Who is the new ‘darling of the Maga movement’, Larry Fink? The billionaire BlackRock CEO manages trillions in assets, recently bought ports on the Panama Canal and is a fly fishing fanatic

Apr 14 , 2025

Following Larry Fink’s US$22.8 billion purchase of ports from CK Hutchison, including two on the Panama Canal that are geopolitically significant, the BlackRock CEO has gained the trust of Trump’s inner circle. Photos: Getty Images; Reuters

Fink co-founded the investment management firm in 1988 and lives in the ultra-wealthy community of North Salem with his wife Lori, where they famously bought Finch Farm from actor Stanley Tucci

Billionaire Larry Fink has been making headlines because of his increasingly close relationship with US President Donald Trump. Although famously a liberal, with Harvard Business Review referring to him as a “lifelong Democrat”, the U-turn has seen Fink now being called a “darling of the Maga movement” according to the New York Post.

His relationship with Trump’s inner circle has been heightened after Fink’s company, BlackRock, led a consortium to buy ports on the Panama Canal from Hong Kong-based company CK Hutchison.

So who is the man who has won over the Maga movement while managing trillions in assets under his company BlackRock?

Founding BlackRock

Larry Fink, chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange in 2023. Photo: Reuters

In 1988, Fink and seven partners founded BlackRock, an investment management firm, according to the company’s website. Forbes describes the firm as one of the world’s largest asset managers, with an estimated US$8.7 trillion in assets under its management. According to the firm, its aim is to “help our clients build better financial futures” with the company “trusted to manage more money than any other investment company in the world”.

Why is Larry Fink so influential?

Larry Fink, once referred to as a “lifelong democrat”, is now a darling of the Maga movement. Photo: Jonathan Wong

In 2015, Harvard Business Review called Fink “one of the most powerful players in global finance.” Per the New York Post, Fink was quick on the ESG trend, earning him a reputation for being able to see moneymaking opportunities early. With an estimated net worth of US$1.2 billion and trillions in assets under his influence, Fink has enormous political clout.

In 2017, during Trump’s first presidential term, Trump lauded Fink during a meeting with bankers at the White House. “Larry did a great job for me. He managed a lot of my money. I have to tell you, he got me great returns.”

The Panama deal

Larry Fink earned the trust of Trump’s inner circle after closing a historic Panama deal. Photo: Getty Images

Trump said during his inaugural address on January 20 that “China is operating the Panama Canal. And we didn’t give it to China. We gave it to Panama, and we’re taking it back.” Though his comments related to China have no evidence, according to Fortune, Fink called Trump to pitch the idea that BlackRock buy ports on the canal. According to the New York Post, the deal has strengthened the relationship between Fink and Trump’s inner circle.