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:
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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;
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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;
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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
