing shows. He offloaded at least $74.4 million of shares by late July last year, following the footsteps of other corporate insiders. Almost 1,000 executives and officers unloaded stock in their own companies that month.
BlackRock’s Chief Operating Officer Rob Goldstein traded in about $2.8 million of shares of the company this month, according to filings. Executives including Mark Wiedman and Mark McCombe made similar moves in recent days, filings show.
The company has gained 3% in the past month, with insiders holding 1.29% of total shares, according to data compiled by Bloomberg. A representative for BlackRock didn’t immediately respond to an emailed query.
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