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[–] 2 points 5 months ago (1 child)

Blackstone also ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 partnership with the founders of BlackRock, Larry Fink (current CEO of BlackRock), and Ralph Schlosstein (CEO of Evercore). https://en.wikipedia.org/wiki/Blackstone_Inc.

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  • [–] 2 points 5 months ago*

    In 1995, Blackstone sold its stake in BlackRock to PNC Financial Services for $240 million. Between 1995 and 2014, PNC reported $12 billion in pretax revenues and capital gains from BlackRock. Schwarzman later described the selling of BlackRock as his worst business decision ever.

    That's like 4 paragraphs later lol

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