BlackRock loses $24 million as a result of the FTX bankruptcy.

BlackRock experiences a loss of $24M in FTX collapse

Altcoin news, News

World’s largest asset manager BlackRock had made an investment of $24 million in FTX, and as it collapsed CEO Larry Fink, CEO of considers it a loss. Larry Fink further said, “the investment was small and not part of Blackrock’s core business” in an interview organized on November 30 with New York Times columnist Andrew Sorkin. 

Following Larry Fink’s remark, Sorkin said that “the bulk of the huge corporations like Blackrock and Sequoia Capital had invested in FTX, and they all lost.”

In addition, Sorkin followed by questioning Fink about his viewpoint on the present situation. In response, Fink said that he did not believe that anyone was “minding the shops.” Fink said that “if you look at the Sequoias of the world,” those companies have generated fantastic returns over an extended period of time. I have no doubt that they carried out the necessary research.

In addition, Fink concedes that Sequoia may have been led astray throughout the process of doing its due diligence. Fink posed the following question: “Could they [the Sequoias of the World] have been led astray? Were there any other options available to them? Have we been led astray about the little investment that we made? Sure. However, I won’t comment on the matter until we get more information about it.

Compiled by Coinbold

BlackRock, FTX