The media and entertainment industry’s future appears to be in the AVGC (Animation, Visual Effects, Gaming, Comics) sector. Films like PS1 and Kalki, along with Baahubali and RRR, have introduced a fresh approach to depicting historical and fantasy themes in Indian cinema. India now has the second-largest anime fandom in the world, and the FICCI-EY 2024 report projects that country will account for 60% of the increase in anime interest over the next several years.
The Union Cabinet recently approved the creation of a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai, which is a major step toward making India a global hub for AVGC.
Commenting on this development, Dr. Anuj Kacker, CEO of Aptech stated, “The National Centre of Excellence (NCoE) in Mumbai will help propel India to a global level. By nurturing innovation, creating Indian IP, and cultivating top talent, this initiative will unlock immense growth potential. With India’s growing animation fan base and burgeoning creative industry, the NCoE is expected to create 500,000 jobs, drive entrepreneurship, and establish India as a hub for the creation of high-quality immersive content. We applaud the government’s proactive approach to bolster the AVGC sector.”
“For over two and half decades, at Aptech, we have been pioneers in contributing pre-trained talent and manpower to the AVGC industry with our top training brands – Arena Animation and MAAC. Our new brand – The Virtual Production Academy is also poised to empower aspiring working professionals with cutting edge, new age technologies for scaling up content creation industry in India,” he claimed.
Echoing similar sentiments, Dr. Vipul Lunawat Founder Director , ISST( Institute of Sports Science & Technology), Pune said, “In a significant advancement for India’s burgeoning industries like augmented reality (XR) and visual effects (VFX), the Cabinet Office has recently launched a National Centre of Excellence for Animation in Mumbai. This move highlights the growing importance of these sectors in the development of India’s media and entertainment landscape, as well as the government’s recognition of their remarkable growth and influence. Traditionally, animation productions in television and film have depended heavily on external funding. With the emergence of various platforms and an increasing demand for high-quality content, there is now a pressing need to focus on creating original works.”
Context of NCoE
As partners with the Indian government, the Federation of Indian Chambers of Commerce & Industry and the Confederation of Indian Industry will represent the industry bodies in the establishment of NCoE as a Section 8 Company under the Companies Act, 2013. The Union Minister of Finance and Corporate Affairs’ budget announcement for 2022-2023 suggested the formation of a national AVGC task force, which led to the formation of the NCoE.
The goal of NCoE AVGC is to develop a top-tier talent pool in India to serve the needs of the domestic and international entertainment industries. The Indian Institute for Immersive Creators (IIIC), a temporary name, seeks to innovate in immersive technology and transform the AVGC industry. It would take inspiration from esteemed establishments such as the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs).
Disticnt Characteristics of NCoE
The development of Indian intellectual property (IP) for both domestic and international markets will also be a major emphasis of NCoE.
It will serve as an incubation facility by offering resources to support AVOC•CR start-ups and early-stage businesses.
It Will additionally present India as a centre for cutting-edge content production.
It will bolster India’s soft power internationally and draw in foreign capital to the MEE industry.
To be established in Mumbai, Maharashtra, and FICCI and Cll to represent business associations as collaborators with the Indian government.
The Goals of NCoE (IIIC)
The strong rise in the Indian animation industry can be attributed to the growing need for compelling mobile content, visual effects (VFX), films, and game animation. Skilled and motivated animators have great opportunities due to this boom. The animation sector in India is booming, with a projected value of INR 46 billion by 2023 (FICCI-EY Report 2023) and a growth rate of 25%. It presents a bright future for young, driven talent.
With one of the lowest data rates available nationwide, fast-advancing technology, and rising internet penetration, the use of AVGC-XR is expected to increase exponentially on a worldwide scale. Many opportunities are created by this, especially through the National Centre of Excellence (NCoE).
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The wealth management industry is forecasted to reach $128.90 trillion in global Assets Under Management (AUM) by 2024. BlackRock, the largest asset manager in the world with $10.47 trillion in AUM as of October 2024, has reached its pinnacle in the asset management field by implementing effective differentiating strategies.
It has risen to prominence by distinguishing itself from the competition, utilizing the latest technology, sustainable investing, and a client-focused approach. These strategies have positioned BlackRock as a leader in the financial industry, driving its continued success and influence across global markets.
In this article, learn more about BlackRock, the company that owns the world, its founders, its success story, how it makes money, BlackRock net worth, what makes it unique, and more.
BlackRock – Company Highlights
Company Name
BlackRock
Headquarters
New York, United States
Industry
Financial Services, Asset Management, Investment
Founders
Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson
The Company That Owns the World: Who is BlackRock?
BlackRock – About
BlackRock, Inc. is a global asset management, risk mitigation, and advising firm that works with both retail and corporate clients. Single and multi-asset type baskets that invest in stocks, fixed income, options, and money market funds are among the company’s offerings.
The firm is organized into a single corporate unit. Financial advisory and admin costs make up the majority of the company’s income. Aperio, a customized indexing company, was bought by BlackRock for $1.05 billion on Feb 1, 2021.
The fund management corporation with over$10.47 trillion in Assets Under Management, employs 16,000+ colleagues from 89 offices in 38 countries. BlackRock owns 5074 total positions as of June 2024. Among its diverse portfolio, BlackRock’s top equity holdings include major companies such as Apple, Microsoft, NVIDIA, Amazon, Facebook, Tesla, ExxonMobil, etc.
In 2024, BlackRock ranks 231in the Fortune 500 companies, highlighting its prominence in the global financial sector.
BlackRock’s Top Equity Holdings | Who Does BlackRock Own?
BlackRock – Founders
The BlackRock founders—Larry Fink, Susan Wagner, Robert S. Kapito, Barbara Novick, Ralph Schlosstein, Hugh R. Frater, Ben Golub, and Keith Anderson—played a pivotal role in establishing the company and shaping its growth in the asset management industry.
Larry Fink
Larry Fink – Chairman & CEO, BlackRock
Laurence D. Fink is the co-founder, Chairman, and CEO of BlackRock. Fink is widely recognized as one of today’s leading financial figures. His beginnings were more modest; his father owned a shoe store, and his mother was an English teacher. Fink earned a Bachelor of Arts in political science from the University of California, Los Angeles (UCLA), in 1974, and he was also a member of the Kappa Beta Phi honor society. He then obtained an MBA in real estate from the UCLA Anderson School of Management in 1976.
Fink began his career on Wall Street at the age of 24, a young man from Los Angeles with long hair and jewelry, eager to make his mark in global finance. He joined First Boston with a starting salary of $20,000, where his hard work quickly attracted the attention of management, setting him on a path to leadership roles. He dedicated long hours on the trading floor, using a Monroe calculator—the only equipment available at that time.
Three years after joining First Boston, Fink was appointed head of mortgage-backed securities, significantly increasing the firm’s revenue by $1 million. His expertise in the industry earned him immense respect on Wall Street, where he was involved in significant transactions, including a $4.6 billion securitization of GMAC auto loans. Remarkably, he became the youngest chief executive in the industry at just 27 years old.
The First Boston Blunder
In Q2 of 1986, the finance team at First Boston Corporation made a critical miscalculation. They predicted that interest rates would soar, but the opposite occurred. Larry Fink, in charge at First Boston, oversaw a loss of $100 million in client funds. In less than a day, he went from a respected leader to the target of criticism.
The error was glaring, and Fink was let go, laughing in embarrassment despite the fact that it wasn’t entirely his fault. His predictions were based on backend data, which failed due to a technical glitch. Stumped by the significant loss, Fink couldn’t shake off the gravity of the situation. The computer systems simply weren’t reliable.
Determined to learn from the failure, Fink devised a strategy that would ultimately lead him to rise from the ashes and build the world’s largest asset management firm. Friends believe he felt a strong urge to redeem himself and prove his capabilities.
Rob Kapito is the co-founder of BlackRock and currently serves as its President and Director. He oversees key operations, including Investment Strategies, Client Businesses, Technology & Operations, and Risk & Quantitative Analysis. He has played a crucial role in shaping BlackRock’s portfolio management since its founding in 1988, previously heading the Portfolio Management Group.
Beyond his corporate responsibilities, he serves on the Board of Trustees for the University of Pennsylvania and the Harvard Business School Board of Dean’s Advisors. He is also the President of the Board of Directors for the Hope & Heroes Children’s Cancer Fund. Rob holds a BS in economics from the Wharton School and an MBA from Harvard Business School.
BlackRock – Startup story
The BlackRock history dates back to 1988 when 8 peers—Larry Fink, Susan Wagner, Robert S. Kapito, Barbara Novick, Ralph Sclosstein, Hugh R. Frater, Ben Golub, and Keith Anderson—with experience in mortgage-backed assets, formed BlackRock in one room. They secured a $5 million bank loan to manage assets that were good for clients.
The Federal Deposit Insurance Corporation (FDIC) was one of their initial clients. The industry was on the brink of collapse due to certain bad decisions made by Savings and Loan (S&L) institutions until their settlement trust organization was founded. Fink’s BlackRock was recruited by the FDIC to oversee the S&L holdings after the government took control.
Meanwhile, BlackRock was developing its own tech called Aladdin. By 1991, BlackRock had $9 billion in assets under management (AUM). They reached $17 billion in 1992 and $53 billion in 1994.
In 1995, Peabody, a coal company, went bankrupt. Fink was called in by General Electric (GE), which owned Peabody, to help with the liquidation of Kindler’s $7 billion mortgage-backed securities portfolio.
PNC Financial Services Group paid $240 million for a stake in BlackRock Financial Management in 1995. Some argued that the step was pointless at that time, as BlackRock was only offering a part of its company.
Fink, however, was well aware that he was about to face a difficult climb. With this offer, BlackRock was about to redefine everything. The relationship with PNC allowed BlackRock to gain retail clients to support its institutional clientele, which still made up around 80% of its AUM in the 90s.
BlackRock – Vision and Mission
Vision: BlackRock aims to help more people experience financial well-being. The firm contributes to a more equitable and resilient world for both current and future generations.
Mission: BlackRock operates under five core principles:
Client First: BlackRock is a fiduciary, prioritizing clients’ interests with integrity and unbiased advice.
One BlackRock: Collaboration within a diverse team is essential to achieving the best outcomes for clients and communities.
Passionate Performance: Continuous innovation enhances client service and overall firm performance.
Emotional Ownership: A deep sense of responsibility is taken for clients’ futures, with a commitment to high standards of excellence.
Better Future Commitment: Long-term thinking guides sustainable practices that benefit all stakeholders.
BlackRock – Name and Logo
BlackRock was established in 1988 as a risk management and fixed-income asset manager. The name “BlackRock” reflects its foundational values, where “black” signifies strength and stability, and “rock” represents reliability and security. The logo features a simple, bold typeface that highlights transparency and professionalism, which are core values of the firm as they help clients achieve financial well-being.
BlackRock Logo
BlackRock – Aladdin
BlackRock unveiled its risk evaluation and risk management system in 1999, known as Aladdin, which operates with around 5,000 supercomputers that work 24/7, monitored by a team of engineers, mathematicians, and developers. Aladdin is capable of tracking millions of daily trades and analyzing each asset within clients’ portfolios to understand how even slight economic developments might influence them.
This technology actively scans the markets for potential risks and formed the foundation for a new direction that would extend BlackRock’s scope beyond asset management into client advisory services.
Aladdin oversees more than $21 trillion in assets, serves over 1,000 clients—including 200+ financial services companies—and has over 130,000 users across 70 countries (2021), continuously enhancing its capabilities and influence in the financial landscape.
With a diversified portfolio, BlackRock became a publicly traded company on the New York Stock Exchange on October 1, 1999, launching its IPO at a price of $14 per share. However, people remained dubious about their latest technology, and BlackRock had the month’s worst IPO. As time passed, the market realized that, despite having the cheapest shares, BlackRock was keeping its commitments to investors. Fink opted to leverage the strength of acquisitions for 16 years of sustained growth. By the end of 1999, BlackRock had $165 billion in assets under management and operations in Sydney, Singapore, London, and Munich.
In 2008, while on a flight to Singapore, Fink learned that Lehman Brothers had gone bankrupt back home. The following morning, he traveled back to the USA as the financial industry shifted and was in peril. He called politicians and warned them, “The shit is hitting the fan; you’ve got to do something.” Fink was chosen by the Federal Reserve Board of NYC to oversee a $30 billion portfolio of Bear Stearns assets during the economic meltdown of 2008.
Fink believed the bank had failed to properly assess their investments, and Aladdin was utilized by investors, banks, and the Treasury. As the market was falling apart, Aladdin continued to thrive, expanding its clientele and becoming the go-to platform amid economic turmoil.
Fink, once seen as humiliated, emerged to help save the country from an economic disaster. Following this, BlackRock continued its buying spree, acquiring Barclays Global Investors for $13.5 billion in 2009, becoming the world’s largest asset manager. This merger integrated alpha and index strategies, enhancing client solutions. In 2019, BlackRock acquired eFront for $1.3 billion, setting a new standard for investment and risk management technology. These acquisitions solidified BlackRock’s position as the top asset manager.
BlackRock – Business Model
Customer Segments
BlackRock serves a wide community of retail and corporate investors with a mix of financial advice, portfolio management, and other solutions. The following are 3 major groups into which the Firm divides its clientele:
Official Entities, such as Federal Reserve, Treasuries, supranational, and other Govt agencies; Taxable Entities, such as health insurers, Investment firms, firms, Third-party fund backers, and Small investors;
Tax-exempt entities, such as specified gain and specified contribution retirement plans, NGOs, establishments, and inheritances.
BlackRock doesn’t quite reveal the details of its users on its portal or in its annual report due to the confidential and safe aspect of the Firm’s operations.
BlackRock caters to a worldwide clientele. America, APAC, Europe, the Middle East, and Africa are the multiple geopolitical zones in which the firm separates its users. America accounts for the majority of the BlackRock company’s revenue.
Value Propositions
Clients benefit from BlackRock in distinct manners:
It’s brand and repute, with the Firm having formed itself as one of the world’s top asset management and financial advising firms, with stellar credibility for offering great solutions and consistent profits to its clients;
Its service line includes single and multi-asset class pools that trade in equities, fixed income, options, and money market instruments.
Its global impact, with the Firm running a global network of offices helping people in over 100 nations all over America, APAC (Asia Pacific Accreditation Cooperation), Europe, the Middle East, and Africa;
Its availability, to facilitate direct guidance that is backed by multiple internet portals, such as its virtual BlackRock Solutions portal;
Its sector competence, with the Firm hiring highly-trained, skilled money managers, and other specialty finance experts, all of whom are overseen by a group of industry experts.
Channels
www.blackrock.com is the company’s website, where it offers data about its numerous investment vehicles, tools, and venues. Consumers can use a variety of tools and gain tailored services for their specific financial goals through the Firm’s site, along with the BlackRock Solutions portal and the iShares portal, which lets consumers handle their assets through ETFs.
BlackRock’s clients are generally served by an in-house group of qualified portfolio managers and other financial experts spread across the Firm’s segment operating areas. These employees serve out of the Office premises in Atlanta, London, Madrid, Tokyo, Sydney, and Hong Kong, which span America, APAC, Europe, the Middle East, and Africa.
BlackRock also serves consumers through a chain of approved middlemen, banks, thrift institutions, Health insurers, and Freelance experts serving the Firm’s retail investors. Third-party financial and perhaps other firms are included in this category over three of the Firm’s operating zones.
Customer Relationships
Customers can self-serve a multitude of choices and information through BlackRock’s virtual BlackRock Solutions and iShares portals. Clients can use these digital platforms to track their assets, and manage, and locate effective responses without having to deal with the Firm’s financial advice staff.
BlackRock’s clients are primarily served by a devoted team of financial advisors located throughout the firm’s many operational jurisdictions. These advisers meet with clients one-on-one to create a strong rapport and completely understand their unique needs, tastes, and limits. As a result, the Firm can serve customers that are personalized to each client.
Clients enjoy undying support from BlackRock, including frequent releases on the status of their investments. The Firm’s biggest clients are assigned their account managers, who can function as a vital link for questions and problems. Clients can also call the Firm’s main office directly, using the contact info provided on the portal.
Users can also track BlackRock’s operations on its many social media sites, such as Facebook, Twitter (Now X), and LinkedIn, and connect with the firm.
Key Activities
BlackRock gives retail and corporate clients a vast scope of portfolio and risk mitigation solutions in over 100 countries including the USA, Asia Pacific, Europe, the Middle East, and Africa. The firm offers single and multi-asset class baskets that buy stocks, fixed-income, options, and money market funds.
BlackRock primarily serves clients through a wide community of specialized investment managers and other finance experts, but it also works through a mix of finance middlemen, such as wealth managers, Banks, Health insurers, Trust firms, and freelance money managers.
Certain about the Company’s services, such as its BlackRock Solutions site and its iShares ETF offerings, are also accessible on the internet. BlackRock also provides risk analysis and risk mitigation advising solutions through the Green Package.
Key Partners
To offer financial advice to its global clientele proficiently, BlackRock collaborates with a range of affiliate corporations. The different sets are used to categorize these partners:
Supplier and Vendor Partners, which include vendors of multiple activities, products, and systems that enable the Firm’s core investing activities, as well as firms to whom key quasi-tasks can be outsourced;
Channel and Distribution Partners, which are the Firm’s chain of intermediaries, such as banks, wealth managers, health insurers, and trust entities, who offer an array of programs and options on the Company’s part;
Social and Community Allies, which include a series of non-profits and philanthropic NGOs with which the Firm operates on community initiatives all across the globe;
Tech Experts, which include a variety of technology, software, hardware, and integrations affiliates who help the Firm establish and manage robust IT systems and collaborate on diverse tech products; and
Tactical & Allied Members, which include market-leading firms from a multitude of sectors that collaborate with the Firm on promotional initiatives.
Several strategic alliances have been formed by BlackRock. A distribution relationship with Artivest to give wider exposure and quick access to its investible methods, a technological deal with Hazeltree LiquidityWeb to automate cash flows, and a trade alliance with Fidelity Investments are among the partnerships.
Key Resources
IP, Web portals, IT and Telecoms, A chain of sales and support centers, and A web of middlemen, Alliances, and Staff are among BlackRock’s most valuable assets.
As part of its mission, BlackRock holds or leases a variety of intangible assets. BlackRock was called a claimant or assignee in a lot of patents filed by the US Patent Office, such as applications labeled “Investment funds allowing a bond rating scale tactic,” “Framework and tactic for credit risk management for investments,” and “Structure and process for handling credit risk for investment portfolios.”
BlackRock has a range of tangible assets across the globe that are important to the operations that it holds or rents. Its global web of operations, which has sites in Seattle, Singapore, Sydney, and Taipei, spans the Americas, Asia Pacific, Europe, the Middle East, and Africa.
Cost Structure
The growth of BlackRock’s IP rights and web platforms, the upkeep of its IT and telecom networks, the sourcing of expertise, the function of its sales and support system, the application of promotional initiatives, the monitoring of its alliances, and the loyalty of its staff are all costs.
BlackRock Inc. generates revenue through the following key segments:
Investment Advisory, Administration Fees, and Securities Lending: The main revenue source is driven by fees based on assets under management. In FY 2023, this segment generated $14.4 billion.
Investment Advisory Performance Fees: This includes fees collected when investment returns surpass predetermined benchmarks. In FY 2023, this stream brought in $554 million.
Technology Services: BlackRock offers investment management and risk solutions through this segment. It contributed $1.49 billion in revenue for FY 2023.
Distribution Fees: This revenue is derived from the distribution and servicing of various investment products. In FY 2023, it amounted to $1.26 billion.
Advisory and Other Revenue: This segment focuses on advisory services provided to financial institutions and governmental entities. In FY 2023, it accounted for $159 million.
For the full fiscal year of 2023, which ran from January 1 to December 31, BlackRock’s revenue was $17.85 billion.
In the second quarter of 2024, BlackRock reported a record $10.6 trillion in assets under management. During this quarter, total revenue increased by 8% to $4.81 billion, while net income rose to $1.50 billion for the three months ended June 30, compared to $1.37 billion in the same period of 2023.
BlackRock – Investments
BlackRock’s investment portfolio includes a diverse range of companies. Some of its largest equity holdings as of September 2024 are:
Companies
Value Owned
% of Portfolio
Microsoft Corp
$247.60 Billion
5.61%
Nvidia Corporation
$227.22 Billion
5.15%
Apple Inc
$221.20 Billion
5.02%
Amazon Com Inc
$125.36 Billion
2.84%
Meta Platforms Inc
$81.23 Billion
1.84%
Alphabet Inc
$76.70 Billion
1.74%
Alphabet Inc (GOOG)
$65.17 Billion
1.48%
Eli Lilly & Co
$59.62 Billion
1.35%
Broadcom Inc
$54.91 Billion
1.24%
Berkshire Hathaway Inc Del
$43.63 Billion
0.99%
Jpmorgan Chase & Co
$40.19 Billion
0.91%
Tesla Inc
$37.61 Billion
0.85%
Unitedhealth Group Inc
$37.39 Billion
0.85%
Ishares Tr
$36.33 Billion
0.82%
Exxon Mobil Corp
$34.93 Billion
0.79%
Visa Inc
$33.48 Billion
0.76%
Mastercard Incorporated
$30.80 Billion
0.70%
Johnson & Johnson
$28.97 Billion
0.66%
Costco Whsl Corp New
$28.21 Billion
0.64%
Procter And Gamble Co
$26.24 Billion
0.59%
Merck & Co Inc
$25.66 Billion
0.58%
Home Depot Inc
$24.49 Billion
0.56%
BlackRock – Ownership
BlackRock Ownership | Who Owns BlackRock?
BlackRock’s ownership is primarily held by several large institutional investors, including:
The Vanguard Group: A major competitor of BlackRock, founded in 1975, known for its low-cost index funds and ETFs.
Fidelity Investments: Another main competitor, established in 1946 and based in Boston, Massachusetts, Fidelity operates in the investment banking and brokerage sectors.
Franklin Templeton: Founded in 1947 in San Mateo, California, Franklin Templeton is a significant player in the investment banking and asset management industry.
Carlyle Group: Founded in 1987 in Washington, D.C., Carlyle specializes in asset and fund management.
BlackRock’s future plans are centered on continuing to be a leading provider of investment products and services by focusing on key areas:
Sustainable investing: BlackRock is committed to helping its clients achieve their financial goals while also having a positive impact on the environment and society.
Private markets: BlackRock is expanding its private markets business to offer its clients a wider range of investment products and services. It is also seeking direct lending opportunities in India across different sectors, from agriculture to hospitality, as the country’s growing private credit market attracts more borrowers. This approach helps strengthen its position in the global private credit arena.
Technology: BlackRock is investing in technology to improve its investment performance and to better serve its clients.
Additionally, BlackRock is focused on expanding its global reach and presence.
In September 2024, BlackRock joined the Global AI Infrastructure Investment Partnership (GAIIP), alongside Microsoft, NVIDIA, and others, to invest $80-$100 billion in building AI infrastructure. This includes building data centers and sustainable energy plants, starting in the U.S. and expanding globally. An initial $30 billion will come from private equity. BlackRock views this as a major opportunity to drive AI innovation, create jobs, and boost economic growth.
Conclusion
BlackRock has evolved from a small startup into a global conglomerate. This market giant invests across a wide range of sectors and, as a result, holds shares and voting rights in several of Europe’s largest firms, including those in energy, oil and gas, and banking.
The firm also invests in government and central banks, issues public bonds, owns real estate, and serves as both an auditor and advisor, in addition to being a bondholder.
That’s right—BlackRock has grown so successfully and is considered so trustworthy that even governments sometimes request its assistance.
FAQs
What is BlackRock?
BlackRock, Inc. is a global asset management firm founded in 1988. It is the world’s largest asset manager, providing investment, risk management, and advisory services to both retail and corporate clients.
What does BlackRock do?
BlackRock offers a wide range of investment solutions, including single and multi-asset baskets that invest in stocks, fixed-income, options, and money market funds. It utilizes its technology platform, Aladdin, to enhance portfolio management and trading efficiency for clients across global markets.
What is BlackRock net worth?
As of October 2024, the net worth of BlackRock company is $141.03 billion.
Who is the CEO of BlackRock?
Larry Fink is one of the founders and the current CEO of BlackRock.
Who are the competitors of BlackRock?
BlackRock’s top competitors include:
Charles Schwab
Edward Jones
MSCI
Legg Mason
Vanguard
T.Rowe Price
State Street
When was BlackRock founded?
BlackRock was founded in 1988 in New York, United States.
Who are the BlackRock founders?
Larry Fink, Susan Wagner, Robert S. Kapito, Barbara Novick, Ralph Sclosstein, Hugh R. Frater, Ben Golub, and Keith Anderson are the 8 co-founders of BlackRock.
Is BlackRock the richest company in the world?
BlackRock is the world’s largest asset manager, managing over $10.47 trillion in assets under management (AUM) as of October 2024.
Has BlackRock ownership in Tesla?
BlackRock has 5.90% ownership of Tesla.
What is the largest investment of BlackRock?
The largest investments of BlackRock include Apple Inc. and Microsoft, with holdings valued at more than $221.20 billion in Apple and $247.60 billion in Microsoft.
How is BlackRock so powerful?
BlackRock is powerful because it manages a vast amount of assets and uses the Aladdin platform for advanced risk management and investment analysis. This allows it to make informed decisions and stay ahead in the financial market.
What does BlackRock own?
BlackRock’s investments span various sectors, with a prominent focus on technology. Its top holdings include major companies like Microsoft (MSFT), followed by Apple, Amazon, Nvidia, Alphabet (GOOGL), Meta, Alphabet (GOOG), and Tesla.
Who owns BlackRock?
BlackRock’s ownership is primarily held by several large institutional investors, including Vanguard Group, BlackRock Inc., State Street Corporation, Temasek Holdings, and Bank of America Corporation, among others, as of June 2024.
Tuesday, 01 October 2024, Bengaluru: The 12th Global Edition of the World CX Summit and Awards, an event by Trescon, drew to a close at JW Marriott Hotel, Bengaluru on 19th September 2024. The event saw participation from over 250 customer experience (CX) professionals and technology leaders who gathered to explore the latest trends and innovations in customer service and engagement.
At the summit, attendees explored a diverse range of sessions highlighting the most impactful technologies transforming customer experience. The discussions covered key topics such as the strategic implementation of generative AI, advancements in data analytics, and the evolving landscape of sentiment analysis. These sessions offered a comprehensive view of how these innovations are shaping and enhancing customer interactions.
The day featured an engaging panel discussion on transforming customer experience, led by Fasih Abbas M, Senior Director & Head of Customer Success, Cashfree Payments. The deliberations focused on the importance of human interaction in the digital experience. The panelists Lakshman Velayutham, CMO, Ujjivan Small Finance Bank; Gurpreet Jolly, Head – Customer Experience Operations & Service Delivery, Ajio.com (Reliance Retail); Shruthi Bopaiah, Executive Vice President & Head – Customer Obsession, Axis Bank; Pinkustar Borah, Director – Head of IT – Customer Experience, South Asia, Unilever; and Ramanathan Rv, Co-founder and CEO, Hyperface Technologies explored the impact of subscription-based models on consumer behavior and expectations.
Another noteworthy session focused on integrating marketing and technology to create customer-centric journeys. Led by Priya Chakravarthy, Vice President of Experience at BluSmart, the panel explored how AI/ML is providing predictive insights and automating marketing approaches to enhance customer experience. Panelists Kedar Ravangave, Head of Marketing at Kotak Mahindra Bank; Rahul Poddar, Country Head – MarTech at Narayana Health; Rakhi Rana, COO at Drools Pet Food; and Ambit Mishra, Head of Marketing Communication at UMPESL – A Tata Voltas Enterprise, discussed the role of Martech tools in understanding market dynamics, elevating search strategies, and boosting customer engagement.
During the session, while talking about hyperpersonalisation, Rahul Poddar, Country Head – MarTech at Narayna Health noted, “We are entering an era of hyper-personalization where consumers expect more than just satisfaction from products; they seek brands that become part of their lifestyle. AI and MarTech tools enable us to deeply understand consumer behavior, and preferences, and even ensure empathy in every interaction, particularly in sectors like healthcare. As we shift from traditional communication methods to platforms like WhatsApp, we must adapt our messaging to be concise and relevant, embracing these changes to better engage our customers.”
The Top 100 CX Leaders and Top 50 Marketing Leader awards ceremony honored the innovators and leaders who have made significant contributions to enhancing customer experience and setting new standards of excellence.
At the conclusion of the event, Mithun Shetty, Co-Founder, Trescon said, “The 12th Global Edition of the World CX Summit and Awards showcased how AI, hyper-personalization, and phygital solutions are transforming customer experience. We explored how innovation is driving seamless, customer-centric journeys and helping businesses meet the growing demand for personalized, tech-driven interactions.”
The World CX Summit and Awards wrapped up by inspiring attendees with forward-thinking strategies to elevate customer experience. The event highlighted the importance of aligning technology with a human-centered approach to meet evolving customer expectations. As businesses adapt to the rapidly changing landscape, the insights gained and connections forged at the summit will play a pivotal role in shaping more personalized and impactful customer journeys, reinforcing the value of CX as a key driver of long-term success and brand loyalty.
About Trescon
Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets they operate in – they strive to deliver innovative and high-quality business platforms for our clients. For more information about Trescon, visit: tresconglobal.com.
United Arab Emirates, October 1, 2024: In just over a year, Anantya.ai has become a market leader in AI-powered communication solutions, amassing an impressive client base of 200 companies across 10 countries. This women-led startup, headed by the visionary Yashika Kothari, is using cutting-edge AI and messaging technologies to rethink how companies interact with their clients.
Unlike many companies in the WhatsApp Business API space, Anantya.ai prioritises exceptional customer support. It delivers amazing customer success, ensuring its clients receive the personalised attention they deserve. Furthermore, it goes the extra mile by assigning a dedicated Key Account Manager to each user. This personalised approach ensures its clients are supported every step of the way, from onboarding to ongoing success and post-sales support.
A Global Force in AI-Powered Messaging
Anantya.ai’s meteoric rise in the tech industry is nothing short of remarkable. The company has:
Expanded operations across key markets in the Middle East, Africa, and India
Secured a diverse portfolio of 200 clients from various industries
Pioneered AI-driven Communication Platform as a Service (CPaaS) solutions specifically for WhatsApp
Set an ambitious goal to increase its client base to 500+ by year-end
“We’re not just providing a messaging solution; we’re empowering businesses to build meaningful connections with their customers through AI-powered communication,” says Yashika Kothari, Founder and CEO of Anantya.ai.
The Anantya.ai Advantage
AI-Powered Insights: Leveraging advanced machine learning algorithms to analyse messaging patterns and customer behaviour.
Personalised Engagement: Tailoring communication strategies based on individual customer preferences and interactions.
Multi-Language Support: Facilitating global communication with AI-driven language translation capabilities.
Real-Time Analytics: Providing businesses with actionable insights through comprehensive dashboards and reports.
Behind Anantya.ai’s success is its diverse team of AI experts, software engineers, and business strategists led by Yashika Kothari. With her background in Economics, Mathematics, and Product Management, Yashika has assembled a world-class team that combines technical expertise with a deep understanding of business communication needs.
“Our team’s diverse skill set allows us to stay ahead of the curve, continuously innovating to meet the evolving demands of global businesses,” Yashika explains.
Anantya.ai’s journey from a startup to a global player in just over a year shows the power of innovation and the growing demand for AI-driven communication solutions. As businesses worldwide seek to enhance their customer engagement strategies, Anantya.ai stands ready to take charge of the future of messaging technology.
At times when everything around us is changing at an exorbitant pace, at an age where efficiency and innovation are paramount, the integration of artificial intelligence (AI) has emerged as a game-changer for small business owners. Contrary to the misconception that AI is solely reserved for large corporations with deep pockets, a lot of free AI tools have become readily available, empowering entrepreneurs to make the most out of the transformative potential of this incredible piece of technology without breaking the bank.
The allure of free AI tools lies not only in their cost-effectiveness but also in their ability to optimise workflows and streamline operations. By using these innovative tools, small business owners can punch above their weight, operating with the agility and efficiency typically associated with larger enterprises. Moreover, the accessibility of free AI tools enables entrepreneurs to test and experiment with various platforms, allowing them to identify the most suitable tools for their unique business needs without the risk of substantial financial investment.
ChatGPT: The Power of AI-Driven Copywriting
Company
ChatGPT
Founded
2022
Free Trial
Yes
Rating
4.7 out of 5
Website
chatgpt.com
Best Free AI Tools – Chatgpt
Undoubtedly one of the most prominent free AI tools available, ChatGPT from OpenAI has captivated the attention of businesses worldwide with its versatile language model and vast array of applications. Small business owners can leverage ChatGPT’s prowess to streamline content creation, from crafting compelling website copy and engaging social media captions to composing persuasive sales emails and newsletters. With its ability to write in various tones and from diverse perspectives, ChatGPT serves as a virtual writing assistant, empowering entrepreneurs to produce high-quality content efficiently.
Pros:
A convenient and accessible content creation tool
Capable of writing in diverse tones and styles
Easy to use on desktop and mobile devices
Cons:
May provide inaccurate or biased information
Requires a learning curve for new users
Generated content may not be optimised for search engines
Canva, the renowned graphic design platform, has unlocked the power of AI with its innovative image generator. While AI image generation is still in its infancy, Canva’s tool impresses with its ability to create strikingly realistic images of people, objects, and scenes. This feature is invaluable for small business owners seeking to upscale their visual content without the need for costly stock photography or professional design services. With the option to convert generated images into videos, Canva’s AI image generator offers a versatile solution for businesses seeking to elevate their visual branding and marketing efforts.
Pros:
Creates realistic and visually appealing images
Seamlessly integrated into Canva’s graphic design software
Offers the ability to convert images into videos
Cons:
Limited to a specific number of image prompts for free users
May struggle with complex or highly detailed image requests
Generated images may require further editing or refinement
Thryv: Your Online Presence with AI
Company
Thryv
Founded
2013
Free Trial
Yes
Rating
4.6 out of 5
Website
thryv.com
Best Free AI Tools – Thryv
Thryv’s suite of free tools, designed specifically for small businesses, includes the Online Presence Scanner, a powerful AI-driven solution for optimising your digital footprint. This tool scans the web for mentions of your business across various platforms, including Google, Yelp, and social media channels, compiling a comprehensive report detailing your online reputation, customer reviews, and overall digital presence. By providing a snapshot of your business’s online visibility, the Online Presence Scanner empowers entrepreneurs to identify areas for improvement and implement targeted strategies to enhance their online presence.
Pros:
Generates a detailed report within minutes
Tailored for small business owners
Provides a PDF version of the report for easy sharing and reference
Cons:
Requires manual refreshing to update the analytics
Offers insights but lacks specific recommendations for improvement
May be less relevant for businesses without an active online presence
Steve.ai: AI-Driven Video Production
Company
Steve.ai
Founded
2014
Free Trial
Yes
Rating
4.6 out of 5
Website
steve.ai
Best Free AI Tools – Steve.ai
In the age of visual storytelling, Steve.ai emerges as a powerful ally for small business owners seeking to create engaging video content. This AI-driven video production tool can generate animated and live-action videos from scratch, offering entrepreneurs a cost-effective solution to captivate their audience. With the ability to analyse website content and create videos based on the information provided, Steve.ai simplifies the video creation process, allowing small businesses to produce high-quality visual content without the need for extensive editing skills or resources.
Pros:
Creates videos from text, URLs, and audio inputs
Offers unlimited video creation for free users
Provides the option to create 3D animated videos
Cons:
Limited video editing features in the free version
Grammarly, the much coveted AI-powered writing assistant, has become an indispensable tool for professionals across various industries, including small business owners. Through advanced natural language processing algorithms, Grammarly not only identifies and corrects grammar, spelling, and punctuation errors but also provides insightful recommendations for improving sentence structure, clarity, and overall flow. With seamless integration into popular writing platforms like Google Docs and email clients, Grammarly ensures that every written communication from your business is polished and professional, fostering a positive brand image and enhancing customer trust.
Pros:
Easy to install and use across multiple writing platforms
Offers the ability to rewrite content in different tones or styles
Provides comprehensive feedback on grammar, spelling, and writing style
Cons:
Free versions offer limited recommendations and features
Plugin compatibility issues may occasionally occur
Some recommendations may be irrelevant or unnecessary, requiring manual review
Photoroom: Simplifying Image Editing with AI
Company
Photoroom
Founded
2019
Free Trial
Yes
Rating
4.3 out of 5
Website
photoroom.com
Best Free AI Tools – Photoroom
For small business owners seeking a user-friendly solution for basic image editing tasks, Photoroom emerges as a valuable AI-powered tool. With its intuitive interface and AI-driven capabilities, Photoroom enables users to remove backgrounds from existing images, add new elements, and make other adjustments to create visually appealing graphics. This tool is particularly useful for entrepreneurs who need to create transparent backgrounds, add banners or text to stock photos, or perform simple design tasks without the need for advanced graphic design skills.
Pros:
User-friendly interface suitable for beginners
Offers unlimited downloads for free users
Provides 24/7 customer support
Cons:
Advanced features are only available in the premium version
Free downloads include a watermark, limiting commercial use
Gemini: Google’s AI-Powered Knowledge Base
Company
Gemini
Founded
2014
Free Trial
Yes
Rating
4.4 out of 5
Website
gemini.google.com
Best Free AI Tools – Gemini
Gemini, powered by Google, is a versatile AI tool that shares similarities with ChatGPT while offering a distinct advantage: access to real-time data. Unlike ChatGPT, which relies on a static knowledge base, Gemini is trained on up-to-date information, making it an invaluable resource for entrepreneurs seeking the latest insights and information. In addition to its copywriting capabilities, Gemini excels at providing solutions to complex queries that may be challenging for traditional search engines to address, making it a powerful ally for small business owners seeking to stay ahead of the curve.
Pros:
Powered by real-time, up-to-date information
Seamlessly integrated with other Google apps
Allows for modification and refinement of AI-generated responses
Cons:
May require a learning curve for new users
Limitations in accurately counting and analysing images
Potential for biased or inaccurate information due to reliance on online data
Buffer: Next Level Social Media Management
Company
Buffer
Founded
2010
Free Trial
Yes
Rating
4.3 out of 5
Website
buffer.com
Best Free AI Tools – Buffer
In the crowded lanes of social media, Buffer emerges as a powerful companion for small business owners seeking to optimise their online presence. This incredible social media management platform not only tracks and schedules posts across multiple channels but also includes an AI assistant to craft compelling and engaging content. By utilising the power of AI, Buffer assists entrepreneurs in crafting messages that resonate with their target audience, while also providing valuable insights and recommendations for future content strategies.
Pros:
Offers a centralised calendar for scheduling social media posts
Integrates with a wide range of social media platforms
Provides advanced features for free users
Cons:
Premium reporting features are only available with paid plans
May have a learning curve for new users
Limited customisation options for AI-generated content
Reclaim.ai: Workflow Optimisation On Steroids
Company
Reclaim.ai
Founded
2019
Free Trial
Yes
Rating
4.8 out of 5
Website
reclaim.ai
Best Free AI Tools – Reclaim.ai
Reclaim.ai is another AI-powered solution designed to optimise productivity and streamline workflows for small business owners. With its “smart meetings” feature, this tool automatically schedules meetings based on your availability, eliminating the hassle of back-and-forth communication. Additionally, Reclaim.ai allows users to upload and automate routine tasks, known as “habits,” ensuring that essential activities are seamlessly integrated into their daily schedules. Furthermore, the platform’s reporting capabilities provide valuable insights into productivity levels, enabling entrepreneurs to identify areas for improvement and make data-driven decisions.
Pros:
Offers a wide range of free scheduling tools and features
Ideal for business owners with strict schedules and time constraints
Compatible with Google email accounts for seamless integration
Cons:
May require a significant onboarding process to fully utilise all features
Some business owners may not require the full suite of tools
Limited customisation options for specific workflow requirements
Whisper, an OpenAI tool, has emerged as a game-changer for small business owners seeking to transcribe audio content accurately and efficiently. Whether you need to provide written transcripts for videos, podcasts, or recorded client conversations, Whisper leverages advanced speech recognition technology to convert audio files into text with remarkable precision. This tool not only saves time and effort but also ensures that valuable information is preserved and easily accessible for future reference or analysis.
Pros:
Provides accurate and reliable transcriptions
Simple and efficient to use
Offers options to modify and refine transcripts as needed
Cons:
Requires a GitHub account to access and use the tool
May not be user-friendly for those unfamiliar with command-line interfaces
Limited to processing audio files, excluding other media formats
Final Thoughts
Let’s not shy away from the fact that we are currently in for a treat – the most exciting of times in the technological era. Afterall, AI has enabled businesses to emphasise upon collective growth and it has all doubled down like a newly found superpower at helm. The times are incredible and this is just the beginning of what the future may hold. AI has significantly slashed the cost of creativity for the layman, and as long as you are willing to be creative, it is a +1 for you! Still confused? Well, head on to StartupTalky and access our detailed overview of a number of AI tools (Yeah, we have a complete library of tools and how they’ve been performing) to include them in your startup/business/profession. It is cool. Keep experimenting, keep talkying!
FAQ
What are the best free AI tools for small businesses in 2024?
The best free AI tools are ChatGPT, Canva, Thryv, Steve.ai, Grammarly, Photoroom, Gemini, Buffer, Reclaim.ai and Whisper.
How can AI tools help small businesses save time and money?
AI tools can help automate the usual day-to-day tasks, improve efficiency and make strategic decision-making easy.
Do I need any technical expertise to use free AI tools effectively?
No, usually AI tools are well-designed and user friendly which makes them easy to use for everyday tasks.
In today’s fast-paced world, energy is at the heart of everything – from the cars we drive to the cities we power. For over 140 years, ExxonMobil has been at the forefront of fueling that energy responsibly and sustainably. With operations in more than 60 countries, their team of 62,000 strong – including scientists, engineers, and researchers – is dedicated to meeting the world’s energy demands safely, while pushing for innovations that improve lives.
ExxonMobil – Company Highlights
Name
ExxonMobil
Headquarters
Spring, Texas
Sector
Energy, Chemicals, Lubricants and Lower-Emissions Technologies
What began as a small kerosene marketer in the U.S. has grown into one of the largest publicly traded petroleum and petrochemical companies globally. More than just a fuel provider, ExxonMobil products drive modern transportation, and power industries and supply the building blocks for thousands of everyday goods.
At ExxonMobil, the main focus is shaping a sustainable, net-zero future and leading the charge with innovations that advance modern living. Good governance is a cornerstone of everything they do, ensuring that their operations create long-term value for the communities they serve. Simply put, they’re here to power today while building a brighter tomorrow.
ExxonMobil – Industry
Delivering Industrial Solutions
Beyond traditional energy solutions, ExxonMobil is also focusing on low-carbon initiatives, such as large-scale carbon capture and storage, to help reduce emissions across industrial and commercial sectors.
Transforming Transportation
Decarbonizing transportation is no small task and ExxonMobil is tackling it with a science-backed, multifaceted approach. From driving efficiency improvements to innovating cleaner fuels, ExxonMobil is committed to paving the way for a more sustainable transportation future.
Materials for Modern Living
Whether it’s high-tech, lightweight plastics for smartphones and medical devices, high-performance fuels for aircraft, or advanced lubricants for wind turbines, their innovative solutions are all around us. Materials that enhance sustainability, like flexible films that extend food preservation.
Securing the Energy Supply
Their goal is clear: strengthen energy security, support a net-zero future, and deliver value to both shareholders and stakeholders.
Driving Toward Net-Zero Ambitions
140+ years as a leading energy supplier
Targeting net-zero from operated assets by 2050
Pioneering large-scale carbon capture and low-carbon solutions
Shaping the Future with Innovation and Policy
Even though the future is unpredictable, they’re prepared to tackle it with technologies that can reduce emissions, support global energy needs, and ensure the long-term sustainability of their business and the planet.
ExxonMobil – Founders and Team
ExxonMobil’s leadership is stacked with talented and experienced individuals who have steered the company to success through their diverse backgrounds and commitment to integrity. Each director brings something unique to the table, so let’s dive into who they are and how their journeys led them to ExxonMobil.
Darren W. Woods
Darren Woods – Chairman and CEO, ExxonMobil
Darren Woods is the Chairman and CEO of ExxonMobil.
Darren Woods grew up in Wichita, Kansas, and took the engineering route early on, earning a bachelor’s degree in electrical engineering from Texas A&M University. He followed that up with an MBA from Northwestern University’s Kellogg School of Management. Woods joined Exxon in 1992, and after 24 years of building his career, he stepped into the CEO role in 2016, succeeding Rex Tillerson. Unlike his predecessor, Woods’ expertise is rooted in the refining and chemical side of the business, which ended up being a major contributor to ExxonMobil’s $7.8 billion net income in 2016. His focus is on maintaining operational excellence while navigating the company through the constantly evolving energy landscape.
Michael J. Angelakis
Michael J. Angelakis – Director, ExxonMobil
Michael Angelakis is the independent director of ExxonMobil.
Michael Angelakis brings a wealth of experience across both public and private sectors. A graduate of Babson College, with additional training from Harvard Business School’s Owner/President Management Program, Angelakis’ career spans multiple industries. He currently sits on the boards of Bowlero Corporation, Clarivate PLC, ExxonMobil, and TriNet Group, among others. In addition to his corporate work, he previously chaired the Federal Reserve Bank of Philadelphia and served on boards for Duke Energy, Groupon, and Hewlett Packard Enterprises. His extensive experience in corporate governance makes him a key asset on ExxonMobil’s board.
Angela F. Braly
Angela F. Braly – Independent Director, ExxonMobil
Angela Braly is the Independent Director of ExxonMobil.
Angela Braly is a powerhouse in the healthcare industry. After graduating from Texas Tech University with an undergraduate degree and earning her Juris Doctor from Southern Methodist University School of Law, she made a name for herself in corporate America. Braly took the helm at WellPoint, Inc. (now Elevance Health) as president and CEO in 2007 and became chair of the board in 2010. Under her leadership, WellPoint became the largest health insurer in the U.S., serving 34 million Americans and generating more than $60 billion in revenue. Braly now sits on several boards, including Brookfield Corporation and ExxonMobil. Her passion for philanthropy led her to co-found The Policy Circle, which is focused on promoting civic engagement among women.
Each of these leaders brings a unique perspective and a wealth of experience to ExxonMobil’s leadership team, helping steer the company toward its goals of operational excellence and sustainable energy innovation.
ExxonMobil – Startup Story
Exxon Mobil’s journey began in 1870 when John D. Rockefeller and his partners founded the Standard Oil Company in Ohio. Fast forward to 1911, the U.S. Supreme Court decided to split Standard Oil into 33 different companies. Among them were Standard Oil of New Jersey (later known as Jersey Standard), Socony Oil, and Vacuum Oil, along with others that kept the Standard Oil name.
Jersey Standard introduced its products under the name “Esso,” which is the phonetic spelling of “S” and “O” for Standard Oil. However, in some states, other Standard Oil companies objected to this branding, so Jersey Standard marketed under different names—Enco (short for Energy Company) and Humble, a company they had acquired. In 1972, Jersey Standard became Exxon Corporation, and by 1999, it merged with Mobil Oil Corporation (formerly Socony-Vacuum Oil) to form what we know today as ExxonMobil.
Throughout its history, ExxonMobil has been a trailblazer in energy products and technology, shaping the way the world consumes energy. Here are some of their most notable innovations:
Octane
In 1938, at a Humble Oil plant in Texas, they pioneered the first commercial production of Alkylate, which allowed for the creation of iso-octane—a key blending agent. By 1976, Mobil developed a new process for converting methanol into high-octane gasoline. Today, every gallon of gasoline in North America contains octane, with fuel grades based on octane ratings.
Motor Oil
In 1952, the Jersey Standard introduced Uniflo, the first motor oil suitable for use in both summer and winter conditions. Then in 1974, Mobil revolutionized the industry with the launch of Mobil 1™, the first synthetic motor oil, which remains the world’s leading synthetic motor oil brand today.
Detergent Gasoline
Mobil led the way in 1968 by developing the first detergent gasoline, which helped reduce deposits inside fuel injectors. Today, all Exxon and Mobil gasoline grades contain these detergent additives, and they exceed the minimum requirements set by the EPA.
Pay at the Pump
In 1986, Mobil was the first gas retailer in the U.S. to introduce pay-at-the-pump convenience. A decade later, in 1997, Mobil launched the Speedpass™ key tag, the first mobile payment device for fueling. This innovation continued with the release of the Speedpass+™ app in 2015 and the Exxon Mobil Rewards+™ app in 2019, combining payment and rewards in one easy-to-use tool.
Gasoline for Better Mileage
In 2016, Mobil introduced its ‘Synergy™; gasoline, a result of 130 years of engineering. With seven key ingredients designed to improve fuel efficiency, Synergy represents its commitment to advancing fuel technology.
ExxonMobil’s legacy is built on innovation and they’re proud to continue shaping the future of energy.
ExxonMobil – Mission and Vision
At ExxonMobil, their mission is to be the world’s foremost petroleum and chemical manufacturer. To reach this goal, they strive for outstanding financial and operational performance, all while upholding unwavering ethical values. The following principles shape their approach to working with shareholders, customers, employees, and the communities they serve:
Shareholders
By ensuring responsible and profitable business operations, they aim to provide their shareholders with strong, sustainable returns.
Customers
Mobil is dedicated to offering innovative, high-quality products and services that meet market demands, all while staying competitive in pricing and remaining responsive to changing preferences.
Employees
To maintain their competitive edge, they focus on attracting top talent and providing ongoing development opportunities to help them thrive. They also foster a diverse and inclusive workplace, where safety, fairness, open communication, and mutual trust are top priorities.
Communities
As a global organization, ExxonMobil is committed to being a responsible and ethical corporate citizen. Safety and environmental stewardship remain central to everything they do.
They are focused on maximizing efficiency and productivity by learning, sharing knowledge, and applying best practices across the organization.
Mobil’s long-term success depends on a clear, focused approach. How? By carefully evaluating capital investments and pursuing opportunities that align with their goals, prioritizing the development of cutting-edge technologies that offer a strategic advantage.
By adhering to these principles and executing its plans with precision, Exxon Mobil aims to remain at the forefront of the energy industry, continually pushing boundaries and delivering on its promises!
ExxonMobil – Name, Tagline and Logo
ExxonMobil Logo and Tagline
The ExxonMobil logo features three important design elements: the interlocking X’s, the red color, and the tagline “Energy lives here.” The crossed X’s honor the company’s original name, Esso, blending its historic roots with a modern identity while symbolizing dependability. When Exxon and Mobil merged in 1998, the combined logo represented the unyielding spirit of both companies, signifying their resilience even in the face of adversity. The red color conveys power and vitality, while the tagline emphasizes the brand’s ongoing mission to fuel the world.
ExxonMobil – Business Model
ExxonMobil operates across three key business areas, delivering essential products that power modern life, including energy, chemicals, lubricants, and low-emission technologies. With a world-leading portfolio, they are among the largest global companies in the fuels, lubricants, and chemicals industry.
Leading the Way in Low-Carbon Solutions
ExxonMobil is at the forefront of reducing emissions by providing innovative solutions to industrial and commercial customers. Their efforts focus on expanding carbon capture, hydrogen, and biofuels, paving the way for a more sustainable future.
Driving Innovation in Product Solutions
Through the integration of its downstream and chemical operations, ExxonMobil develops advanced, lower-emission products and fuels. These innovations play a critical role in supporting a cleaner, more efficient energy landscape.
Enhancing Upstream Operations
Their upstream business focuses on boosting energy security by expanding efficient, low-cost oil and natural gas production. By optimizing their operations, ExxonMobil ensures a reliable energy supply while delivering strong returns.
ExxonMobil- Revenue Model
Upstream Operations
ExxonMobil is engaged in the exploration and production of crude oil and natural gas across the globe. Utilizing cutting-edge technology and deep expertise, the company identifies and extracts hydrocarbon reserves. Revenue in this segment comes from the sale of crude oil, natural gas, and related products, making it a crucial contributor to the company’s overall financial performance.
Refining and Marketing
ExxonMobil operates refineries that transform crude oil into valuable refined products like gasoline, diesel, jet fuel, and lubricants. These products are distributed through a vast global network, reaching wholesalers, retailers, and distributors worldwide. By meeting diverse consumer demands, ExxonMobil generates significant revenue from the sale of its refined products.
Chemical Operations
ExxonMobil’s chemical division produces and sells petrochemicals and specialized chemical products. Its integrated refining and chemical manufacturing processes create chemicals used in industries ranging from automotive to packaging, construction, and electronics. Through global sales of these chemicals, the company generates substantial revenue across a variety of sectors.
Liquefied Natural Gas (LNG)
In the LNG market, ExxonMobil is involved in the production, liquefaction, and sale of liquefied natural gas. By developing and operating LNG facilities, the company converts natural gas into a liquid state for easier transport and storage. ExxonMobil supplies LNG to a diverse set of customers globally, including utilities, industrial businesses, and other energy providers.
Technology and Licensing
ExxonMobil also monetizes its proprietary technologies by licensing them to third-party companies. Its advanced expertise in oil and gas operations is in high demand, allowing the company to earn royalties and fees from these licensing agreements. Additionally, ExxonMobil engages in trading and hedging activities to manage price risks and capitalize on market opportunities, enhancing its operational and financial flexibility.
A key driver of EExxonMobil’s success is their ability to attract and retain top talentfrom around the globe. Their people are their greatest asset and their expertise gives the company a strong competitive edge. Developing their teams and nurturing a vibrant company culture is central to their strategy and critical to achieving their long-term goals.
ExxonMobil prioritizes building a diverse and inclusive workforce, where individual and cultural differences are valued. Their aim is to foster a work environment where employees are encouraged to reach their full potential, take on meaningful challenges, and contribute to the company’s overall success. In return, they offer unmatched opportunities for personal and professional growth.
Here’s a snapshot of their workforce:
Over 20,000 scientists and engineers
28% of women in their global workforce
32% minorities in their U.S. workforce
5% veterans in their total U.S. workforce
64% of their employees are based outside the U.S.
ExxonMobil’s commitment to diversity and development strengthens both its organization and its ability to innovate and lead.
ExxonMobil – Challenges Faced
Meeting the world’s ever-growing energy demands is no small feat. Ensuring a steady, reliable supply of affordable energy is crucial for global economic growth and improving people’s quality of life. ExxonMobil, with its expertise and resources, is in a strong position to tackle the major challenges facing the energy industry today.
These challenges include:
Safely and consistently producing oil, natural gas, and other essential hydrocarbon products.
Discovering and developing new energy sources to meet future needs.
Maximizing the value of existing resources and assets.
Enhancing energy efficiency while minimizing environmental impacts.
Cultivating the next generation of skilled scientists and engineers.
To navigate these obstacles, ExxonMobil relies on a long-term approach. Their strategy combines a consistent, structured business model with the flexibility to adapt to changing market conditions. They emphasize investing in people, cutting-edge technology, and innovative projects to ensure growth for both the company and its shareholders. At the heart of their efforts are leaders who prioritize integrity, operational excellence, and community development.
ExxonMobil – Shareholders
ExxonMobil’s shareholders are Vanguard Group Inc., BlackRock Inc., and State Street Corp.
ExxonMobil Low Carbon Solutions: This division focuses on commercializing low-carbon technologies like carbon capture and storage (CCS). The company has committed to investing $3 billion in lower-emission energy projects through 2025.
As of October 2024, ExxonMobil has a market cap of approximately $514.56 billion.
Over the trailing 12 months (TTM), it generated $340.6 billion in revenue and achieved a net income of $40.69 billion.
ExxonMobil’s stock saw an 11% increase in one month.
Wall Street analysts projected a 24% upside for the stock.
The company also reported a 10% growth in lube sales for the year.
Additionally, ExxonMobil has been involved in driving Indonesia’s growth into a carbon capture hub.
ExxonMobil – Investments
On Feb 8, 2022, Exxon Mobil invested in Global Clean Energy Holdings for $125 million.
On May 19, 2024, the company laid the foundation stone for a new lubricant-manufacturing plant in Maharashtra, marking a significant investment of INR 900 crore (US$110 million). This is projected to be operational by the end of 2025.
ExxonMobil – Mergers and Acquisitions
ExxonMobil and Pioneer Natural Resources have agreed on a major merger!
ExxonMobil will acquire Pioneer in an all-stock deal valued at $59.5 billion. Based on ExxonMobil’s stock price from October 5, 2023, each Pioneer share will be worth $253. For every Pioneer share, shareholders will receive 2.3234 ExxonMobil shares once the deal closes. When factoring in net debt, the total value of the transaction comes to about $64.5 billion.
This merger brings together Pioneer’s vast, high-quality undeveloped land in the Midland Basin with ExxonMobil’s expertise in developing resources in the Permian Basin. The combination is expected to drive greater efficiency, lower costs, and significantly boost production, positioning the merged entity to lead in both capital performance and resource development.
Acquisition Date
Acquired Company
Acquisition Price
October 11, 2023
Pioneer Natural Resources Company
$64.5 billion
July 12, 2023
Denbury
$4.9 billion
ExxonMobil – Advertisements and Social Media Campaigns
Sponsorships and Partnerships
ExxonMobil leverages strategic sponsorships and partnerships to boost its brand presence and connect with a wider audience. By aligning itself with high-profile events, sports teams, and organizations that resonate with its values and target demographic, ExxonMobil enhances its visibility in key markets.
ExxonMobil Partnership with Formula F1
One of its notable partnerships is with Formula 1 racing, a long-standing relationship where ExxonMobil highlights its technical expertise and the performance of its products. The demanding world of motorsports serves as the perfect platform for ExxonMobil to showcase the quality and reliability of its fuels and lubricants under extreme conditions.
Digital Advertising
Recognizing the power of digital advertising, ExxonMobil effectively uses online platforms like websites, search engines, and display ads to engage its target audience. By focusing on specific segments—whether it’s industry professionals or environmentally conscious consumers—the company can deliver tailored messages and track the impact of its campaigns.
For example, one of their digital campaigns featured comedian Jenni Pulos, humorously highlighting the busy pace of modern life and the importance of fuel efficiency. The goal was to show how ExxonMobil’s products can help save time by improving fuel economy.
#PoochaKyunNahi Campaign
In another creative campaign, ExxonMobil promoted its Speedpass+ mobile payment system by collaborating with social influencers. The 2019 campaign in India, called #PoochaKyunNahi, featured Bollywood star Javed Jaffrey and rapper SlowCheeta. This humorous yet informative campaign encouraged viewers to ask the right questions about engine oil, emphasizing the importance of using the right products for optimal vehicle performance. Through these partnerships, ExxonMobil was able to reach a broad audience engagingly and memorably.
ExxonMobil – Awards and Achievements
ExxonMobil recently earned the prestigious Seatrade Award for Innovation in Ship Operations for its Mass Flow Metering System (MFMS) technology.
Nathalie Freeman, Global Marketing Project Advisor, and Iain White, Global Marketing Manager at ExxonMobil, accepted the award at the 28th Seatrade Awards held at London’s Guildhall.
Net Income: $9.24 billion, a 17% increase from Q2 2023.
Profit Margin: 10%, consistent with the previous year.
Earnings Per Share (EPS): $2.14, up from $1.94 in Q2 2023.
Annual Revenue of ExxonMobil From 2013 to 2023
ExxonMobil – Future Plans
ExxonMobil is ramping up its commitment to lower-emissions initiatives, with plans to invest over $20 billion in such projects by 2027. This marks the third increase in just three years, up from an initial $3 billion in 2021.
The company recently boosted its efforts further with a $5 billion all-stock acquisition of Denbury, providing access to the largest CO2 pipeline network in the U.S. and expanding its carbon capture and storage capabilities.
ExxonMobil is also exploring opportunities in lithium, hydrogen, biofuels, and carbon capture and storage (CCS). These ventures are projected to deliver returns of about 15% and have the potential to cut third-party emissions by more than 50 million metric tons annually by 2030. These efforts align with ExxonMobil’s strengths and its ongoing commitment to addressing climate change.
The company has begun work on its first lithium production phase in southwest Arkansas, an area known for its rich lithium deposits. Production is expected to start in 2027.
In the Permian Basin, ExxonMobil is progressing toward its goal of achieving net-zero emissions in its unconventional operations by 2030. The company also plans to accelerate Pioneer’s net-zero target by 15 years, moving the goal from 2050 to 2035, and leveraging its greenhouse gas reduction strategies in the region.
FAQs
What is ExxonMobil?
ExxonMobil has grown from a local kerosene marketer in the United States into one of the world’s largest publicly traded petroleum and petrochemical companies. They operate globally and are recognized by our well-known brands: Exxon, Esso, and Mobil.
Who is the CEO of ExxonMobil?
Darren Woods is the CEO of ExxonMobil since 2017.
Who is the biggest competitor of ExxonMobil?
Chevron Corp. is considered to be the biggest competitor of ExxonMobil along with Royal Dutch Shell and ConocoPhillips.
The draft red herring prospectus (DRHP) was submitted to SEBI, the markets regulator, by food aggregation and grocery delivery platform Swiggy on 26 September 2024. Through a new offering, the company hopes to raise INR 3,750 crore.
The IPO combines a new issue with an existing investor’s offer to sell 185,286,265 shares. A large number of investors are liquidating some of their holdings, including Accel, Tencent, Elevation Capital, and Norwest Venture.
Several media reports suggest that the corporation might opt to augment the fresh issue component by INR 5,000 crore, thereby increasing the total allocation for new issues to INR 11,600 crore. The firm will make this decision during an EGM, likely to occur during the first week of October.
Prosus owns 32 percent of Swiggy, while SoftBank and Accel have separate shares of 8 and 6 percent. Other investors in the company include Singapore’s GIC, Elevation Capital, DST Global, Norwest, Tencent, and Qatar Investment Authority (QIA).
How Company Will Be Utilizing the Investments?
The revenues of the IPO, according to the DRHP, will be utilised to fund the company’s organic expansion, to develop its dark store network for its rapid commerce sector, to invest in technology and cloud infrastructure, and to expand its subsidiary Scootsy.
As of June 2024, the company had achieved a significant milestone with 112.7 million transacting users.
Consolidated operating revenue for Swiggy in FY24 was INR 11,247.4 crore, up 36% year over year. During the same time frame, losses have decreased by half. The combined gross order value (GOV) for B2C transactions in Q1 FY25 was INR 10,189.5 crore.
Swiggy’s Updated Market Performance
Over 150,000 restaurants in India are partners of Swiggy, an Indian startup founded in 2014. With deficits of INR 2,350 crore in FY24, Swiggy effectively reduced its losses by 43%, mostly due to the explosive development of the quick commerce and food delivery segments.
Operating revenue increased significantly by 36%, reaching INR 11,247 crore. In one month, 14.3 million customers transacted with the company’s consumer-facing business, which includes dining services, Instamart, and food delivery, generating a gross order value (GOV) of INR 35,000 crore.
Game On – Indian Food Delivery Market
The food delivery market in India is a monopoly, with Swiggy and Zomato combined controlling over 90% of the market. Experts predict that it will reach a valuation of INR 2 lakh crore by 2030. Zomato went public in 2021, but Swiggy is expected to follow suit in the next few months. In January 2022, the organization conducted its most recent fundraising effort, valuing it at $10.7 billion. Nonetheless, bankers have stated in recent months that they are certain Swiggy may list with a valuation or market capitalization of between $10–13 billion.
In November 2023, Swiggy started preparing for its highly anticipated first public offering (IPO). There has been more activity on Swiggy in the secondary market since April. HNIs and family offices have purchased the company’s shares, valued between $9 and 9.3 billion during secondary market transactions.
The CEO and creator of Software-as-a-Service (SaaS) company Kissflow, Suresh Sambandam, announced the creation of the MudhalVC fund on 26 September 2024. The fund will provide funding to Tamil Nadu-based idea-stage firms, with an emphasis on those originating from Tier 2 and Tier 3 locations.
As of now, the investment company has made investments in a wide range of industries, including biotech, food technology, electric cars, health technology, and SaaS. It currently has a portfolio of about fifteen firms, including Amura, Bversity, BookingBee, MeenSatti, Mushroom MaMa, Pickmyad, Social Gallery, InspectionOne, Bad Boy, Correctmate, and Trashbotics.
Sambandam announced the plan to establish a sector-neutral YCombinator in Tamil Nadu during the launch event in Chennai. The YCombinator will exclusively invest in startups originating from Tamil Nadu.
Coach First, Capital Second
With its ‘Coach first, Capital second’ philosophy, venture capital (VC) offers not just the seed money required to get started, but also the networks, mentorship, and strategic counsel required to grow and be successful globally.
As per Sambandam’s explanation, the fund’s initial phase will focus on ‘concept stage’ firms, with money from the family office totaling approximately INR 25 crores, which would cover approximately 50 companies. Fifteen businesses have gotten funding under the first round so far.
VC Planning to Invest INR 125 Crores
According to the official announcement, over the next three to four years, VC plans to invest almost INR 125 crores in two phases. Sambandam went on to say that in phase one, cash comes from family sources, removing a large amount of risk from the table for phase two. “Although we are not currently seeking funds from Limited Partners (LPs), we intend to collaborate with LPs in the next two to three years to make additional investments in the same startups, emulating the Silicon Valley’s YCombinator model,” he continued.
The fund includes investments ranging from INR 10 lakhs to INR 1 crore. Sambandam stated that the ‘Idea Pattarai’ accelerator has conducted closed-door workshops with 1000 founders over the past two years, leading to the mentoring of over 75 firms at various stages.
The occasion also marked the debut of the Bad Boy electric super trike, one of the fund’s flagship investments. It is a two-seater, totally electric vehicle that can reach 100 km/h in less than 4.5 seconds. Its maximum speed is 200 km/h, and its range is 400 kilometers on a single charge.
The Bad Boy’s 45-degree tilting system, which offers better agility and control when cornering, is one of its best features. According to a statement from the fund, this innovation makes sure the trike hugs curves and gives the rider a dynamic, motorcycle-like driving experience.
Karnataka, the southernmost state of India, intends to reduce taxes and provide financial incentives to companies in the clean mobility sector. This includes a substantial tax reduction for hybrid vehicles, which will be advantageous for Toyota, according to a draft document from the state government.
The state of Bengaluru, which is home to the tech hub, could become the second in India to offer tax breaks to hybrid vehicles, following northern Uttar Pradesh. Toyota has lobbied New Delhi for these incentives, despite the fact that India has primarily focused on exemptions for electric cars.
According to a draft seen by a media house, Karnataka, which has the third-highest sales of electric vehicles (EVs) in India, wants to eliminate road tax and registration fees for hybrid cars that cost less than $30,000 from their current 13% to 18%.
Applauding this move, Rajeev YSR, CEO, Thunder Plus stated, “Karnataka’s recent initiative to offer tax waivers for hybrid cars and financial incentives for electric vehicles marks a significant step toward advancing clean mobility in India. This proactive approach aligns with the state’s vision to promote sustainable transportation solutions while enhancing the appeal of both hybrid and electric vehicles. At ETO Motors and Thunder Plus, we are excited about this development, as it creates a favorable environment for the growth of the electric vehicle market. We already have 300+ electric 3 wheelers crisscrossing the busy roads of Bangalore adding 0 carbon emissions as they run; and are supported by 100+ electric vehicle charge points.”
No timetable was specified in the draft policy to finalize and announce the policy, but it stated that the state seeks to increase “clean mobility vehicle adoption,” which includes EVs, select hybrids, and hydrogen-based vehicles.
Rivals like Tata Motors and Mahindra & Mahindra, which prefer to maintain the emphasis on EVs and claim that incentives for hybrids will undermine India’s ambitions for their adoption, are in conflict with Toyota’s effort. Federal sales tax is 5% for electric vehicles and up to 43% for hybrid vehicles. State road and registration fees are additional costs.
Additional Incentives for Makers of Electric Vehicles and Their Components
Furthermore, as per the draft, Karnataka intends to provide incentives to manufacturers of electric vehicles or their components, with the amount of the incentives depending on the magnitude of the investment and the quantity used. The incentives may be as high as 25%.
According to the proposal, Karnataka is expected to provide financial incentives to companies that invest 15% to 25% of their profits in fixed assets, such as land and machinery, for the establishment of new factories or the expansion of existing ones. According to the draft, this will also apply to companies that manufacture battery parts or EV charging equipment.
The state government has already stated that it intends to use a clean transportation policy to attract up to $6 billion in new investments, but it has not disclosed any further information.
Tug of War Between the Indian States
In keeping with Prime Minister Narendra Modi’s focus on encouraging the use of such automobiles to reduce pollution and lower the cost of gasoline imports, Indian states are competing with one another in terms of investments and tax incentives to entice the EV business. In the fiscal year 2023–2024, India sold 4.2 million cars, of which fewer than 100,000 were hybrids and electric vehicles. The goal for India’s new car sales market by 2030 is to increase the proportion of electric vehicles to 30%.
On 25 September 2024, the Supreme Court questioned Byju’s choice to pay off the Board of Control for Cricket in India (BCCI) for INR 158 crore, while leaving behind significant amounts owed to other creditors, such as US lender Glas Trust Co LLC, totaling INR 15,000 crore.
Chief Justice DY Chandrachud headed a bench that questioned why BCCI was the only organization chosen to pay off its debts. But what about other people? Can a creditor simply walk away and claim that a single promoter is prepared to pay them when the amount of the debt is so substantial? Was it derived from your assets? The CJI stated, “You have a debt of INR 15,000 crore today.”
The trustee for lenders owing $1.2 billion, GLAS Trust, is appealing the settlement reached between the Edutech company and BCCI, claiming that the funds paid by Byju Raveendran’s brother Riju Ravindran were tainted. The top court is currently considering these arguments.
The NCLAT’s order, which had authorized an INR 158.9 crore dues settlement deal between the BCCI and Think & Learn Pvt Ltd, the parent firm of BYJU’s, an Edutech major, was stayed by the bench last month.
BCCI Raising Concerns Over NCLAT’s Order
The National Company Law Appellate Tribunal’s ruling to set aside the July 16 judgment that started Think & Learn’s insolvency procedures was questioned by the top court as well, even though the decision was made in only one paragraph and without “applying its mind at all.” Examine the logic in the NCLAT sequence. It is merely a paragraph. This demonstrates absolutely no application of the mind. The CJI added, “Let the tribunal apply its mind once more and see where the money is coming from.”
Speaking on behalf of the BCCI, Solicitor General Tushar Mehta pleaded with the top court to take into account the ramifications if the appeal (of Glas Trust) is granted and to refrain from overturning the NCLAT’s decision. In support of Glas Trust, senior attorney Shyam Divan argued that the NCLAT had incorrectly approved the settlement despite clear objections that the settlement’s funding source was questionable. This was done by relying solely on a vague commitment provided by Riju Ravindran. NK Kaul and AM Singhvi, Byjus’ senior counsel, opposed the Glas Trust’s appeal and its actions, which included allegations that Byju and Riju Raveendran were absconding.
Byju’s Legal Trouble
Byju Raveendran, the founder of Byju’s, is involved in multiple legal proceedings. These include a payment dispute of INR 158 crore with the Indian cricket board and a dispute involving a $1.2 billion term loan with US lenders. Their problems are made worse by the fact that the Enforcement Directorate of India is looking into claims of INR 9,362.35 crore in Foreign Exchange Management Act violations.
Rishi Mundra
