FILE PHOTO: Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. REUTERS/Brendan McDermid
(Reuters) – BlackRock Inc (NYSE:BLK) Chief Executive Officer Larry Fink sold nearly 7% of his stake in the asset management giant, netting proceeds of about $25 million.
The sale was disclosed in a filing with the U.S. Securities and Exchange Commission on Thursday.
Last week, the New York-based company reported an 18% drop in its first-quarter profit, but trounced analysts’ estimates as investors continued to pour money into its funds.
Turmoil in the markets, like the one sparked by the banking crisis last month, can present “enormous opportunities” for BlackRock, Fink said last week.
Shares of BlackRock, which makes most of its money from fees on investment advisory and administration services, gained nearly 3% since the banking turbulence began last month. Stock lost 0.6% on Friday.