BlackRock, US Defense Spending, and Mark Zuckerberg on AI

Headquartered in New York City and created in 1988 as a subsidiary of financial firm Blackstone, BlackRock is one of the largest asset managers in the world. Today, BlackRock is a publicly traded company that invests clients' capital in a range of investments, including stocks, bonds, exchange-traded funds, and mutual funds. As of July 2026, BlackRock oversaw more than $15T.

> Why BlackRock spun off from Blackstone in 1994. (More)
> Listen to an interview with BlackRock founder and CEO Larry Fink about the lessons he's learned throughout his career. (More)

BlackRock's clients are typically institutional investors, although it offers products for retail investors as well. Because the asset manager invests for such a large client base, it's known for holding a significant stake in many public companies. BlackRock primarily makes money via "management fees," or a percentage of the assets it manages on behalf of each client. On some funds, BlackRock also charges a "performance fee" if returns clear a threshold that varies by fund type.

> How much influence does BlackRock have over top public companies? (More)

> BlackRock earns more than $1B in revenue each year from its "Aladdin" technology. (More)

Since its founding, BlackRock has become a flashpoint for questions about government intervention in businesses and financial markets. In the fallout of 2008 and during the COVID-19 pandemic, for instance, BlackRock was brought on as an asset manager to work with the Federal Reserve.

> Inside BlackRock's work with the Federal Reserve during the COVID-19 pandemic. (More)

> The role BlackRock played in the Federal Reserve's response to the Great Recession, explained. (More)

Discover more: 

> How BlackRock's Larry Fink went from champion of the "environmental, social, and governance" (ESG) framework to a critic. (More)

> Listen to BlackRock's head of behavioral finance explain the psychology of investing. (More)

> Track all of the acquisitions in BlackRock's history, from eFront to Preqin. (More)

🫶 Humankind: Sanitation workers in Italy helped a woman recover her million-euro lottery ticket after she accidentally threw it away. 

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 News in Context 

1440 brings you the knowledge and context behind the week's stories:

Disney CEO Bob Iger and venture capitalist Joshua Kushner's deal to buy the LA Lakers (which values the team at a record $12.5B) likely wouldn't have happened had their wives not set them up as friends a few years ago. (More, free w/email)

> See Walt Disney's corporate strategy document from 1957.

> Another unlikely friendship in Disney history: McDonald's mogul Ray Kroc and Walt Disney met as ambulance drivers in WWI. 

Top podcast host Alex Cooper of "Call Her Daddy" fame is shutting down her "Unwell" beverage line less than two years after its launch. (More)

> Why do so many creator-led brands fail?

> The creator economy, explained.

Selena Gomez and her mother are being sued by investors in their mental health startup Wondermind, who accuse the actress of breach of contract and securities fraud. (More)

> Mental illness in the US costs roughly $282B annually nationwide.

> Watch Selena Gomez explain collateralized debt obligations.

Forbes' top editor, Randall Lane, was fired last month after receiving a roughly $6M payment from a firm that did business with the publication, as public trust in media continues to decline. (More)

> The Forbes 30 Under 30 List has become known for highlighting entrepreneurs who are later revealed as scammers. 

> Inside America's complicated relationship with news.

One Story We're Taking Stock In

Last week, Meta CEO Mark Zuckerberg released a memo titled "The Future Is for Everyone," detailing his vision for AI's role in society that paints Meta as an underdog of sorts in the AI race. Specifically, the CEO proposed that, rather than centralizing superhuman AI among tech giants, "we should distribute it widely and give every person the ability to direct it." 

The author of the feature story below—one of our favorite reads of the week—argues that the memo's egalitarian bent is a convenient position for Zuckerberg to adopt now, given that Meta has fallen far behind both OpenAI and Anthropic in the race to superhuman AI. Read the story below to learn more about why the leader of a $1.5T company could benefit from positioning himself as the champion of the little guy in Silicon Valley's current state.

> Mark Zuckerberg’s convenient truth. (Read)

> Why Zuckerberg has long been an advocate for open-source tech. (1440 Topics)

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Etcetera

> What would happen if you literally had all the money in the world?

> The founder of the Ford Motor Company had a widely speculated affair and secret child.

> Cat food, death, and heavy machinery—learn about loopholes in the American tax code.

> Around 60% of female billionaires in the US are considered self-made.

> The states with the highest average weekly wages, mapped.

> Understanding defense spending in the US.

> An 1870s Boston woman ran a Ponzi scheme disguised as a bank by women, for women.

> How income taxes in the US compare to those of other countries.

> About 88% of homeowners feel their home is a good investment. 
 

> What makes a truly great logo, explained.

> The tech, finance, and consulting industries hire roughly 70% of the students from top MBA programs.

> What is a special needs trust?