It looks like Larry Fink saw the kids swiping credit cards on their iPhones and thought "Daddy likes."
Asset management giant BlackRock has taken at least a 5% stake in newly public payments technology company Square, according to a filing with the Securities and Exchange Commission on Friday.
BlackRock’s filing indicated that it holds nearly 2.8 million shares, worth $31.6 million at Square’s current share price of $11.32. Investors are required report to the SEC when they own at a 5% stake or more in any publicly traded company.
Judging from the size of its stake, BlackRock is clearly not concerned that Square CEO Jack Dorsey is trying to have it all and run as many public tech companies as humanly possible. In fact, we might be entering a new zeitgeist in which BlackRock takes up some of the Dorsey management techniques...Tea time anyone?