Here’s a clip of RFK Jr. talking about Blackrock, State Street, and Vanguard-
https://www.youtube.com/shorts/N-Rsqx_kRug
The problem with that clip is that he makes several false statements. First of all, those three companies do not “own” 88% of the S&P. The S&P has a market cap of roughly $46 Trillion, and the assets of those three companies are well under $1 Trillion combined. However, those companies do have a far higher amount of assets under management. Blackrock, a little over $10 Trillion, Vanguard, just over $9 Trillion, and State Street about $4 Trillion. But even those numbers only come to about $24 Trillion under management, which is closer to 50% of the S&P, not 88%. Plus, those numbers include assets outside of the S&P.
So, those three companies don’t “own” everything, nor “control” everything. That’s not to say they aren’t powerful, because they are. But RFK Jr.’s comments are totally distorted.
This article from US News and World Report does a better job of illustrating the issues with these three companies-
https://money.usnews.com/investing/articles/these-3-fund-families-control-74-of-the-market
It’s not they own so much, but that they manage so much. So, if someone is invested in funds controlled by those companies, and they either used their voting power and/or pulled out their money and invested somewhere else, the power of those companies would decrease, and could decrease rapidly and quickly.
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