Larry Funk: If someone asks you who is the richest person in the world or the person with the most money? You will answer that Elon Musk owns companies like Tesla, X (Twitter), SpaceX. Your answer is also correct but do you know that there is a person in the world who has more money than Elon Musk. Elon Musk currently has an estimated net worth of $232.5 billion. If calculated in Indian Rupees, Musk currently has assets worth around Rs 19368063750000. But did you know that there is a person in this world who has more money than Kasturi? But the name of this rich man is missing from the list of rich people of the world.
This person manages funds worth more than Rs 78 lakh crore.
This person is none other than Larry Funk, Co-Founder and CEO of BlackRock Company. We inform you that BlackRock Company is the largest asset management company in the world and this company is currently managing more than 9.43 trillion dollars in assets. It has increased by 11 percent compared to the previous year, while it has increased by four percent compared to the previous quarter. If we convert it into Indian currency, Larry Funk is currently handling Rs 78,54,75,62,20,00,000 (over Rs 78 lakh crore). If we look at some facts, this amount is half of the total GDP of the United States and more than three times the size of the Indian economy. If we say that this amount is so much that it can buy more than 50 countries like Pakistan.
Who is Larry Funk?
Born on November 2, 1952 in California, USA, Larry Fink had a keen interest in the stock market from early on. Larry started working at Boston Bank when he was only 23 years old. Here he started disbursing loans under a new strategy. Larry, who started at age 23, became its MD at age 31. The year he became MD, the company made a profit of $1 billion. Everything was going well but then the company lost $100 million in just one fiscal quarter (3 months). At the same time, the company severed ties with Larry Funk and announced his exit from the company.
How did Larry Funk get started?
In the year 1988, at the age of 35, Larry, along with 7 other friends, Susan Wagner, Robert S. Capto, Barbara Novick, Ralph Schlostein, Hugh R. Frater began working with Ben Golub and Keith Anderson. Blackstone owner Stephen A. supported him in this. Schwarzman. He gave Larry $5 million and the work began. The work was slow but he got a big job when General Electric (GE) CEO Jack Welch got stuck with a lot of assets that no one understood. Larry Funk was called and he fixed the problem. Because of this work, Larry’s name became famous in the market and GE also handed over many of its works to Larry’s company. Within five years of starting the job, Larry was handling $20 billion. However, at the same time, Larry Funk parted ways with Blackstone and thus the Black Rock Company was formed. Divorcing Larry is said to be Stephen’s biggest mistake.
It also has stake in companies like Apple and Facebook.
Another thing that is said about Larry is that this man holds the keys to companies around the world. Larry has a stock market portfolio that hardly anyone else has. Larry’s company, BlackRock, has a 6.5% stake in Apple, the world’s most valuable company. Similarly, it owns 7.25 percent in Verizon and Ford, 6.5 percent in Facebook, 7 percent in Wells Fargo, 6.5 percent in JP Morgan and 4.8 percent in Deutsche Bank. BlackRock owns 4.48 percent of Alphabet Inc., Google’s parent company. It also has stake in several major companies in India.
The US emerged from the 2008 economic recession.
You may remember that in the year 2008 there was an economic crisis in the world. Many banks of the world had gone bankrupt. Even America, the most powerful country in the world, was on the verge of bankruptcy. Then the US government asked Larry Funk to come up with a strategy to overcome this crisis and he was successful in it. Although some say that one of the people who caused this crisis was Larry Funk. After the bond market was badly shaken by the corona epidemic in 2020, BlackRock managed the situation once again. Larry Funk is said to be a man who knows how to take advantage of a loss and make others gain.
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