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Markets: 108940
Market Cap: $3,811,914,659,354     
24h Vol: $95,467,003,561
Seeking Alpha 2022-11-30 16:50:30

BlackRock's Larry Fink says asset manager had $24M stake in FTX - report

BlackRock's Larry Fink says asset manager had $24M stake in FTX - report
BlackRock( NYSE: BLK ) CEO Larry Fink said Wednesday that the asset management behemoth had invested $24M in cryptocurrency exchange FTX prior to its implosion, Reuters reported. That figure, though, is considered chump change when compared with BlackRock's ( BLK ) $10T in assets under management, but still underscores how even the most sophisticated investors were unaware of FTX's liquidity issues and management missteps before it collapsed earlier this month. Speaking at the New York Times Dealbook conference, where FTX founder Sam Bankman-Fried is scheduled to talk at 5:00 p.m. ET, Fink noted that there were likely "misbehaviors" taking place in FTX under SBF's leadership. A slew of firms that had invested in the now-bankrupt FTX have recently mark down their stakes to zero. For example, pension titan Ontario Teachers' said on November 18 that it will write off the full value of its FTX investment for a $95M loss .
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