Core Insights - BlackRock reported total revenue of $20.407 billion and net profit of $6.369 billion for the year 2024, with total assets reaching approximately $11.6 trillion, a 15% year-over-year increase [1] Company Growth and History - BlackRock was founded in 1988 by Larry Fink and seven partners with an initial credit support of $5 million from Blackstone for a 40% equity stake [1] - The company’s growth was influenced by Fink's experience during the 1987 "Black Monday," which emphasized the importance of risk management [1] - The launch of the Aladdin system in 1994 marked a significant innovation, evolving from a $20,000 workstation to a global financial infrastructure managing over $21 trillion in assets [2][1] Strategic Acquisitions and Market Position - BlackRock's expansion strategy includes key acquisitions, such as the merger with Merrill Lynch Investment Management in 2006, which helped surpass $1 trillion in assets [2] - The 2008 financial crisis was a pivotal moment, as BlackRock was chosen by the U.S. government as a "firefighter" and acquired Barclays Global Investors for $13.5 billion, becoming the largest asset management firm globally [4] Investment Portfolio and Global Influence - BlackRock has significant stakes in major companies, being the second-largest shareholder in Apple, Google, and Microsoft, and holding 5% of Berkshire Hathaway [4] - The firm led a consortium to acquire Li Ka-shing's port assets for $22.76 billion, controlling about 10.4% of global container terminal throughput [4] Challenges and Innovations - In China, BlackRock's performance has been mixed, with significant stakes in China Life and China Pacific Insurance, but its first public fund in China has seen a net loss of over 37% since inception [4] - BlackRock's Bitcoin ETF has approached $100 billion in assets, generating over $240 million in annual revenue, with a growth rate five times that of other ETFs [5] Regulatory and Environmental Concerns - BlackRock's decision to exit the "Net Zero Asset Managers Alliance" in January 2025 sparked controversy, and the U.S. House Judiciary Committee is investigating its climate investments for potential antitrust violations [5]