Laurence Fink, CEO of the world's largest investment fund BlackRock, sold a large block of shares on August 5, which raises concerns about the future condition of the US stock market and may herald further turmoil:
-
The value of the transaction was over USD 30 million (7% of shares). 44,500 shares were sold at an average price in the region of $ 684.00. Previously, Fink sold shares in February, May, October, and December 2021. BlackRock's CEO sells his shares every quarter, but the latest deal is the largest since 2020. At that time, Fink was selling in January and February, just before the global coronavirus pandemic broke out, which caused an almost 40% drop in BlackRock stock prices;
-
The fund's co-founder and longtime partner of Fink, Roberto Kapito, sold 37,600 BlackRock shares, worth nearly USD 24 million, on July 25;
-
While there can always be many reasons for selling stocks, the sale of such a large stake by the boss of the world's largest investment fund may raise concerns over BlackRock's stock valuation, market volatility, and the future landscape of the global economy.
BlackRock (BLK.US), interval H4. BlackRock stock has been moving south since November 2021, however the downtrend line was broken recently. At the same time, price formed a triple low pattern around $ 560.00, potentially providing a solid base for further gains. The sale of shares by L.Fink coincided with the 23.6% Fibonacci retracement. Despite recent news, the bulls continue their purchases. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
