Jekyll2023-10-15T12:15:20+00:00https://www.kamilfranek.com/feed.xmlKAMIL FRANEK | Business AnalyticsPublishing analytics articles about the largest publicly traded companies that give insight into how these companies make money and that go beyond standard financial statements analysis.Kamil FranekWho Owns Novo Nordisk: The Largest Shareholders Overview2023-05-31T00:00:00+00:002023-05-31T00:00:00+00:00https://www.kamilfranek.com/who-owns-novo-nordisk-largest-shareholders<p><img src="/assets/images/teasers/novo-nordisk-who-owns-novo-nordisk-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns Novo Nordisk: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>Novo Nordisk A/S (<em>CPH:NOVO-B.CO</em>) is a Danish pharmaceutical company. The company’s main focus and how it makes money are different products focused on diabetes treatment. These include both traditional insulin-based products and also modern treatments like Ozempic and Rybelsus. Let’s now look at who owns Novo Nordisk and who controls it.</p>
<p><strong>Novo Nordisk’s largest and dominant shareholder is Novo Nordisk Foundation, which owns 28.4% share. However, thanks to his “super-voting” shares, Novo Nordisk Foundation controls Novo Nordisk with 77.3% of all votes.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/novo-nordisk-logo.png" style="height:15px;" /> <strong>Novo Nordisk's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/novo-nordisk-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Novo Nordisk Foundation</td>
<td class="gt_row gt_right">28.4%</td>
<td class="gt_row gt_right">77.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">71.6%</td>
<td class="gt_row gt_right">22.7%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/novo-nordisk-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows Novo Nordisk vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns Novo Nordisk and who controls it. I will show you who Novo Nordisk’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-eli-lilly-largest-shareholders/"><strong>Eli Lilly</strong></a>, <a href="/who-owns-johnson-and-johnson-largest-shareholders/"><strong>Johnson & Johnson</strong></a>, <a href="/who-owns-tesla-largest-shareholders/"><strong>Tesla</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>“Who Owns Who”</strong></a> series.</p>
<h2 id="-who-owns-novo-nordisk">📃 Who Owns Novo Nordisk?</h2>
<p><img src="/assets/images/novo-nordisk-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns Novo Nordisk, largest shareholders donut chart" /></p>
<p><strong>Novo Nordisk is predominantly owned by Novo Nordisk Foundation, which owns <a href="https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2023/novo-nordisk-annual-report-2022.pdf" target="_blank">28.4%</a> of the company. However, thanks to the existence of “super-voting” shares, Novo Nordisk Foundation controls 77.3% of Novo Nordisk.</strong></p>
<ul>
<li>Novo Nordisk Foundation owns Novo Nordisk A/S through its subsidiary Novo Holdings A/S which manages its funds.</li>
<li>Novo Nordisk Foundation is the largest charitable foundation in the world based on its endowment portfolio size.</li>
<li>Novo Nordisk Foundation also controls Novozymes A/S and invests in many other companies, especially in life sciences.</li>
</ul>
<p><strong>Novo Nordisk was founded in 1923 by August Krogh and Hans Christian Hagedorn</strong> and is currently traded on Copenhagen Stock Exchange under ticker CPH:NOVO-B.CO.</p>
<ul>
<li>Soon after Novo Nordisk was founded in 1923 in Denmark as “Nordisk” to produce and sell insulin in the Nordic countries, former employees set up a competing “Novo” company that also started producing insulin. Both companies became fierce competitors until they merged in 1989 into Novo Nordisk.</li>
<li>Novo Nordisk shares are primarily listed on Nasdaq Copenhagen, but its ADRs are traded on NYSE under ticker NVO.</li>
</ul>
<p>Novo Nordisk A/S is incorporated in Denmark, and its headquarters are in Bagsværd, Denmark.</p>
<h2 id="-who-controls-novo-nordisk-cphnovo-bco">🎮 Who Controls Novo Nordisk (CPH:NOVO-B.CO)?</h2>
<p><img src="/assets/images/novo-nordisk-largest-shareholders-voting-power-donut-chart.png" alt="Who controls Novo Nordisk, largest shareholders donut chart" /></p>
<p><strong>Novo Nordisk is fully controlled by the Novo Nordisk Foundation, which holds 77.3% of all votes. Novo Nordisk Foundation has control mainly thanks to super-voting shares that they hold. Their share of equity is just 28.4%.</strong></p>
<p><strong>The voting power is not equal to ownership.</strong> The reason why the main shareholder has outsized voting power compared to their ownership stake is that Novo Nordisk A/S has two classes of outstanding shares with different rights.</p>
<ul>
<li><strong>Class A shares are not publicly traded and have 10x the voting power of Class B shares.</strong> They are all owned by Novo Nordisk Foundation.</li>
<li><strong>Class B shares are “normal” shares traded on stock exchanges.</strong></li>
</ul>
<p><strong>Novo Nordisk’s insiders that have influence over the company are CEO Lars Fruergaard Jørgensen, chairman of the board Helge Lund,</strong> and other <a href="https://www.novonordisk.com/about/board-of-directors.html" target="_blank">board members and executives.</a></p>
<ul>
<li>Novo Nordisk has a 12-member board that is re-elected annually.</li>
<li>However, since the company is controlled by Novo Nordisk Foundation, the biggest power is held by the 10-member <a href="https://novonordiskfonden.dk/en/who-we-are/our-board/" target="_blank">board of directors</a> of the Novo Nordisk Foundation.</li>
</ul>
<h2 id="️-breakdown-of-novo-nordisks-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of Novo Nordisk’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>Novo Nordisk A/S had a total of <a href="https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2023/novo-nordisk-annual-report-2022.pdf" target="_blank">2,250 million</a> outstanding shares as of December 2022. The following table shows how many shares each Novo Nordisk’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/novo-nordisk-logo.png" style="height:15px;" /> <strong>Novo Nordisk's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/novo-nordisk-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Novo Nordisk Foundation</td>
<td class="gt_row gt_right">537</td>
<td class="gt_row gt_right">102</td>
<td class="gt_row gt_right">640</td>
<td class="gt_row gt_right">28.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">1,610</td>
<td class="gt_row gt_right">1,610</td>
<td class="gt_row gt_right">71.6%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">537</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">1,712</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,250</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2023/novo-nordisk-annual-report-2022.pdf" target="_blank">141,736 million</a> votes distributed among shareholders of Novo Nordisk A/S. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/novo-nordisk-logo.png" style="height:15px;" /> <strong>Novo Nordisk's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/novo-nordisk-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Novo Nordisk Foundation</td>
<td class="gt_row gt_right">107,487</td>
<td class="gt_row gt_right">2,042</td>
<td class="gt_row gt_right">109,529</td>
<td class="gt_row gt_right">77.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">32,207</td>
<td class="gt_row gt_right">32,207</td>
<td class="gt_row gt_right">22.7%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">107,487</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">34,249</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">141,736</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-novo-nordisks-market-value-by-shareholder">💵 Breakdown of Novo Nordisk’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in Novo Nordisk A/S worth.</p>
<p>However, keep in mind that a stake in Novo Nordisk could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/novo-nordisk-logo.png" style="height:15px;" /> <strong>Novo Nordisk's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/novo-nordisk-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Novo Nordisk Foundation</td>
<td class="gt_row gt_right">$72.3</td>
<td class="gt_row gt_right">$13.7</td>
<td class="gt_row gt_right">$86.0</td>
<td class="gt_row gt_right">28.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$216.6</td>
<td class="gt_row gt_right">$216.6</td>
<td class="gt_row gt_right">71.6%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$72.3</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$230.3</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$302.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each Novo Nordisk shareholder individually.</p>
<h2 id="-who-are-novo-nordisks-largest-shareholders">📒 Who Are Novo Nordisk’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of Novo Nordisk A/S one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Novo Nordisk worth.</p>
<h3 id="1-novo-nordisk-foundation-284">#1 Novo Nordisk Foundation (28.4%)</h3>
<p><img src="/assets/images/novo-nordisk-novo-nordisk-foundation-ownership-and-voting-power.png" alt="Novo Nordisk Foundation's share ownership and voting power in Novo Nordisk (chart)" /></p>
<p><strong>Novo Nordisk Foundation is the largest shareholder of Novo Nordisk, owning 28.4% of its shares. However, Novo Nordisk Foundation controls 77.3% of all votes thanks to owning super-voting shares.
As of December 2022, the market value of Novo Nordisk Foundation’s stake in Novo Nordisk was $86.0 billion.</strong></p>
<p>Novo Nordisk Foundation owned <a href="https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2023/novo-nordisk-annual-report-2022.pdf" target="_blank">640 million</a> shares in Novo Nordisk and controlled 109,529 million shareholder votes as of December 2022.</p>
<p><a href="https://novonordiskfonden.dk/en/who-we-are/" target="_blank"><strong>Novo Nordisk Foundation</strong></a> <strong>is the largest charitable foundation in the world, with a portfolio worth EUR <a href="https://novoholdings.dk/investments/" target="_blank">108 billion</a>. Its history goes back to 1926 when Nordisk Insulin Foundation was founded by Nordisk company.</strong></p>
<p>A significant milestone occurred in 1989 when the Novo and Nordisk companies merged, uniting their respective foundations into the formidable Novo Nordisk Foundation.</p>
<p>Novo Nordisk Foundation is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S through its subsidiary Novo Holdings A/S. Besides those two companies, it invests in many other companies and is a world-leading life sciences investor.</p>
<h2 id="-who-and-when-founded-novo-nordisk">🧱 Who and When Founded Novo Nordisk?</h2>
<p><strong>Novo Nordisk has an exciting history. It was founded in 1923 in Denmark as “Nordisk” to produce and sell insulin in the Nordic countries after its co-founder August Krogh obtained permission from Professor Macleod to manufacture insulin in Nordic countries.</strong></p>
<p><strong>However, after a few years, former employees set up a competing “Novo” company that also started to produce insulin too. Both companies became fierce competitors until they merged in 1989 into Novo Nordisk.</strong></p>
<p>Novo Nordisk was the brainchild of August Krogh, a distinguished professor at the University of Copenhagen, and his wife, Marie Krogh.</p>
<p>August Krogh, a Nobel laureate in physiology, had embarked on a lecture tour across the United States to share his medical research.</p>
<p>It was during this journey that the Kroghs became captivated by reports of insulin’s transformative effects on individuals who have diabetes. Marie Kroghs suffered from type 2 diabetes too.</p>
<p>Kroghs reached out to Professor Macleod in Toronto, Canada, who had been involved in the production of the first insulin extract. In December 1922, armed with permission to manufacture and distribute insulin in Scandinavia, the couple returned to Copenhagen.</p>
<p>Thus, in 1923, Nordisk Insulinlaboratorium was established, with August Krogh and Hans Christian Hagedorn at the helm, producing the first Scandinavian insulin product marketed as “Leo.”</p>
<p>However, their efforts did not go unchallenged. Former employees of Nordisk, Harald, and Thorvald Pedersen, initiated their own enterprise, Novo Terapeutisk Laboratorium, in 1925. Novo began manufacturing “Insulin Novo,” thrusting the two companies into a fierce rivalry that would span several decades.</p>
<p>In 1938, both companies engaged in a legal battle as Hagedorn alleged that Novo had utilized a patented method of manufacturing ZPI insulin originally developed by Nordisk. After a contentious legal dispute, Hagedorn emerged victorious in the Supreme Court by a slender margin. This verdict entitled Nordisk to a portion of the revenue generated by Novo from ZPI sales.</p>
<p>However, in 1989, both companies made a groundbreaking decision to merge, forming Novo Nordisk A/S, becoming the world’s largest insulin manufacturer, among other things.</p>
<h2 id="-novo-nordisks-history-timeline">📅 Novo Nordisk’s History Timeline</h2>
<p>These are selected events from Novo Nordisk’s <a href="https://www.novonordisk.co.in/content/dam/Denmark/HQ/aboutus/documents/HistoryBook_UK.pdf" target="_blank">history:</a></p>
<h3 id="nordisk-1922---1989">Nordisk (1922 - 1989)</h3>
<ul>
<li><strong>1922:</strong> Danish professor August Krogh received permission to produce insulin in the Nordic countries after visiting the US with his wife Marie, who had type 2 diabetes.</li>
<li><strong>1923:</strong> Nordisk Insulinlaboratorium founded. August Krogh and Hans Christian Hagedorn started producing the first Scandinavian insulin product, marketed as Leo.</li>
<li><strong>1925:</strong> Brothers Harald and Thorvald Pedersen, former Nordisk employees, formed their own company, Novo Terapeutisk Laboratorium, and started producing “Insulin Novo.” Novo and Nordisk competed vigorously until they merged in 1989 to become Novo Nordisk A/S.</li>
<li><strong>1926:</strong> Nordisk Insulin Foundation was established to provide financial support for scientific purposes.</li>
<li><strong>1938:</strong> Hagedorn claimed that Novo was making ZPI insulin using a method patented by Nordisk. The Pedersen brothers won the first round, but Hagedorn appealed to the Supreme Court and won his case by a majority of one. Nordisk was entitled to a share of the money earned by Novo from sales of ZPI.</li>
<li><strong>1983:</strong> Nordisk markets an insulin pump called Nordisk Infuser.</li>
<li><strong>1986:</strong> Nordisk introduces its Insuject device to the market.</li>
<li><strong>1986:</strong> Nordisk Gentofte’s shares are listed on the Copenhagen Stock Exchange.</li>
<li><strong>1989:</strong> Nordiject, a pen device with which patients could inject themselves with growth hormone, was launched by the company.</li>
</ul>
<h3 id="novo-1925---1989">Novo (1925 - 1989)</h3>
<ul>
<li><strong>1925:</strong> Brothers Harald and Thorvald Pedersen, who were former employees of Nordisk, formed their own company, Novo Terapeutisk Laboratorium, and established a rudimentary production facility in the basement of Harald’s home in Copenhagen, producing a stable, commercially viable solution called “Insulin Novo.”. Novo and Nordisk competed vigorously until they merged in 1989 to become Novo Nordisk A/S.</li>
<li><strong>1931:</strong> Production demands required the Pedersens to leave their cellar and rent space in a former dairy factory.</li>
<li><strong>1935:</strong> Thorvald and Harald Pedersen marketed insulin with adrenaline, which used a substance that had been shown to prolong the effect of insulin. The product was soon discontinued because it turned out not to have the desired effect.</li>
<li><strong>1938:</strong> Novo marketed Zinc-protamine-insulin (ZPI) product, which was developed by two Canadian researchers, D. A. Scott, and A. M. Fisher. It only had to be shaken before injection.</li>
<li><strong>1938:</strong> Hagedorn claimed that Novo was making ZPI insulin using a method patented by Nordisk. The brothers won the first round, but Hagedorn appealed to the Supreme Court and won his case by a majority of one. Nordisk was entitled to a share of the money earned by Novo from sales of ZPI.</li>
<li><strong>1941:</strong> Novo introduced its first enzyme product for industrial use.</li>
<li><strong>1943:</strong> Novo begins experiments with the fermentation of penicillin.</li>
<li><strong>1947:</strong> Novo introduces Penicillin Novo, the company’s first product made by fermentation.</li>
<li><strong>1951:</strong> The Novo Foundation was established.</li>
<li><strong>1951:</strong> Novo launched Heparin Novo, which was used to prevent blood clots.</li>
<li><strong>1953:</strong> Novo was able to present the Lente products, which for several years covered nearly a third of the world’s insulin consumption.</li>
<li><strong>1960:</strong> Novo accidentally found a remarkable enzyme with all the properties detergent manufacturers were looking for. The new enzyme product was named Alcalase and became Novo’s first detergent enzyme produced by fermentation.</li>
<li><strong>1970:</strong> A campaign in the United States to expose alleged health hazards for users of enzymes brought Novo under harsh criticism.</li>
<li><strong>1971:</strong> Novo developed a dust-free enzyme product to reduce the risk of allergies, and the US Food and Drug Administration concluded that detergent enzymes presented no risk to consumers, leading to an increase in sales figures.</li>
<li><strong>1973:</strong> Nordisk markets Nanormon growth hormone for the treatment of growth hormone insufficiency.</li>
<li><strong>1974:</strong> Novo’s B shares are introduced on the Copenhagen Stock Exchange.</li>
<li><strong>1979:</strong> Novo completed an enzyme factory in North Carolina for the production of fructose sugar.</li>
<li><strong>1981:</strong> Novo becomes the first Scandinavian company to introduce its shares on the New York Stock Exchange.</li>
<li><strong>1982:</strong> Human Monocomponent insulin is launched - the world’s first insulin preparation identical to human insulin.</li>
<li><strong>1985:</strong> NovoPen is launched - an injection system similar in appearance to a fountain pen, with replaceable insulin cartridges.</li>
<li><strong>1986:</strong> Novo took over the Danish pharmaceutical company Ferrosan A/S. This strengthened Novo’s field of research into developing pharmaceuticals to treat diseases of the central nervous system.</li>
<li><strong>1987:</strong> Novo starts production of human insulin with the help of genetically engineered yeast cells.</li>
</ul>
<h3 id="novo-nordisk-1989---now">Novo Nordisk (1989 - Now)</h3>
<ul>
<li><strong>1989:</strong> Nordisk and Novo merged under the name of Novo Nordisk, becoming the world’s leading manufacturer of insulin.</li>
<li><strong>1989:</strong> The Novo Nordisk Foundation was established by the merger of the Nordisk Insulin Foundation and the Novo Foundation.</li>
<li><strong>1992:</strong> Antidepressant Seroxat (Paxil) was introduced.</li>
<li><strong>1994:</strong> Novo Nordisk divested its penicillin business to concentrate on the group’s core businesses.</li>
<li><strong>1994:</strong> Novo Nordisk acquired a 50% market share in industrial enzymes, particularly for detergents.</li>
<li><strong>1995:</strong> The Danish Haemophilia Society brought a civil action against the Ministry of the Interior, the National Board of Health, and Nordisk.</li>
<li><strong>1995:</strong> Epilepsy treatment Gabitril and NovoSeven clotting drugs are introduced.</li>
<li><strong>2000:</strong> NovoLog, a fast-acting insulin product to challenge Lilly’s Humalog.</li>
<li><strong>2000:</strong> Health Care (Novo A/S) and Enzyme Business (Novozymes A/S) split from parent company Novo Nordisk A/S and become independent legal entities controlled by Novo Nordisk Foundation.</li>
<li><strong>2000:</strong> Mads Øvlisen retires from the position of President and CEO of Novo Nordisk A/S and is replaced by Lars Rebien Sørensen.</li>
<li><strong>2002:</strong> ZymoGenetics is spun off.</li>
<li><strong>2003:</strong> Norditropin NordiFlex is launched – the world’s first prefilled growth hormone pen.</li>
<li><strong>2010:</strong> Novo Nordisk launches NovoPen Echo, a new insulin pen developed especially for children.</li>
<li><strong>2012:</strong> Novo Nordisk developed semaglutide for diabetes therapy. I was sold under the brand name “Ozempic” and later became one of the biggest money makers for the company.</li>
<li><strong>2017:</strong> The injectable version of Ozempic was approved for use by people with diabetes in the United States and in January 2018 in Canada.</li>
<li><strong>2019:</strong> Semaglutide version that can be taken orally was approved in the US and in 2020 also in the EU. The company started selling it as Rybelsus.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-starbucks-largest-shareholders/">Who Owns Starbucks: The Largest Shareholders Overview</a></strong><br />Overview of who owns Starbucks and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-paypal-largest-shareholders/">Who Owns Paypal: The Largest Shareholders Overview</a></strong><br />Overview of who owns PayPal and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-ebay-largest-shareholders/">Who Owns eBay: The Largest Shareholders Overview</a></strong><br />Overview of who owns eBay and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-tesla-largest-shareholders/">Who Owns Tesla: The Largest Shareholders Overview</a></strong><br />Overview of who owns Tesla and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-lvmh-largest-shareholders/">Who Owns LVMH: The Largest Shareholders Overview</a></strong><br />Overview of who owns LVMH and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2023/novo-nordisk-annual-report-2022.pdf" target="_blank">Novo Nordisk’s Annual Report & Financials Statements</a></li>
<li><a href="https://www.novonordisk.com/content/dam/nncorp/global/en/about-us/pdfs/corporate-governance/annual-general-meetings/agm2022/uk/articles-of-association-2022.pdf" target="_blank">Novo Nordisk’s Articles of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns Novo Nordisk A/S (*CPH:NOVO-B.CO*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns LVMH: The Largest Shareholders Overview2023-05-28T00:00:00+00:002023-05-28T00:00:00+00:00https://www.kamilfranek.com/who-owns-lvmh-largest-shareholders<p><img src="/assets/images/teasers/lvmh-who-owns-lvmh-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns LVMH: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>LVMH Moët Hennessy Louis Vuitton SE (<em>PA: MC</em>) is a French conglomerate selling luxury products across several segments and brands. It is active in several segments but makes money mainly from its “Fashion and Leather Goods”. Let’s now look at who owns LVMH and who controls it.</p>
<p><strong>LVMH’s largest shareholder is mainly chairman and CEO Bernard Arnault and his family, who own 48.4% of the company. However, thanks to double voting rights, they hold 63.9% of all votes and fully control LVMH. The notable owner is also managing director Antonio Belloni with 0.1% ownership.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/lvmh-logo.png" style="height:15px;" /> <strong>LVMH's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/bernard-arnault-and-family-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Bernard Arnault & family</td>
<td class="gt_row gt_right">48.4%</td>
<td class="gt_row gt_right">63.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/antonio-belloni-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Antonio Belloni</td>
<td class="gt_row gt_right">0.1%</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">51.5%</td>
<td class="gt_row gt_right">36.1%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/lvmh-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows LVMH vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns LVMH and who controls it. I will show you who LVMH’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-loreal-largest-shareholders/"><strong>L’Oréal</strong></a>, <a href="/who-owns-ferrari-largest-shareholders/"><strong>Ferrari</strong></a>, <a href="/who-owns-apple-largest-shareholders/"><strong>Apple</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>Who Owns Who</strong></a> series of articles.</p>
<h2 id="-who-owns-lvmh">📃 Who Owns LVMH?</h2>
<p><img src="/assets/images/lvmh-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns LVMH, largest shareholders donut chart" /></p>
<p><strong>LVMH is owned mainly by Bernard Arnault and his family, who own 48.4% of the company. No other shareholders have a sizable stake in the company, and the rest of the ownership is dispersed. The notable owner is also LVMH managing director Antonio Belloni with a <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">0.1%</a> ownership.</strong></p>
<p>Let’s examine each top owner more closely, and I will share some additional interesting details about them.</p>
<p><strong>The largest owner of LVMH is the Bernard Arnault & family, which owns <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">48.4%</a> of the company.</strong></p>
<ul>
<li>Arnault family is represented by Bernard Arnault, his wife, and his five children.</li>
<li>Arnault family owns LVMH SE mainly through Christian Dior SE, which they nearly fully own. A smaller stake is owned directly by the family members and other entities under family control.</li>
<li>Arnault family voting power is much higher than their ownership stake thanks to the French provision of double voting rights for long-term shareholders.</li>
</ul>
<p><strong>The notable owner is also LVMH managing director Antonio Belloni, which owns <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">0.1%</a> of the company.</strong></p>
<ul>
<li>Belloni’s stake is tiny when we look at it in percentages, but thanks to the company’s size, it is still worth hundreds of millions of USD.</li>
<li>Belloni joined LVMH in 2001 after a long career at <a href="/who-owns-procter-and-gamble-largest-shareholders/">Procter & Gamble.</a></li>
<li>His position is something like a “mini-CEO” of the company, although officially, it is called Group Managing Director.</li>
</ul>
<p><strong>LVMH was founded in 1987 by the merger of Moët Hennessy and Louis Vuitton</strong> and has been publicly listed since its initial public offering in 1990. It is currently traded on the Paris stock exchange under ticker PA: MC.</p>
<ul>
<li>Louis Vuitton was founded in 1854 by Louis Vuitton.</li>
<li>Moët Hennessy was formed in 1971 through the merger of champagne producer Moët & Chandon (founded in 1743) and the cognac producer Hennessy (founded in 1765).</li>
<li>However, LVMH, as we know it today, was born in 1987 through the merger of Louis Vuitton and Moët Hennessy.</li>
<li>Bernard Arnault originally had only a small stake but was able just in a few years to take control of the company and merge it with the Christian Dior brand he had already acquired.</li>
<li>A fun fact is that based on company ByLaws company should expire in the year 2115. This is a peculiarity of French law, where a company has to have an expiration date. But don’t worry since it can be prolonged.</li>
</ul>
<p>LVMH Moët Hennessy Louis Vuitton SE is incorporated in France, and its headquarters are in Paris, France.</p>
<h2 id="-who-controls-lvmh-pa-mc">🎮 Who Controls LVMH (PA: MC)?</h2>
<p><img src="/assets/images/lvmh-largest-shareholders-voting-power-donut-chart.png" alt="Who controls LVMH, largest shareholders donut chart" /></p>
<p><strong>LVMH is controlled by its CEO Bernard Arnault and his family, which together hold 63.9% of all votes. Nobody else has a sizable voting power in the company.</strong></p>
<p><strong>As you can see, the size of voting power is not equal to ownership.</strong> The reason why certain shareholders, especially the Arnault family, have outsized voting power compared to their ownership stake is the French law that awards an extra vote per share for long-term shareholders.</p>
<ul>
<li>Although this double-voting provision is supposed to promote long-term shareholding, the reality is that these act as anti-takeover clauses.</li>
<li>To gain double voting shares, one shareholder has to hold registered shares for 3 years. Transfer by inheritance does not reset the timer.</li>
<li>This applies to all French companies unless they opt out of it in their bylaws/articles of incorporation.</li>
</ul>
<p><strong>LVMH’s shareholder with the largest voting power is Bernard Arnault and his family, which hold 63.9% of all votes. They own just 48.4% of the LVMH, but their voting power is boosted by default double-voting provision from French companies.</strong></p>
<ul>
<li>Despite fully controlling the company thanks to double-voting rights, the Arnault family would be able to control the company even without it.</li>
<li>Their stake would be enough to have a majority during shareholder meetings since not all votes are usually present.</li>
</ul>
<p><strong>LVMH’s insiders that have influence over the company is mainly CEO and chairman Bernard Arnault</strong> and to a lesser extent other <a href="https://www.lvmh.com/group/about-lvmh/governance/board-of-directors/" target="_blank">board members and executives.</a></p>
<ul>
<li>LVMH has a 16-member board elected for a 3-year term, which is a common anti-takeover defense tactic.</li>
<li>Shareholders select part of the Board of Director members, and the Group Works Council appoints part.</li>
<li>Interestingly, each director, except for the employee nominated, has to own at least 500 shares throughout their term. If they do not own a minimum amount for 6 months, it means automatic resignation.</li>
<li>The company has a 75 maximum age limit for the chairman and an 80 age limit for the CEO.</li>
<li>Although Bernard Arnault is CEO, Antonio Belloni as Group Managing Director is something like a “mini” CEO position.</li>
<li>Members of the board are also CEO’s son Antoine Arnault and his daughter Delphine Arnault.</li>
<li>2/3rd majority is needed to change company ByLaws, and it can be done only during extraordinary shareholder meetings.</li>
</ul>
<h2 id="️-breakdown-of-lvmhs-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of LVMH’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>LVMH Moët Hennessy Louis Vuitton SE had a total of <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">501 million</a> outstanding shares as of December 2022. The following table shows how many shares each LVMH’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/lvmh-logo.png" style="height:15px;" /> <strong>LVMH's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/bernard-arnault-and-family-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Bernard Arnault & family</td>
<td class="gt_row gt_right">17.0</td>
<td class="gt_row gt_right">225.5</td>
<td class="gt_row gt_right">242.5</td>
<td class="gt_row gt_right">48.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/antonio-belloni-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Antonio Belloni</td>
<td class="gt_row gt_right">0.4</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">0.4</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">252.4</td>
<td class="gt_row gt_right">5.8</td>
<td class="gt_row gt_right">258.2</td>
<td class="gt_row gt_right">51.5%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">269.8</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">231.3</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">501.1</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">732 million</a> votes distributed among shareholders of LVMH Moët Hennessy Louis Vuitton SE. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/lvmh-logo.png" style="height:15px;" /> <strong>LVMH's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/bernard-arnault-and-family-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Bernard Arnault & family</td>
<td class="gt_row gt_right">17.0</td>
<td class="gt_row gt_right">451.0</td>
<td class="gt_row gt_right">468.0</td>
<td class="gt_row gt_right">63.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/antonio-belloni-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Antonio Belloni</td>
<td class="gt_row gt_right">0.4</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">0.4</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">252.4</td>
<td class="gt_row gt_right">11.6</td>
<td class="gt_row gt_right">264.0</td>
<td class="gt_row gt_right">36.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">269.8</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">462.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">732.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-lvmhs-market-value-by-shareholder">💵 Breakdown of LVMH’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in LVMH Moët Hennessy Louis Vuitton SE worth.</p>
<p>However, keep in mind that a stake in LVMH could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/lvmh-logo.png" style="height:15px;" /> <strong>LVMH's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/bernard-arnault-and-family-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Bernard Arnault & family</td>
<td class="gt_row gt_right">$12.3</td>
<td class="gt_row gt_right">$163.5</td>
<td class="gt_row gt_right">$175.8</td>
<td class="gt_row gt_right">48.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/antonio-belloni-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Antonio Belloni</td>
<td class="gt_row gt_right">$0.3</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$0.3</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$183.0</td>
<td class="gt_row gt_right">$4.2</td>
<td class="gt_row gt_right">$187.2</td>
<td class="gt_row gt_right">51.5%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$195.5</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$167.7</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$363.2</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Annual Report</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each LVMH shareholder individually.</p>
<h2 id="-who-are-lvmhs-largest-shareholders">📒 Who Are LVMH’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of LVMH Moët Hennessy Louis Vuitton SE one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in LVMH worth.</p>
<h3 id="1-bernard-arnault--family-484">#1 Bernard Arnault & family (48.4%)</h3>
<p><img src="/assets/images/lvmh-bernard-arnault-and-family-ownership-and-voting-power.png" alt="Bernard Arnault & family's share ownership and voting power in LVMH (chart)" /></p>
<p><strong>Bernard Arnault & family is the largest shareholder of LVMH, owning 48.4% of its shares. However, Bernard Arnault & family controls 63.9% of all votes thanks to owning double-voting shares.
As of December 2022, the market value of Bernard Arnault & family’s stake in LVMH was $175.8 billion.</strong></p>
<p>Bernard Arnault & family owned <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">242 million</a> shares in LVMH and controlled 468 million shareholder votes as of December 2022.</p>
<p><a href="https://www.lvmh.com/group/about-lvmh/governance/executive-committee/bernard-arnault/" target="_blank"><strong>Bernard Arnault</strong></a> <strong>is the CEO and Chairman of LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury goods company.</strong></p>
<p>His vast wealth places him among the wealthiest person on earth. It is worth noting that although he controls the empire he built, his five children also hold stakes within it, and are expected to inherit it.</p>
<p>Beyond LVMH, Mr. Arnault is also President of the Board of Directors at Groupe Arnault S.E., his family’s
holding company.</p>
<p>He also invested in various other companies outside LVMH, such as a diverse range of web companies, including Netflix, back in 1999.</p>
<h3 id="2-antonio-belloni-01">#2 Antonio Belloni (0.1%)</h3>
<p><img src="/assets/images/lvmh-antonio-belloni-ownership-and-voting-power.png" alt="Antonio Belloni's share ownership and voting power in LVMH (chart)" /></p>
<p><strong>Antonio Belloni is the second-largest shareholder of LVMH, owning 0.08% of its shares. However, because other shareholders hold super-voting shares, Antonio Belloni’s voting power is only 0.05%.
As of December 2022, the market value of Antonio Belloni’s stake in LVMH was $0.3 billion.</strong></p>
<p>Antonio Belloni owned <a href="https://r.lvmh-static.com/uploads/2023/03/deu-2022-va_vdef.pdf" target="_blank">0.4 million</a> shares in LVMH and controlled 0.4 million shareholder votes as of December 2022.</p>
<p><a href="https://www.lvmh.com/group/about-lvmh/governance/executive-committee/antonio-belloni/" target="_blank"><strong>Antonio Belloni</strong></a> <strong>is a seasoned executive and serves as Group Managing Director of LVMH.</strong></p>
<p>He has spent a large part of his career also at Procter & Gamble across various continents, and in 1999, he ascended to the position of President of Procter & Gamble Europe. He joined LVMH in 2001.</p>
<h2 id="-who-and-when-founded-lvmh">🧱 Who and When Founded LVMH?</h2>
<p><strong>LVMH was founded in 1987 through the merger of two renowned brands, Louis Vuitton and Moët Hennessy. It is now recognized as the global leader in luxury products. The histories of these companies, however, trace back to much earlier times.</strong></p>
<p>Louis Vuitton, founded by the visionary Frenchman Louis Vuitton in 1854, revolutionized the world of luggage design. His creation of flat, stackable cases that were easily transportable by train or ship earned the brand’s popularity. The distinctive LV monogram became synonymous with luxury and sophistication.</p>
<p>Moët Hennessy, on the other hand, was established in 1743 by Claude Moët, a prominent French wine merchant. Over the years, the company acquired various wine and spirits brands, including the renowned Hennessy cognac, which was founded in 1765.</p>
<p>Both Louis Vuitton and Moët Hennessy thrived in their respective industries, garnering widespread acclaim.</p>
<p>The two companies decided to merge in 1987, forging a partnership that would shape the luxury market.</p>
<p>During this time, Bernard Arnault also played a role. Arnault had already made his mark by purchasing Boussac Saint-Frères in 1984, a bankrupt textile company that owned the esteemed fashion house of Christian Dior. Arnault propelled the ailing Dior brand to new heights with a calculated restructuring plan.</p>
<p>Arnault’s involvement continued as he aided Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president of Louis Vuitton, in their merger efforts. Although initially a minor shareholder in LVMH, Arnault’s influence in LVMH changed rapidly. In 1988, during an internal disagreement between Chevalie and Racamier, he formed a joint venture with Guinness that eventually acquired a 24 percent stake in LVMH.</p>
<p>Arnault’s ambitions did not stop there. In 1989, he successfully executed a takeover bid, elevating his share to 43.5 percent and assuming the roles of CEO and chairman of LVMH. Under his leadership, LVMH flourished, expanding its portfolio through a series of strategic acquisitions throughout the 1990s.</p>
<h2 id="-lvmhs-history-timeline">📅 LVMH’s History Timeline</h2>
<p>These are selected events from LVMH’s <a href="https://www.thefashionlaw.com/lvmh-a-timeline-behind-the-building-of-a-conglomerate/" target="_blank">history:</a></p>
<h3 id="1970s">1970s</h3>
<ul>
<li><strong>1971:</strong> Arnault graduated from École Polytechnique and began working for his father’s company, Ferret-Savinel.</li>
<li><strong>1978-1984:</strong> Arnault was president of Ferret-Savinel.</li>
</ul>
<h3 id="1980s">1980s</h3>
<ul>
<li><strong>1984:</strong> Bernard Arnault purchased Boussac Saint-Frères, a bankrupt textile company that owned the fashion house of Christian Dior, for $65 million with funds from his family ($15 mil) and financing from Lazard Freres. He later renamed the company Financière Agache.</li>
<li><strong>1986:</strong> Within two years of acquiring Boussac, Arnault laid off 9,000 workers and sold off the disposable-diaper division and most of its textile operations for $500 million to push the company into developing the ailing Dior brand.</li>
<li><strong>1987:</strong> Moët Hennessy and Louis Vuitton merge and create LVMH, the world leader in luxury products. Bernard Arnault reportedly was involved in helping Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president of Louis Vuitton, with the merger and had a minor stake in the company. He was supposedly brought on board by Chevalier as his ally against Racamier.</li>
<li><strong>1988:</strong> Bernard changed sides and joined sides with Racamier, who probably helped him to negotiate <a href="https://apnews.com/article/d8251a288f1a1492c0d61a48d2ac0c8f" target="_blank">deal</a> with Guinness. Arnault’s Financière Agache formed a joint venture with Guinness, with Arache controlling 60% of it. The venture acquired a 24% stake in LVMH.</li>
<li><strong>1989:</strong> Arnault made a successful takeover bid to increase its share to 43.5% of LVMH’s shares. Since then, he has become the head of the company.</li>
</ul>
<h3 id="1990s">1990s</h3>
<ul>
<li><strong>1990:</strong> LVMH offered its shares publicly in its IPO.</li>
<li><strong>1993:</strong> LVMH acquired Berluti, a menswear and men’s shoes and leather goods brand, which was founded in 1895 by Alessandro Berluti.</li>
<li><strong>1993:</strong> LVMH acquired Kenzo, a womenswear and menswear brand founded in 1970, for $80 million.</li>
<li><strong>1994:</strong> LVMH acquired Guerlain, the French perfume, cosmetics, and skincare brand, which was owned and managed by members of the Guerlain family until then. Guerlain created 1889, the first fragrance in the world to use synthetic raw ingredients in its composition.</li>
<li><strong>1996:</strong> LVMH acquired Celine for 2.7 billion French francs to add another Paris-based brand known for its ready-to-wear items, leather goods, shoes, and accessories.</li>
<li><strong>1996:</strong> LVMH acquired Loewe, a Spanish company established in 1846 that originally specialized in high-quality leather work but now offers leather goods and ready-to-wear.</li>
<li><strong>1997:</strong> LVMH acquired Marc Jacobs and Sephora.</li>
<li><strong>1998:</strong> Arnault purchased Château Cheval Blanc in a personal capacity with businessman Albert Frère for a reported €155m.</li>
<li><strong>1999:</strong> LVMH establishes its Watches & Jewelry division, and Sephora launches sephora.com, one of the very first online shopping sites.</li>
<li><strong>1999:</strong> LVMH opens its headquarters in New York, in a building designed by the architect Christian de Portzamparc, winner of the Pritzker prize.</li>
<li><strong>1999:</strong> LVMH acquires Make Up For Ever, which was established in 1984.</li>
</ul>
<h3 id="2000s">2000s</h3>
<ul>
<li><strong>2008:</strong> LVMH buys 50% stake in Château Cheval Blanc from their boss Bernard Arnault</li>
</ul>
<h3 id="2010s">2010s</h3>
<ul>
<li><strong>2011</strong> LVMH acquired family-owned shares of Bulgari and made a tender offer for the rest, which was publicly owned.</li>
<li><strong>2013:</strong> Arnault abandoned his application for Belgian citizenship due to concerns about tax evasion and its potential misinterpretation.</li>
<li><strong>2014:</strong> Arnault entered into a joint venture with the Italian fashion brand Marco De Vincenzo, taking a minority 45% stake in the firm.</li>
<li><strong>2016:</strong> Founded in Cologne in 1898, trunk and leather goods maker RIMOWA is the first German Maison to join the LVMH Group.</li>
<li><strong>2016:</strong> LVMH sold DKNY to G-III Apparel Group.</li>
<li><strong>2017:</strong> LVMH acquired Christian Dior Haute Couture, which integrated the entire Christian Dior brand within LVMH.</li>
<li><strong>2019:</strong> LVMH announced plan to <a href="https://www.thefashionlaw.com/a-running-timeline-of-the-16-2-billion-tiffany-co-v-lvmh-battle/" target="_blank">acquire Tiffany & Co.</a> for approximately US $16.2 billion.</li>
</ul>
<h3 id="2020s">2020s</h3>
<ul>
<li><strong>2020:</strong> After Tiffany & Co shareholders approved the acquisition by LVMH, LVMH tried to get out of the deal. Tiffany filed suit against LVMH.</li>
<li><strong>2020-10:</strong> Tiffany and LVMH agreed to the original takeover plan, though at a slightly reduced price of nearly $16 billion.</li>
<li><strong>2021:</strong> LVMH completes the purchase of Tiffany.</li>
<li><strong>2022:</strong> LVMH acquires a minority stake in New York-based label Aimé Leon Dore for an undisclosed sum.</li>
<li><strong>2022:</strong> LVMH announces the closure of its 120+ stores in Russia due to the Russo-Ukrainian War.</li>
<li><strong>2022:</strong> LVMH acquires the Piedmont-based jewelry maker Pedemonte Group.</li>
<li><strong>2022</strong> Forbes estimated Bernard Arnault’s fortune and family to be $158 billion in 2022, positioning him ahead of Bill Gates and making him the richest person in the world.</li>
<li><strong>2023-04-24:</strong> LVMH becomes the first European company to reach a $500 billion valuation.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="/who-owns-meta-largest-shareholders/">Who Owns Meta: The Largest Shareholders Overview</a></strong><br />Overview of who owns Meta Platforms and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-mastercard-largest-shareholders/">Who Owns Mastercard: The Largest Shareholders Overview</a></strong><br />Overview of who owns Mastercard and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-nvidia-largest-shareholders/">Who Owns NVIDIA: The Largest Shareholders Overview</a></strong><br />Overview of who owns NVIDIA and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-johnson-and-johnson-largest-shareholders/">Who Owns Johnson & Johnson: The Largest Shareholders Overview</a></strong><br />Overview of who owns Johnson & Johnson and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-procter-and-gamble-largest-shareholders/">Who Owns Procter & Gamble: The Largest Shareholders Overview</a></strong><br />Overview of who owns Procter & Gamble and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://r.lvmh-static.com/uploads/2023/03/lvmh_2022_annual-report.pdf" target="_blank">LVMH’s Annual Report & Financials Statements</a></li>
<li><a href="https://r.lvmh-static.com/uploads/2023/01/lvmh-bylaws-january-26-2023.pdf" target="_blank">LVMH’s ByLaws</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns LVMH Moët Hennessy Louis Vuitton SE (*PA: MC*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns Mastercard: The Largest Shareholders Overview2023-05-16T00:00:00+00:002023-05-16T00:00:00+00:00https://www.kamilfranek.com/who-owns-mastercard-largest-shareholders<p><img src="/assets/images/teasers/mastercard-who-owns-mastercard-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns Mastercard: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>Mastercard Incorporated (<em>MA</em>) is a payment processing giant that makes money by processing transactions for its members. It makes money mainly from fees facilitating payment transactions but partly from other value-added services. Let’s now look at who owns Mastercard and who controls it.</p>
<p><strong>Mastercard’s largest shareholders are independently run Mastercard Foundation, which owns 10.7% share, followed by asset manager giant Vanguard (8.2%) and asset manager giant BlackRock (6.8%).</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/mastercard-logo.png" style="height:15px;" /> <strong>Mastercard's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mastercard-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mastercard Foundation</td>
<td class="gt_row gt_right">10.7%</td>
<td class="gt_row gt_right">10.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">8.2%</td>
<td class="gt_row gt_right">8.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">6.8%</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">74.4%</td>
<td class="gt_row gt_right">74.2%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/mastercard-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows Mastercard vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns Mastercard and who controls it. I will show you who Mastercard’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-visa-largest-shareholders/"><strong>Visa</strong></a>, <a href="/who-owns-google-alphabet/"><strong>Alphabet (Google)</strong></a>, <a href="/who-owns-procter-and-gamble-largest-shareholders/"><strong>Procter & Gamble</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>“Who Owns Who”</strong></a> series.</p>
<h2 id="-who-owns-mastercard">📃 Who Owns Mastercard?</h2>
<p><img src="/assets/images/mastercard-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns Mastercard, largest shareholders donut chart" /></p>
<p><strong>Mastercard is owned by its shareholders. The largest ones are Mastercard Foundation, which owns 10.7% of the company, followed by asset manager giant Vanguard with 8.2% ownership share, and asset manager giant BlackRock with 6.8% ownership.</strong></p>
<p>Let’s examine each top owner more closely, and I will share some additional interesting details about them.</p>
<p><strong>The largest owner of Mastercard is the Mastercard Foundation, which owns <a href="https://www.sec.gov/Archives/edgar/data/1141391/000089534523000102/ff1764567_13g-mastercard.htm" target="_blank">10.7%</a> of the company.</strong></p>
<ul>
<li>Mastercard Foundation shares the name with Mastercard but is an independently run, Canada-based foundation.</li>
<li>Mastercard Foundation was established in 2006 through a donation of shares by the original shareholders of Mastercard before it went public.</li>
<li>Although Mastercard Foundation is independent of Mastercard Inc., it owns Mastercard stock solely and cannot freely sell them until 2027, except to cover its operational needs.</li>
</ul>
<p><strong>The second and third largest Mastercard owners are asset management giants Vanguard, which owns an <a href="https://www.sec.gov/Archives/edgar/data/1141391/000110465923016435/tv01381-mastercardincclassa.htm" target="_blank">8.2%</a> stake, and BlackRock, with a <a href="https://www.sec.gov/Archives/edgar/data/1141391/000130655023005858/us57636q1040_013123.txt" target="_blank">6.8%</a> ownership share.</strong></p>
<ul>
<li>Vanguard and BlackRock are the largest asset managers worldwide, and it is common to see them among top shareholders in large public companies, especially if they lack other direct shareholders.</li>
<li>Asset managers invest on behalf of investors of their funds.</li>
</ul>
<p>Warren Buffett’s company <a href="/who-owns-berkshire-hathaway-largest-shareholders/">Berkshire Hathaway</a> is also a shareholder of Mastercard, but its stake in Mastercard represents less than 1% of its investment portfolio.</p>
<ul>
<li>Berkshire Hathaway also owns a competitor <a href="/who-owns-visa-largest-shareholders/">Visa</a> in a similar amount.</li>
</ul>
<p><strong>Mastercard was founded in 1966 by an alliance of several banks and regional bankcard associations</strong> and has been publicly listed since its initial public offering in 2006. It is currently traded on NYSE under ticker MA.</p>
<ul>
<li>Mastercard was founded in 1968 as Interbank Card Association (ICA), which would later change its name to Mastercard.</li>
<li>Before the company went public, its main shareholders were banks: JPMorgan Chase & Co (10%), Citigroup (9%), Bank of America (6%), and HSBC Holdings (5%).</li>
<li>At the time of Mastercard’s initial public offering, a significant amount of shares was donated to the newly established Mastercard Foundation.</li>
<li>Proceeds from the IPO were also used to buy back shares of original shareholders (banks).</li>
<li>Mastercard International Inc. is a subsidiary of Mastercard Inc.</li>
</ul>
<p>Mastercard Incorporated is incorporated in the State of Delaware (US), and its headquarters are in Purchase, New York (US).</p>
<h2 id="-who-controls-mastercard-ma">🎮 Who Controls Mastercard (MA)?</h2>
<p><img src="/assets/images/mastercard-largest-shareholders-voting-power-donut-chart.png" alt="Who controls Mastercard, largest shareholders donut chart" /></p>
<p><strong>Mastercard’s shareholders with the largest voting power are Mastercard Foundation, which holds 10.7% of all votes, followed by asset manager giant Vanguard with 8.3% voting power, and asset manager giant BlackRock (6.8%).</strong></p>
<p><strong>The size of voting power is not fully equal to ownership because of the small amount of non-voting Class B shares that Mastercard has outstanding.</strong> However, the amount of Class B shares is so small that this difference is not significant.</p>
<ul>
<li><strong>Class A shares are publicly traded under the MA ticker and have one vote per share.</strong> Anybody except Mastercard members or affiliate members can own them.</li>
<li><strong>Class B shares are not publicly traded and can be owned only by Mastercard members and affiliate members.</strong> Class B shares have the same economic rights as Class A shares, but they do not have voting rights.</li>
</ul>
<p><strong>Mastercard’s shareholder with the largest voting power is the Mastercard Foundation which holds 10.7% of all votes.</strong></p>
<ul>
<li>Mastercard Foundation is an independent organization but is expected to be supportive of Mastercard’s management proposal, weakening the influence of other shareholders.</li>
<li>Foundation has its whole portfolio tied in Mastercard stocks until 2027.</li>
</ul>
<p><strong>Mastercard’s shareholders with the second and third largest voting power are Vanguard (8.3%) and BlackRock (6.8%), which together hold 15.1% of all votes.</strong></p>
<ul>
<li>They are not ultimate owners of those shares but have voting power over a large part of the shares they hold.</li>
<li>Voting power gives asset managers the influence to endorse or oppose resolutions and shape the company’s governance practices and decisions.</li>
<li>Significant ownership by large asset managers that usually support management proposals creates conflicts of interest between Mastercard’s management, asset manager’s management, and the ultimate underlying investors that asset managers represent.</li>
</ul>
<p><strong>None of the top shareholders has individual control over the company. The top three shareholders together represent 25.8% of the voting power.</strong></p>
<ul>
<li>All of the top shareholders have in common that they will probably act in line with the company insiders and support their proposals.</li>
</ul>
<p><strong>Mastercard’s articles of incorporation and bylaws are full of protective clauses, making it harder for anyone to take over the company.</strong></p>
<ul>
<li>For example, nobody can own more than 15% of the company.</li>
<li>The company is incorporated in Delaware that has “default” anti-takeover measures implemented by law. Mastercard opted out of these measures but implemented similar measures directly in its articles of incorporation.</li>
</ul>
<p><strong>Mastercard’s insiders that have influence over the company are CEO Michael Miebach, chairman of the board Merit Janow,</strong> and other <a href="https://investor.mastercard.com/corporate-governance/board-of-directors/default.aspx" target="_blank">board members and executives.</a></p>
<ul>
<li>Mastercard has a 13-member board of directors reelected annually, but until 2013 had board split into 3 groups with a three-year term.</li>
<li>Nobody from the board of directors or executive officers holds more than 0.05% of Mastercard’s shares. Despite that, the lack of other large shareholders, except asset managers and Mastercard Foundation, gives insiders a large influence over the company.</li>
</ul>
<h2 id="️-breakdown-of-mastercards-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of Mastercard’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>Mastercard Incorporated had a total of <a href="https://www.sec.gov/Archives/edgar/data/1141391/000114139123000020/ma-20221231.htm" target="_blank">956 million</a> outstanding shares as of December 2022. The following table shows how many shares each Mastercard’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/mastercard-logo.png" style="height:15px;" /> <strong>Mastercard's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mastercard-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mastercard Foundation</td>
<td class="gt_row gt_right">101.9</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">101.9</td>
<td class="gt_row gt_right">10.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">78.2</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">78.2</td>
<td class="gt_row gt_right">8.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">64.6</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">64.6</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">703.7</td>
<td class="gt_row gt_right">7.6</td>
<td class="gt_row gt_right">711.3</td>
<td class="gt_row gt_right">74.4%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">948.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">7.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">956.0</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/1141391/000114139123000020/ma-20221231.htm" target="_blank">948 million</a> votes distributed among shareholders of Mastercard Incorporated. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/mastercard-logo.png" style="height:15px;" /> <strong>Mastercard's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mastercard-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mastercard Foundation</td>
<td class="gt_row gt_right">101.9</td>
<td class="gt_row gt_right">101.9</td>
<td class="gt_row gt_right">10.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">78.2</td>
<td class="gt_row gt_right">78.2</td>
<td class="gt_row gt_right">8.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">64.6</td>
<td class="gt_row gt_right">64.6</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">703.7</td>
<td class="gt_row gt_right">703.7</td>
<td class="gt_row gt_right">74.2%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">948.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">948.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-mastercards-market-value-by-shareholder">💵 Breakdown of Mastercard’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in Mastercard Incorporated worth.</p>
<p>However, keep in mind that a stake in Mastercard could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/mastercard-logo.png" style="height:15px;" /> <strong>Mastercard's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class B</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mastercard-foundation-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mastercard Foundation</td>
<td class="gt_row gt_right">$35.4</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$35.4</td>
<td class="gt_row gt_right">10.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">$27.2</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$27.2</td>
<td class="gt_row gt_right">8.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">$22.5</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$22.5</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$244.7</td>
<td class="gt_row gt_right">$2.6</td>
<td class="gt_row gt_right">$247.3</td>
<td class="gt_row gt_right">74.4%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$329.8</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$2.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$332.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each Mastercard shareholder individually.</p>
<h2 id="-who-are-mastercards-largest-shareholders">📒 Who Are Mastercard’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of Mastercard Incorporated one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Mastercard worth.</p>
<h3 id="1-mastercard-foundation-107">#1 Mastercard Foundation (10.7%)</h3>
<p><img src="/assets/images/mastercard-mastercard-foundation-ownership-and-voting-power.png" alt="Mastercard Foundation's share ownership and voting power in Mastercard (chart)" /></p>
<p><strong>Mastercard Foundation is the largest shareholder of Mastercard, owning 10.7% of its shares.
As of December 2022, the market value of Mastercard Foundation’s stake in Mastercard was $35.4 billion.</strong></p>
<p>Mastercard Foundation owned <a href="https://www.sec.gov/Archives/edgar/data/1141391/000089534523000102/ff1764567_13g-mastercard.htm" target="_blank">102 million</a> shares in Mastercard and controlled 102 million shareholder votes as of December 2022.</p>
<p><a href="https://mastercardfdn.org/" target="_blank">The Mastercard Foundation</a> was established in 2006 through a donation of shares by the original shareholders of Mastercard before it went public.</p>
<p><strong>The Mastercard Foundation is based in Canada, and its focus is enabling young people in Africa and in Indigenous communities in Canada to access dignified and fulfilling work.</strong></p>
<p>Mastercard Foundation operates independently from Mastercard but is still ompany’s largest shareholder.</p>
<h3 id="2-vanguard-82">#2 Vanguard (8.2%)</h3>
<p><img src="/assets/images/mastercard-vanguard-ownership-and-voting-power.png" alt="Vanguard's share ownership and voting power in Mastercard (chart)" /></p>
<p><strong>Vanguard is the second-largest shareholder of Mastercard, owning 8.2% of its shares.
As of December 2022, the market value of Vanguard’s stake in Mastercard was $27.2 billion.</strong></p>
<p>Vanguard owned <a href="https://www.sec.gov/Archives/edgar/data/1141391/000110465923016435/tv01381-mastercardincclassa.htm" target="_blank">78 million</a> shares in Mastercard and controlled 78 million shareholder votes as of December 2022.</p>
<p><a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/facts-and-figures.html" target="_blank"><strong>Vanguard</strong></a> <strong>(The Vanguard Group) is one of the largest asset managers in the world.</strong> It manages other people’s money through its mutual funds and exchange-traded funds and also offers other related investing and financial planning services.</p>
<p><strong>Vanguard differs from other large asset managers by having no actual “owner .”</strong> Officially Vanguard <a href="https://investor.vanguard.com/investor-resources-education/news/who-owns-vanguard" target="_blank">says</a> that its investors own it since its funds own it, and Vanguard fund investors own those funds.</p>
<p><strong>However, the actual decision power is in the hands of Vanguard’s insiders</strong> since the ownership is diluted over millions of investors worldwide.</p>
<p><strong>Vanguard has significant influence over the largest public companies.</strong> Thanks to its size, Vanguard usually belongs to the largest shareholders in those companies and has considerable power at their shareholder meetings. This is especially true if ownership is diluted.</p>
<ul>
<li>Several terms were coined to describe this issue. Some call it <a href="https://www.phenomenalworld.org/analysis/blackrock-asset-manager-capitalism/" target="_blank">asset manager capitalism</a>, and popular is also <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337" target="_blank">the power of twelve</a>. Financial Times even <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank">put together</a> who exactly those twelve people might be.</li>
<li><a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">Evidence</a> shows that big asset managers usually vote together with management.</li>
</ul>
<h3 id="3-blackrock-68">#3 BlackRock (6.8%)</h3>
<p><img src="/assets/images/mastercard-blackrock-ownership-and-voting-power.png" alt="BlackRock's share ownership and voting power in Mastercard (chart)" /></p>
<p><strong>BlackRock is the third-largest shareholder of Mastercard, owning 6.8% of its shares.
As of December 2022, the market value of BlackRock’s stake in Mastercard was $22.5 billion.</strong></p>
<p>BlackRock owned <a href="https://www.sec.gov/Archives/edgar/data/1141391/000130655023005858/us57636q1040_013123.txt" target="_blank">65 million</a> shares in Mastercard and controlled 65 million shareholder votes as of December 2022.</p>
<p><a href="https://www.blackrock.com/corporate/about-us" target="_blank"><strong>BlackRock, Inc.</strong></a> <strong>is the world’s largest asset manager, with assets under management of</strong> <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2021/ar/online/pdfs/BlackRock_2021_AR_Complete_040822.pdf" target="_blank"><strong>$10 trillion.</strong></a> BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its <a href="https://www.blackrock.com/aladdin" target="_blank">Aladdin</a> portfolio management software.</p>
<p><strong>BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself.</strong> Not directly but through their passive and active funds. The largest shareholder is Vanguard.</p>
<p><strong>A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors</strong> and other large institutions, making the whole thing even more eyebrow-raising.</p>
<p><strong>This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies since they usually belong to the most significant shareholders with large voting power.</p>
<ul>
<li>
<p><strong>In the case of Blackrock, this influence is personified in the form of its CEO</strong> <a href="https://en.wikipedia.org/wiki/Larry_Fink" target="_blank"><strong>Larry Fink</strong></a>, who is a powerful figure with close ties to the FED and the US government.</p>
</li>
<li>
<p>Adding to these concerns is <a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">evidence</a> that BlackRock and other asset managers usually vote in favor of management proposals.</p>
</li>
</ul>
<h2 id="-who-owns-mastercard-foundation">❔ Who Owns Mastercard Foundation?</h2>
<p><strong>Nobody really owns Mastercard Foundation. It is an independent private foundation governed by its</strong> <a href="https://mastercardfdn.org/board-of-directors/" target="_blank"><strong>board of directors</strong></a>.</p>
<p>Mastercard Foundation was created when Mastercard Inc. went public in 2006 when the original Mastercard shareholder donated part of the capital raised during IPO to the Mastercard Foundation.</p>
<p>The thing that still links Mastercard Inc. and Mastercard Foundation, besides the name, is ownership of Mastercard stocks. Mastercard Foundation is the largest shareholder of Mastercard Inc., and its portfolio is concentrated only in Mastercard stocks.</p>
<p>This ownership is not by choice. The foundation cannot freely sell Mastercard shares until 2027. Until then, it can only sell a small amount each year to cover its operational and funding needs.</p>
<h2 id="-is-mastercard-owned-by-banks">❔ Is Mastercard Owned by Banks?</h2>
<p><strong>Banks has some small ownership of Mastercard, but they are not significant shareholder since the company went public in 2006.</strong></p>
<p>However, before 2006, banks were the main Mastercard shareholders. The largest stakes belonged to <a href="/who-owns-jpmorgan-chase-largest-shareholders/">JPMorgan Chase & Co</a> (10%) and Citigroup (9%).</p>
<h2 id="-who-and-when-founded-mastercard">🧱 Who and When Founded Mastercard?</h2>
<p><strong>Mastercard was founded in 1968 as a response to the emergence of BankAmericard issued by the Bank of America. A group of banks joined forces to establish the Interbank Card Association (ICA), which would later become known as Mastercard.</strong></p>
<p>The collaborative efforts of these financial institutions laid the foundation for what would become one of the leading global payment networks.</p>
<p>Over the years, Mastercard has evolved and gained prominence in the payment business. In 1979, the Interbank Card Association underwent a rebranding and adopted the name “MasterCard International.</p>
<p>Presently, Mastercard and its main competitor, Visa, are viewed as a duopoly, jointly controlling a dominant share of the payment market.</p>
<p>However, their dominance has not been without scrutiny. Various regulatory actions and legal battles have shed light on market power abuse by both Visa and Mastercard. Settled and lost cases throughout the years have provided evidence of the misuse of their influential positions within the industry.</p>
<h2 id="-mastercards-history-timeline">📅 Mastercard’s History Timeline</h2>
<p>These are selected events from Mastercard’s <a href="https://brand.mastercard.com/brandcenter-ca/more-about-our-brands/brand-history.html" target="_blank">history:</a></p>
<h3 id="1950s">1950s</h3>
<ul>
<li><strong>1958:</strong> Bank of America started its BankAmericard credit card program.</li>
</ul>
<h3 id="1960s">1960s</h3>
<ul>
<li><strong>1966:</strong> Interbank Card Association (ICA) was formed by a group of banks to compete with Bank of America’s BankAmericard (Visa).</li>
<li><strong>1968:</strong> ICA formed an association with Banco Nacional in Mexico. Later that year, they formed an alliance in Europe with Eurocard.</li>
</ul>
<h3 id="1970s">1970s</h3>
<ul>
<li><strong>1970:</strong> Competing BankAmericard became independent of Bank of America, and National BankAmericard Inc. was formed (later renamed to VISA).</li>
<li><strong>1973:</strong> ICA establishes a centralized computer network that links merchants with financial institutions for credit card authorizations.</li>
<li><strong>1974:</strong> ICA introduces a magnetic strip on the back of cards to increase authorization efficiency and reduce fraud.</li>
<li><strong>1979:</strong> ICA is renamed to MasterCard International, and Master Charge is renamed MasterCard.</li>
</ul>
<h3 id="1980s">1980s</h3>
<ul>
<li><strong>1983:</strong> Mastercard becomes the first bank to use holograms as part of their card security.</li>
<li><strong>1985:</strong> Mastercard acquires the Cirrus ATM network</li>
<li><strong>1987:</strong> The first MasterCard card was issued in the People’s Republic of China.</li>
<li><strong>1988:</strong> The first MasterCard card was issued in the Soviet Union.</li>
</ul>
<h3 id="1990s">1990s</h3>
<ul>
<li><strong>1991:</strong> MasterCard partners with Europay International to introduce Maestro, a global online point-of-sale debit network.</li>
<li><strong>1996:</strong> Merchants sued Mastercard and VISA in federal court for using their dominance in the credit card market to exact excessive fees when customers use debit cards. Merchants were demanding multi-billion dollars in damages. Mastercard settled this case in 2003.</li>
<li><strong>1997:</strong> Mastercard takes over the Access card, and the Access brand is then retired.</li>
<li><strong>1997:</strong> Mastercard was the main sponsor of the Mastercard Lola Formula One team, which withdrew from the 1997 Formula One season after its first race due to financial problems.</li>
<li><strong>1997:</strong> MasterCard launches award-winning “Priceless” advertising campaign.</li>
<li><strong>1998:</strong> The Department of Justice sues Mastercard and VISA over rules prohibiting their issuing banks from doing business with American Express or Discover. The Department of Justice won in 2001, and the verdict withstood appeal.</li>
</ul>
<h3 id="2000s">2000s</h3>
<ul>
<li><strong>2001:</strong> MasterCard introduces MasterCard Advisors, offering professional advisory services to its members.</li>
<li><strong>2002:</strong> Mastercard merged with Europay International and converted from a membership association to a private share corporation.</li>
<li><strong>2003:</strong> Reserve Bank of Australia required that interchange fees be dramatically reduced from about 0.95% of the transaction to approximately 0.5%. Australia also prohibited the no-surcharge rule, a policy established by credit card networks.</li>
<li><strong>2004:</strong> Mastercard Inc. paid damages to American Express due to anticompetitive practices that prevented American Express from issuing cards through U.S. banks and paid $1.8 billion for settlement.</li>
<li><strong>2006:</strong> The company has an initial public offering.</li>
<li><strong>2006:</strong> Mastercard shareholders gift company shares to create the Mastercard Foundation.</li>
<li><strong>2006:</strong> MasterCard International changed its name to MasterCard Worldwide to suggest a more global scale.</li>
<li><strong>2009:</strong> Mastercard agreed to reduce swipe fees to 0.2-0.3 percent to avoid regulatory actions by the European Union.</li>
</ul>
<h3 id="2010s">2010s</h3>
<ul>
<li><strong>2010:</strong> Mastercard expands its e-commerce offering with the acquisition of DataCash, a UK-based payment processing and fraud/risk management provider.</li>
<li><strong>2010:</strong> Mastercard and Visa reached a settlement with the U.S. Justice Department in another antitrust case.</li>
<li><strong>2010:</strong> Mastercard and Visa blocked all payments to the whistleblowing platform WikiLeaks due to claims that they engaged in illegal activity. As a response, WikiLeaks backers hit MasterCard and Visa by cyber strike.</li>
<li><strong>2012:</strong> Mastercard announces the expansion of its mobile contactless payments program, including markets across the Middle East.</li>
<li><strong>2012:</strong> A class-action lawsuit was filed against Mastercard and Visa for alleged price-fixing practices employed by Mastercard and Visa.</li>
<li><strong>2013:</strong> Mastercard was under investigation by the European Union for the high fees it charged merchants to accept cards issued outside the EU.</li>
<li><strong>2014:</strong> Mastercard acquires Australia’s leading rewards program manager company Pinpoint.</li>
<li><strong>2016:</strong> Mastercard introduced its new rebranding along with a new corporate logo. In addition, they changed their service name from “MasterCard” to “Mastercard.”</li>
<li><strong>2017:</strong> Mastercard acquires Brighterion, a company with a portfolio of intellectual property in the areas of artificial intelligence and machine learning.</li>
<li><strong>2018:</strong> Google reportedly bought access to Mastercard users’ credit card data and used it to track online advertisements to physical store sales.</li>
<li><strong>2019:</strong> The European Commission imposed an antitrust fine of €570 million on Mastercard for “obstructing merchants’ access to cross-border card payment services.”</li>
<li><strong>2019:</strong> A settlement of 5.54-$6.24 billion got preliminary approval for a class-action lawsuit against Mastercard and Visa for alleged price-fixing practices.</li>
<li><strong>2019:</strong> Mastercard removed its name from its logo, leaving just the overlapping discs.</li>
</ul>
<h3 id="2020s">2020s</h3>
<ul>
<li><strong>2021:</strong> Following an investigation by the British Payment Systems Regulator, Mastercard admitted liability for breaching competition rules in relation to pre-paid cards.</li>
<li><strong>2021:</strong> The Reserve Bank of India (RBI) indefinitely barred Mastercard from issuing new debit or credit cards to domestic Indian customers for violating data localization and storage rules. Restrictions were lifted in 2022.</li>
<li><strong>2022:</strong> Mastercard complies with United States sanctions and bans cards from being issued or used in Russia, including foreign cards from other countries. Mastercard suspended all business operations in Russia, which had accounted for 4% of their revenue.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="/who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-microsoft-largest-shareholders/">Who Owns Microsoft: The Largest Shareholders Overview</a></strong><br />Overview of who owns Microsoft and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-amazon-largest-shareholders/">Who Owns Amazon: The Largest Shareholders Overview</a></strong><br />Overview of who owns Amazon.com, Inc. and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-johnson-and-johnson-largest-shareholders/">Who Owns Johnson & Johnson: The Largest Shareholders Overview</a></strong><br />Overview of who owns Johnson & Johnson and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-loreal-largest-shareholders/">Who Owns L’Oréal: The Largest Shareholders Overview</a></strong><br />Overview of who owns L’Oréal and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-nvidia-largest-shareholders/">Who Owns NVIDIA: The Largest Shareholders Overview</a></strong><br />Overview of who owns NVIDIA and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/1141391/000114139123000020/ma-20221231.htm" target="_blank">Mastercard’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1141391/000114139122000099/mastercard2022proxystateme.htm" target="_blank">Mastercard’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1141391/000114139122000137/exb31-06212022mastercardin.htm" target="_blank">Mastercard’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns Mastercard Incorporated (*MA*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns Procter & Gamble: The Largest Shareholders Overview2023-05-15T00:00:00+00:002023-05-15T00:00:00+00:00https://www.kamilfranek.com/who-owns-procter-and-gamble-largest-shareholders<p><img src="/assets/images/teasers/procter-and-gamble-who-owns-procter-and-gamble-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns Procter & Gamble: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>The Procter & Gamble Company (<em>PG</em>) is a consumer goods giant selling its products under many brands. The company is active in various segments but makes money mainly from fabric care, home care, baby care, skin and personal care, hair care, family care, and oral care. Let’s now look at who owns Procter & Gamble and who controls it.</p>
<p><strong>Procter & Gamble’s largest shareholders are asset managers giants Vanguard, which owns 9.6% share, and BlackRock, with 6.8% ownership. No other shareholder owns more than 5% of the company, and ownership is quite dispersed.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/procter-and-gamble-logo.png" style="height:15px;" /> <strong>Procter & Gamble's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">9.6%</td>
<td class="gt_row gt_right">9.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">6.8%</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">83.7%</td>
<td class="gt_row gt_right">83.7%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/procter-and-gamble-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows Procter & Gamble vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns Procter & Gamble and who controls it. I will show you who Procter & Gamble’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-johnson-and-johnson-largest-shareholders/"><strong>Johnson & Johnson</strong></a>, <a href="/who-owns-tesla-largest-shareholders/"><strong>Tesla</strong></a>, <a href="/who-owns-nestle-largest-shareholders/"><strong>Nestlé</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>“Who Owns Who”</strong></a> series.</p>
<h2 id="-who-owns-procter--gamble">📃 Who Owns Procter & Gamble?</h2>
<p><img src="/assets/images/procter-and-gamble-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns Procter & Gamble, largest shareholders donut chart" /></p>
<p><strong>Procter & Gamble is primarily owned by asset managers. The largest ones are Vanguard, which owns <a href="https://www.sec.gov/Archives/edgar/data/80424/000110465923015147/tv0109-proctergambleco.htm" target="_blank">9.6%</a> of the company, followed by asset manager giant BlackRock with a <a href="https://www.sec.gov/Archives/edgar/data/80424/000130655023008326/us7427181091_020723.txt" target="_blank">6.8%</a> ownership share. No other shareholders own over 5% of the company.</strong></p>
<ul>
<li>Procter & Gamble’s ownership is dispersed, and no shareholder has dominant ownership in the company.</li>
<li>The largest owners of Procter & Gamble are asset managers who are not ultimate owners but invest money on behalf of their clients.</li>
<li>Vanguard and BlackRock are the largest asset managers worldwide, and it is common to see them among top shareholders in large public companies with dispersed ownership.</li>
<li>Vanguard and BlackRock portfolios are so huge that even if they spread it out across thousands of companies, they still belong to the main shareholders in many of them.</li>
</ul>
<p><strong>Between 2005 and 2016, Procter & Gamble had another famous shareholder. Warren Buffett’s company <a href="/who-owns-berkshire-hathaway-largest-shareholders/">Berkshire Hathaway</a> had a sizable stake in those years but exchanged its stake in 2016 for ownership of Duracell.</strong></p>
<ul>
<li>Interestingly, although Berkshire Hathaway has owned P&G since 2005, it did not purchase it outright. Its stake resulted from Gillette’s acquisition by Procter & Gamble. Berkshire Hathaway was a sizable shareholder of Gillette at the time.</li>
<li>Gillette’s acquisition was paid in stocks, so Berkshire Hathaway ended up owning a stake in Procter & Gamble since then.</li>
<li>In 2016, P&G sold Duracell to Berkshire Hathaway in exchange for P&G shares that Berkshire owned. The sale was the result of P&G’s attempt to streamline its operations and focus only on the most important brands.</li>
</ul>
<p><strong>Procter & Gamble was founded in 1837 by William Procter and James Gamble</strong> and has been a public company since 1890. It is currently traded on NYSE under ticker ticker PG.</p>
<ul>
<li>The company started as a business making and selling soap and candles and grew into one of the world’s largest consumer goods companies renowned for household names like Tide, Pampers, and Crest.</li>
<li>For a while, Procter & Gamble was a family-run company. Both son and grandson of co-founder William Procter served as company presidents, and the son of James Gamble served as vice president.</li>
<li>Today, the founders’ descendants have no influence over the company.</li>
</ul>
<p>The Procter & Gamble Company is incorporated in the State of Ohio, and its headquarters are in Cincinnati, Ohio (US).</p>
<h2 id="-who-controls-procter--gamble-pg">🎮 Who Controls Procter & Gamble (PG)?</h2>
<p><img src="/assets/images/procter-and-gamble-largest-shareholders-voting-power-donut-chart.png" alt="Who controls Procter & Gamble, largest shareholders donut chart" /></p>
<p><strong>Procter & Gamble’s shareholders with the largest voting power are asset manager giant Vanguard, which holds 9.6% of all votes, followed by asset manager giant BlackRock with 6.8% voting power.</strong></p>
<p>Procter & Gamble has only one class of outstanding shares, with one vote per share. Therefore, there is no difference between the shareholder’s ownership and voting power.</p>
<p><strong>The ownership of The Procter & Gamble Company is quite dispersed, and the main shareholders are asset managers investing money on behalf of their clients.</strong></p>
<ul>
<li>None of them control the company individually, but together they have a big influence.</li>
<li>They are not ultimate owners of those shares but have significant voting power over a large part of the shares they hold.</li>
<li>Voting power gives asset managers the influence to endorse or oppose resolutions and shape the company’s governance practices and decisions.</li>
</ul>
<p><strong>Procter & Gamble’s dispersed ownership structure dominated by asset managers creates conflicts of interest</strong> between Procter & Gamble’s management, asset manager’s management, and the ultimate underlying investors that asset managers represent. In situations like these, insiders of the company hold significant power over it.</p>
<p><strong>Procter & Gamble’s insiders that have influence over the company are CEO and chairman Jon Moeller</strong> and other <a href="https://us.pg.com/structure-and-governance/board-of-directors-composition/" target="_blank">board members and executives.</a></p>
<ul>
<li>Procter & Gamble has a 13-member board of directors reelected annually.</li>
<li>The board of directors includes several CEOs of other large businesses. The director is, for example, Chris Kempczinski, CEO of McDonald’s, or Raj Subramaniam, CEO of FedEx.</li>
<li>Jon Moeller became CEO only in 2021 when he replaced David Taylor.</li>
<li>Nobody from the board of directors or executive officers holds more than 0.05% of Procter & Gamble’s shares. Even CEO’s ownership is very low relative to annual compensation.</li>
<li>Despite CEO’s low ownership, the lack of other large shareholders, except asset managers, gives the CEO a large influence over the company.</li>
<li>The usual majority of votes needed at the shareholder meeting is 50%+, but an 80% majority is needed in case of acquisition or divestment to anyone already holding 5% or more of the company. The 80% rule is not applied if 2/3 of the board approves the deal beforehand.</li>
</ul>
<h2 id="️-breakdown-of-procter--gambles-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of Procter & Gamble’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>The Procter & Gamble Company had a total of <a href="https://www.sec.gov/Archives/edgar/data/80424/000008042423000014/pg-20221231.htm" target="_blank">2,359 million</a> outstanding shares as of December 2022. The following table shows how many shares each Procter & Gamble’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/procter-and-gamble-logo.png" style="height:15px;" /> <strong>Procter & Gamble's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">226</td>
<td class="gt_row gt_right">226</td>
<td class="gt_row gt_right">9.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">160</td>
<td class="gt_row gt_right">160</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">1,974</td>
<td class="gt_row gt_right">1,974</td>
<td class="gt_row gt_right">83.7%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,359</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,359</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/80424/000008042423000014/pg-20221231.htm" target="_blank">2,359 million</a> votes distributed among shareholders of The Procter & Gamble Company. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/procter-and-gamble-logo.png" style="height:15px;" /> <strong>Procter & Gamble's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">226</td>
<td class="gt_row gt_right">226</td>
<td class="gt_row gt_right">9.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">160</td>
<td class="gt_row gt_right">160</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">1,974</td>
<td class="gt_row gt_right">1,974</td>
<td class="gt_row gt_right">83.7%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,359</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,359</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-procter--gambles-market-value-by-shareholder">💵 Breakdown of Procter & Gamble’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in The Procter & Gamble Company worth.</p>
<p>However, keep in mind that a stake in Procter & Gamble could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/procter-and-gamble-logo.png" style="height:15px;" /> <strong>Procter & Gamble's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">$34.2</td>
<td class="gt_row gt_right">$34.2</td>
<td class="gt_row gt_right">9.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">$24.2</td>
<td class="gt_row gt_right">$24.2</td>
<td class="gt_row gt_right">6.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$299.1</td>
<td class="gt_row gt_right">$299.1</td>
<td class="gt_row gt_right">83.7%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$357.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$357.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each Procter & Gamble shareholder individually.</p>
<h2 id="-who-are-procter--gambles-largest-shareholders">📒 Who Are Procter & Gamble’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of The Procter & Gamble Company one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Procter & Gamble worth.</p>
<h3 id="1-vanguard-96">#1 Vanguard (9.6%)</h3>
<p><img src="/assets/images/procter-and-gamble-vanguard-ownership-and-voting-power.png" alt="Vanguard's share ownership and voting power in Procter & Gamble (chart)" /></p>
<p><strong>Vanguard is the largest shareholder of Procter & Gamble, owning 9.6% of its shares.
As of December 2022, the market value of Vanguard’s stake in Procter & Gamble was $34.2 billion.</strong></p>
<p>Vanguard owned <a href="https://www.sec.gov/Archives/edgar/data/80424/000110465923015147/tv0109-proctergambleco.htm" target="_blank">226 million</a> shares in Procter & Gamble and controlled 226 million shareholder votes as of December 2022.</p>
<p><a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/facts-and-figures.html" target="_blank"><strong>Vanguard</strong></a> <strong>(The Vanguard Group) is one of the largest asset managers in the world.</strong> It manages other people’s money through its mutual funds and exchange-traded funds and also offers other related investing and financial planning services.</p>
<p><strong>Vanguard differs from other large asset managers by having no actual “owner .”</strong> Officially Vanguard <a href="https://investor.vanguard.com/investor-resources-education/news/who-owns-vanguard" target="_blank">says</a> that its investors own it since its funds own it, and Vanguard fund investors own those funds.</p>
<p><strong>However, the actual decision power is in the hands of Vanguard’s insiders</strong> since the ownership is diluted over millions of investors worldwide.</p>
<p><strong>Vanguard has significant influence over the largest public companies.</strong> Thanks to its size, Vanguard usually belongs to the largest shareholders in those companies and has considerable power at their shareholder meetings. This is especially true if ownership is diluted.</p>
<ul>
<li>Several terms were coined to describe this issue. Some call it <a href="https://www.phenomenalworld.org/analysis/blackrock-asset-manager-capitalism/" target="_blank">asset manager capitalism</a>, and popular is also <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337" target="_blank">the power of twelve</a>. Financial Times even <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank">put together</a> who exactly those twelve people might be.</li>
<li><a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">Evidence</a> shows that big asset managers usually vote together with management.</li>
</ul>
<h3 id="2-blackrock-68">#2 BlackRock (6.8%)</h3>
<p><img src="/assets/images/procter-and-gamble-blackrock-ownership-and-voting-power.png" alt="BlackRock's share ownership and voting power in Procter & Gamble (chart)" /></p>
<p><strong>BlackRock is the second-largest shareholder of Procter & Gamble, owning 6.8% of its shares.
As of December 2022, the market value of BlackRock’s stake in Procter & Gamble was $24.2 billion.</strong></p>
<p>BlackRock owned <a href="https://www.sec.gov/Archives/edgar/data/80424/000130655023008326/us7427181091_020723.txt" target="_blank">160 million</a> shares in Procter & Gamble and controlled 160 million shareholder votes as of December 2022.</p>
<p><a href="https://www.blackrock.com/corporate/about-us" target="_blank"><strong>BlackRock, Inc.</strong></a> <strong>is the world’s largest asset manager, with assets under management of</strong> <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2021/ar/online/pdfs/BlackRock_2021_AR_Complete_040822.pdf" target="_blank"><strong>$10 trillion.</strong></a> BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its <a href="https://www.blackrock.com/aladdin" target="_blank">Aladdin</a> portfolio management software.</p>
<p><strong>BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself.</strong> Not directly but through their passive and active funds. The largest shareholder is Vanguard.</p>
<p><strong>A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors</strong> and other large institutions, making the whole thing even more eyebrow-raising.</p>
<p><strong>This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies since they usually belong to the most significant shareholders with large voting power.</p>
<ul>
<li>
<p><strong>In the case of Blackrock, this influence is personified in the form of its CEO</strong> <a href="https://en.wikipedia.org/wiki/Larry_Fink" target="_blank"><strong>Larry Fink</strong></a>, who is a powerful figure with close ties to the FED and the US government.</p>
</li>
<li>
<p>Adding to these concerns is <a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">evidence</a> that BlackRock and other asset managers usually vote in favor of management proposals.</p>
</li>
</ul>
<h2 id="-who-and-when-founded-procter--gamble">🧱 Who and When Founded Procter & Gamble?</h2>
<p><strong>Procter & Gamble was founded in 1837 by William Procter and James Gamble as a business with soap and candles. Still, it grew into one of the world’s largest consumer goods companies renowned for household names like Tide, Pampers, and Crest.</strong></p>
<p>The two co-founders had different backgrounds, Procter was a skilled candle maker, and Gamble was a soap maker. They joined their forces at the suggestion of their father-in-law, Alexander Norris.</p>
<p><strong>In 1879, James Norris Gamble, son of co-founder James Gamble, achieved a breakthrough with the creation of Ivory Soap</strong>, a single bar that revolutionized the realms of laundry and bathing.</p>
<p>In 1890, the company inaugurated its first laboratory at the Ivorydale facility, employing a talented team of young men and women.</p>
<p>Leadership transitions continued to shape Procter & Gamble’s evolution. In 1890, William Alexander Procter assumed the role of president, while his son, William Cooper Procter, took charge as the general manager.</p>
<p>Under the stewardship of William Cooper Procter, who ascended to the presidency in 1907, Procter & Gamble solidified its status as an industry titan.</p>
<p><strong>Over time, the descendants of the founders ceded ownership and control of Procter & Gamble.</strong> While many proud descendants of the company founders are alive today, their influence has diminished.</p>
<p>This was recently highlighted when descendants sent an open <a href="https://www.cbsnews.com/news/procter-gamble-relative-call-for-change/" target="_blank">letter</a> expressing concerns about the company’s environmental impact. Their request for a meeting with the CEO was declined, underscoring that their influence on the company is no different than that of any other person.</p>
<h2 id="-procter--gambles-history-timeline">📅 Procter & Gamble’s History Timeline</h2>
<p>These are selected events from Procter & Gamble’s <a href="https://us.pg.com/pg-history/" target="_blank">history:</a></p>
<h3 id="1820s-1890s">1820s-1890s</h3>
<ul>
<li><strong>1828:</strong> James Gamble manufactured soap on his own.</li>
<li><strong>1830:</strong> Procter arrives in the United States and begins to manufacture candles in New York City.</li>
<li><strong>1833:</strong> William Procter marries Olivia Norris after his first wife died a year earlier, and James Gamble married her sister Elizabeth. Gamble and Procter became brothers-in-law.</li>
<li><strong>1833:</strong> William Alexander Proctor, son of founder William Procter was born.</li>
<li><strong>1837:</strong> Brothers-in-law William Procter and James Gamble established the Procter & Gamble Company at the suggestion of his father-in-law Alexander Norris.</li>
<li><strong>1862:</strong> William Cooper Procter, grandson of the company founder, was born.</li>
<li><strong>1879:</strong> James Norris Gamble, son of founder James Gamble creates an innovative single bar of soap that works for both laundry and bathing purposes, named Ivory Soap.</li>
<li><strong>1883:</strong> William Cooper Procter started to work at Procter & Gamble.</li>
<li><strong>1884:</strong> Co-founder William Procter dies.</li>
<li><strong>1890</strong> Company was established as a New Jersey corporation.</li>
<li><strong>1890:</strong> R&D quickly becomes a critical function at P&G, and our first lab is added to the Ivorydale facility, employing a staff of several hundred young men and women.</li>
<li><strong>1890:</strong> William Alexander Procter became president of Procter & Gamble, and his son William Cooper Procter became general manager.</li>
<li><strong>1891:</strong> Co-founder James Gamble died.</li>
</ul>
<h3 id="1900s">1900s</h3>
<ul>
<li><strong>1907:</strong> The company re-incorporated in Ohio.</li>
<li><strong>1907:</strong> William Cooper Procter became the president of Procter & Gamble.</li>
</ul>
<h3 id="1910s">1910s</h3>
<ul>
<li><strong>1911:</strong> Procter & Gamble began producing Crisco, a shortening made of vegetable oils instead of animal fats.</li>
</ul>
<h3 id="1920s">1920s</h3>
<ul>
<li><strong>1924:</strong> D. Paul “Doc” Smelser, a Ph.D. economist from Johns Hopkins University, collects statistical data breaking out consumers by income and background, making us the first company to conduct deliberate, data-based market research with consumers.</li>
</ul>
<h3 id="1930s">1930s</h3>
<ul>
<li><strong>1930:</strong> Procter & Gamble acquired Thomas Hedley Co., based in Newcastle upon Tyne, England, becoming an international corporation.</li>
<li><strong>1932:</strong> Procter & Gamble introduced “The Puddle Family Radio Show,” the first “soap opera,” so called because of the sponsor.</li>
<li><strong>1932:</strong> James Norris Gamble died.</li>
<li><strong>1934:</strong> William Cooper Procter died.</li>
</ul>
<h3 id="1940s">1940s</h3>
<ul>
<li><strong>1946:</strong> The lead researcher secretly works on the product in his spare time for 7 years. By 1946, he had created Tide, which was introduced as “The Washday Miracle” and cleans better than anything on the market.</li>
<li><strong>1947:</strong> Procter & Gamble introduced Prell shampoo.</li>
<li><strong>1949:</strong> California dentist invents Oral-B toothbrushes using soft nylon bristles out of concern for his patients’ gums. Oral-B has grown to become one of the largest global brush brands.</li>
<li><strong>1949:</strong> Procter & Gamble introduced Joy, the first liquid synthetic detergent.</li>
</ul>
<h3 id="1950s">1950s</h3>
<ul>
<li><strong>1955:</strong> Procter & Gamble began selling the first toothpaste to contain fluoride, known as Crest.</li>
<li><strong>1957:</strong> Procter & Gamble purchased Charmin paper mills and began manufacturing toilet paper and other tissue paper products.</li>
</ul>
<h3 id="1960s">1960s</h3>
<ul>
<li><strong>1960:</strong> Procter & Gamble began making Downy fabric softener.</li>
<li><strong>1961:</strong> Procter & Gamble scientists discovered Pyrithione Zinc, an ingredient that reduces dandruff, leading to the introduction of Head & Shoulders, that quickly became one of P&G’s biggest brands.</li>
<li><strong>1961:</strong> A P&G researcher developed a better and more affordable disposable diaper, leading to the advancement of Pampers, moving from pins to tapes, becoming thinner and more cloth-like, and designed for babies at every stage of development.</li>
</ul>
<h3 id="1970s">1970s</h3>
<ul>
<li><strong>1973:</strong> P&G acquires Bounce technology to deliver fabric softener in the form of dryer sheets as a fresh alternative to liquid fabric softeners.</li>
</ul>
<h3 id="1980s">1980s</h3>
<ul>
<li><strong>1980:</strong> Procter & Gamble voluntarily recalled its Rely brand of tampons from the market due to its association with toxic shock syndrome</li>
</ul>
<h3 id="1990s">1990s</h3>
<ul>
<li><strong>1994:</strong> Procter & Gamble made headlines for big losses resulting from leveraged positions in interest rate derivatives and subsequently sued Bankers Trust for fraud.</li>
</ul>
<h3 id="2000s">2000s</h3>
<ul>
<li><strong>2002:</strong> P&G was sued for suggesting that the drug Prilosec could cure heartburn in a day</li>
<li><strong>2005:</strong> Procter & Gamble acquired Gillette for $57 billion in stocks, forming the largest consumer goods company and placing Unilever in second place. Berkshire Hathaway, a shareholder of Gillette, becomes a shareholder of Procter & Gamble.</li>
<li><strong>2009:</strong> Warner Chilcott bought P&G’s prescription-drug business.</li>
</ul>
<h3 id="2010s">2010s</h3>
<ul>
<li><strong>2011:</strong> P&G was fined €211.2 million by the European Commission for establishing a price-fixing cartel for washing powder in Europe</li>
<li><strong>2013:</strong> P&G was found by a World Intellectual Property Organization panel to have engaged in reverse domain hijacking in an attempt to obtain the domain name “swash.com”</li>
<li><strong>2014:</strong> Procter & Gamble sold its Iams pet food business to Mars, Inc. for $2.9 billion.</li>
<li><strong>2014:</strong> Procter & Gamble announced it was streamlining the company, dropping around 100 brands and concentrating on the remaining 65, which were producing 95% of the company’s profits.</li>
<li><strong>2015:</strong> Procter & Gamble announced the sale of 43 of its beauty brands to Coty, a beauty-product manufacturer, in a US$13 billion deal.</li>
<li><strong>2016:</strong> Procter & Gamble completed the transfer of Duracell to Berkshire Hathaway through an exchange of its own shares Berkshire Hathaway held.</li>
<li><strong>2018:</strong> Procter & Gamble completed the acquisition of the consumer health division of Merck Group for €3.4 billion ($4.2 billion) and renamed it Procter & Gamble Health Limited in May 2019.</li>
<li><strong>2019:</strong> Procter & Gamble unveiled a simpler corporate structure with six business units.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
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<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/80424/000008042422000064/pg-20220630.htm" target="_blank">Procter & Gamble’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/80424/000119312522230548/d305470ddef14a.htm" target="_blank">Procter & Gamble’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/80424/000008042416000212/fy151610-kexhibit3x1.htm" target="_blank">Procter & Gamble’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns The Procter & Gamble Company (*PG*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns Johnson & Johnson: The Largest Shareholders Overview2023-05-12T00:00:00+00:002023-05-12T00:00:00+00:00https://www.kamilfranek.com/who-owns-johnson-and-johnson-largest-shareholders<p><img src="/assets/images/teasers/johnson-and-johnson-who-owns-johnson-and-johnson-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns Johnson & Johnson: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>Johnson & Johnson (<em>JNJ</em>) is a giant healthcare company focusing on pharmaceuticals and medical technology. It makes money mainly from pharmaceuticals representing the majority of revenues and profits, especially oncology and immunology drugs. It used to have also a consumer health segment, but it was spun off in 2023. Let’s look at who owns Johnson & Johnson and who controls it.</p>
<p><strong>Johnson & Johnson’s largest shareholders are asset manager giant Vanguard, which owns a 9.4% share, followed by asset manager giant BlackRock (7.6%) and asset manager State Street (5.5%). No other shareholder owns more than 5% of the company.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/johnson-and-johnson-logo.png" style="height:15px;" /> <strong>Johnson & Johnson's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">9.4%</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">7.6%</td>
<td class="gt_row gt_right">7.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/state-street-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">State Street</td>
<td class="gt_row gt_right">5.5%</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">77.5%</td>
<td class="gt_row gt_right">77.5%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/johnson-and-johnson-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows Johnson & Johnson vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns Johnson & Johnson and who controls it. I will show you who Johnson & Johnson’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-eli-lilly-largest-shareholders/"><strong>Eli Lilly</strong></a>, <a href="/who-owns-amazon-largest-shareholders/"><strong>Amazon</strong></a>, <a href="/who-owns-unitedhealth-largest-shareholders/"><strong>UnitedHealth</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>“Who Owns Who”</strong></a> series.</p>
<h2 id="-who-owns-johnson--johnson">📃 Who Owns Johnson & Johnson?</h2>
<p><img src="/assets/images/johnson-and-johnson-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns Johnson & Johnson, largest shareholders donut chart" /></p>
<p><strong>Johnson & Johnson is owned mainly by asset managers. The largest ones are asset manager giant Vanguard, which owns <a href="https://www.sec.gov/Archives/edgar/data/200406/000110465923016270/tv01216-johnsonjohnson.htm" target="_blank">9.4%</a> of the company, followed by asset manager giant BlackRock with a <a href="https://www.sec.gov/Archives/edgar/data/200406/000130655023005043/us4781601046_013123.txt" target="_blank">7.6%</a> ownership share, and State Street with <a href="https://www.sec.gov/Archives/edgar/data/200406/000009375123000419/Johnson_and_Johnson.txt" target="_blank">5.5%</a> ownership.</strong></p>
<ul>
<li>No shareholder has dominant ownership in the company, and the company has no single sizable owner except asset managers.</li>
<li>Johnson & Johnson’s ownership is dispersed, and the largest owners are asset managers who are not ultimate owners but invest money on behalf of their clients.</li>
<li>Vanguard and BlackRock are the largest asset managers worldwide, and it is common to see them among top shareholders in large public companies with dispersed ownership. Their portfolio is so huge that even if they spread it out across thousands of companies, they still belong to the main shareholders in many of them.</li>
</ul>
<p><strong>Johnson & Johnson was founded in 1886 by brothers Robert Wood Johnson, James Wood Johnson and Edward Mead Johnson.</strong> It has been a publicly listed company since its initial public offering on NYSE in 1944 (Ticker: JNJ).</p>
<ul>
<li>After the company went public, the founding family lost control.</li>
<li>Son of the founder Robert Wood Johnson II was the last family member heading the company. Philip B. Hofmann replaced him as CEO and chairman in 1963.</li>
<li>Johnson family still belongs to the wealthiest families in the US but is no longer connected with Johnson & Johson company.</li>
</ul>
<p>Johnson & Johnson is incorporated in the State of New Jersey (US), and its headquarters are in New Brunswick, New Jersey (US).</p>
<p>Until recently, Johnson & Johnson was active in three segments: Consumer Health, Pharmaceuticals, and MedTech. In 2023 the company spun off its Consumer Health business into a separate company called Kenvue, which is traded on NYSE under the trading ticker KVUE. Therefore, many brands that originally belonged to J&J, including “Johnson’s” brand, are no longer made and sold by J&J company.</p>
<h2 id="-who-controls-johnson--johnson-jnj">🎮 Who Controls Johnson & Johnson (JNJ)?</h2>
<p><img src="/assets/images/johnson-and-johnson-largest-shareholders-voting-power-donut-chart.png" alt="Who controls Johnson & Johnson, largest shareholders donut chart" /></p>
<p><strong>Johnson & Johnson’s shareholders with the largest voting power are asset manager giant Vanguard, which holds 9.4% of all votes, followed by asset manager giant BlackRock with 7.6% voting power, and asset manager State Street (5.5%).</strong></p>
<p>Johnson & Johnson has only one class of outstanding shares, with one vote per share. Therefore, there is no difference between the shareholder’s ownership and voting power.</p>
<p><strong>The ownership of Johnson & Johnson is quite dispersed, and the main shareholders are asset managers investing money on behalf of their clients.</strong></p>
<ul>
<li>None of them control the company individually, but together they have a big influence.</li>
<li>They are not ultimate owners of those shares but have significant voting power over a large part of the shares they hold.</li>
<li>Voting power gives asset managers the influence to endorse or oppose resolutions and shape the company’s governance practices and decisions.</li>
</ul>
<p><strong>Johnson & Johnson’s dispersed ownership structure dominated by asset managers creates conflicts of interest</strong> between Johnson & Johnson’s management, asset manager’s management, and the ultimate underlying investors that asset managers represent. In situations like these, insiders of the company hold significant power over it.</p>
<p><strong>Johnson & Johnson’s insiders that have influence over the company are CEO and chairman Joaquin Duato</strong> and other <a href="https://www.jnj.com/leadership/our-leadership-team" target="_blank">board members and executives.</a></p>
<ul>
<li>Johnson & Johnson has a 12-member board of directors reelected annually.</li>
<li>Nobody from the board of directors or executive officers holds more than 0.05% of Johnson & Johnson’s shares. Despite that, the lack of other large shareholders, except asset managers, gives the CEO a large influence.</li>
</ul>
<h2 id="️-breakdown-of-johnson--johnsons-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of Johnson & Johnson’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>Johnson & Johnson had a total of <a href="https://www.sec.gov/Archives/edgar/data/200406/000020040623000016/jnj-20230101.htm" target="_blank">2,614 million</a> outstanding shares as of December 2022. The following table shows how many shares each Johnson & Johnson’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/johnson-and-johnson-logo.png" style="height:15px;" /> <strong>Johnson & Johnson's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">247</td>
<td class="gt_row gt_right">247</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">199</td>
<td class="gt_row gt_right">199</td>
<td class="gt_row gt_right">7.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/state-street-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">State Street</td>
<td class="gt_row gt_right">142</td>
<td class="gt_row gt_right">142</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">2,026</td>
<td class="gt_row gt_right">2,026</td>
<td class="gt_row gt_right">77.5%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,614</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,614</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/200406/000020040623000016/jnj-20230101.htm" target="_blank">2,614 million</a> votes distributed among shareholders of Johnson & Johnson. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/johnson-and-johnson-logo.png" style="height:15px;" /> <strong>Johnson & Johnson's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">247</td>
<td class="gt_row gt_right">247</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">199</td>
<td class="gt_row gt_right">199</td>
<td class="gt_row gt_right">7.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/state-street-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">State Street</td>
<td class="gt_row gt_right">142</td>
<td class="gt_row gt_right">142</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">2,026</td>
<td class="gt_row gt_right">2,026</td>
<td class="gt_row gt_right">77.5%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,614</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,614</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-johnson--johnsons-market-value-by-shareholder">💵 Breakdown of Johnson & Johnson’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in Johnson & Johnson worth.</p>
<p>However, keep in mind that a stake in Johnson & Johnson could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/johnson-and-johnson-logo.png" style="height:15px;" /> <strong>Johnson & Johnson's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">$43.6</td>
<td class="gt_row gt_right">$43.6</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">$35.1</td>
<td class="gt_row gt_right">$35.1</td>
<td class="gt_row gt_right">7.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/state-street-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">State Street</td>
<td class="gt_row gt_right">$25.2</td>
<td class="gt_row gt_right">$25.2</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$357.8</td>
<td class="gt_row gt_right">$357.8</td>
<td class="gt_row gt_right">77.5%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$461.7</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$461.7</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each Johnson & Johnson shareholder individually.</p>
<h2 id="-who-are-johnson--johnsons-largest-shareholders">📒 Who Are Johnson & Johnson’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of Johnson & Johnson one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Johnson & Johnson worth.</p>
<h3 id="1-vanguard-94">#1 Vanguard (9.4%)</h3>
<p><img src="/assets/images/johnson-and-johnson-vanguard-ownership-and-voting-power.png" alt="Vanguard's share ownership and voting power in Johnson & Johnson (chart)" /></p>
<p><strong>Vanguard is the largest shareholder of Johnson & Johnson, owning 9.4% of its shares.
As of December 2022, the market value of Vanguard’s stake in Johnson & Johnson was $43.6 billion.</strong></p>
<p>Vanguard owned <a href="https://www.sec.gov/Archives/edgar/data/200406/000110465923016270/tv01216-johnsonjohnson.htm" target="_blank">247 million</a> shares in Johnson & Johnson and controlled 247 million shareholder votes as of December 2022.</p>
<p><a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/facts-and-figures.html" target="_blank"><strong>Vanguard</strong></a> <strong>(The Vanguard Group) is one of the largest asset managers in the world.</strong> It manages other people’s money through its mutual funds and exchange-traded funds and also offers other related investing and financial planning services.</p>
<p><strong>Vanguard differs from other large asset managers by having no actual “owner .”</strong> Officially Vanguard <a href="https://investor.vanguard.com/investor-resources-education/news/who-owns-vanguard" target="_blank">says</a> that its investors own it since its funds own it, and Vanguard fund investors own those funds.</p>
<p><strong>However, the actual decision power is in the hands of Vanguard’s insiders</strong> since the ownership is diluted over millions of investors worldwide.</p>
<p><strong>Vanguard has significant influence over the largest public companies.</strong> Thanks to its size, Vanguard usually belongs to the largest shareholders in those companies and has considerable power at their shareholder meetings. This is especially true if ownership is diluted.</p>
<ul>
<li>Several terms were coined to describe this issue. Some call it <a href="https://www.phenomenalworld.org/analysis/blackrock-asset-manager-capitalism/" target="_blank">asset manager capitalism</a>, and popular is also <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337" target="_blank">the power of twelve</a>. Financial Times even <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank">put together</a> who exactly those twelve people might be.</li>
<li><a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">Evidence</a> shows that big asset managers usually vote together with management.</li>
</ul>
<h3 id="2-blackrock-76">#2 BlackRock (7.6%)</h3>
<p><img src="/assets/images/johnson-and-johnson-blackrock-ownership-and-voting-power.png" alt="BlackRock's share ownership and voting power in Johnson & Johnson (chart)" /></p>
<p><strong>BlackRock is the second-largest shareholder of Johnson & Johnson, owning 7.6% of its shares.
As of December 2022, the market value of BlackRock’s stake in Johnson & Johnson was $35.1 billion.</strong></p>
<p>BlackRock owned <a href="https://www.sec.gov/Archives/edgar/data/200406/000130655023005043/us4781601046_013123.txt" target="_blank">199 million</a> shares in Johnson & Johnson and controlled 199 million shareholder votes as of December 2022.</p>
<p><a href="https://www.blackrock.com/corporate/about-us" target="_blank"><strong>BlackRock, Inc.</strong></a> <strong>is the world’s largest asset manager, with assets under management of</strong> <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2021/ar/online/pdfs/BlackRock_2021_AR_Complete_040822.pdf" target="_blank"><strong>$10 trillion.</strong></a> BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its <a href="https://www.blackrock.com/aladdin" target="_blank">Aladdin</a> portfolio management software.</p>
<p><strong>BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself.</strong> Not directly but through their passive and active funds. The largest shareholder is Vanguard.</p>
<p><strong>A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors</strong> and other large institutions, making the whole thing even more eyebrow-raising.</p>
<p><strong>This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies since they usually belong to the most significant shareholders with large voting power.</p>
<ul>
<li>
<p><strong>In the case of Blackrock, this influence is personified in the form of its CEO</strong> <a href="https://en.wikipedia.org/wiki/Larry_Fink" target="_blank"><strong>Larry Fink</strong></a>, who is a powerful figure with close ties to the FED and the US government.</p>
</li>
<li>
<p>Adding to these concerns is <a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">evidence</a> that BlackRock and other asset managers usually vote in favor of management proposals.</p>
</li>
</ul>
<h3 id="3-state-street-55">#3 State Street (5.5%)</h3>
<p><img src="/assets/images/johnson-and-johnson-state-street-ownership-and-voting-power.png" alt="State Street's share ownership and voting power in Johnson & Johnson (chart)" /></p>
<p><strong>State Street is the third-largest shareholder of Johnson & Johnson, owning 5.5% of its shares.
As of December 2022, the market value of State Street’s stake in Johnson & Johnson was $25.2 billion.</strong></p>
<p>State Street owned <a href="https://www.sec.gov/Archives/edgar/data/200406/000009375123000419/Johnson_and_Johnson.txt" target="_blank">142 million</a> shares in Johnson & Johnson and controlled 142 million shareholder votes as of December 2022.</p>
<p><a href="https://www.statestreet.com/us/en/asset-manager/about/our-story" target="_blank"><strong>State Street Corporation</strong></a> <strong>is one of the largest asset managers in the world, with <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/93751/000009375122000424/stt-20211231.htm" target="_blank">4 trillion</a> assets under management. It makes money mainly from servicing and management fees.</strong></p>
<p><strong>In 1993 company introduced the SPDR S&P 500 Trust ETF (traded under ticker SPY).</strong> It was the first exchange-traded fund, and State Street is now one of the largest ETF providers in the world.</p>
<p><strong>State Street is a publicly traded company, and its largest shareholders are, ironically, its competitors, Vanguard and Blackrock. One of its largest shareholders is even State Street itself.</strong> Not directly but through their passive and active funds.</p>
<p><strong>This circular ownership between State Street, Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies where they usually belong to the most significant shareholders.</p>
<h2 id="-who-and-when-founded-johnson--johnson">🧱 Who and When Founded Johnson & Johnson?</h2>
<p><strong>Johnson & Johnson was founded in 1886 by three brothers, Robert Wood Johnson, James Wood Johnson, and Edward Mead Johnson. Today, Johnson & Johnson is one of the largest healthcare companies in the world, with a global network of subsidiaries.</strong></p>
<p>Johnson & Johnson, one of the world’s leading healthcare conglomerates, has a rich and fascinating history that spans over a century.</p>
<p>It was in 1861 when Robert Wood Johnson embarked on his pharmaceutical journey as an apprentice at Wood & Tittamer’s pharmacy in Poughkeepsie, guided by his uncle, James Wood. Little did he know that this apprenticeship would sow the seeds of an extraordinary legacy.</p>
<p>By 1864, Johnson found himself in the bustling city of New York, working as a drug product salesman. Fate intervened when he crossed paths with George Seabury, a man who would play a crucial role in his future endeavors. Their collaboration led to the co-founding of Seabury & Johnson in 1873, a venture dedicated to the production of medicated plasters.</p>
<p>The company prospered, drawing the involvement of Johnson’s brothers. Yet, disagreements arose between the founders, and Johnson sold his stake in Seabury & Johnson in 1885.</p>
<p><strong>In 1886, alongside his brothers James Wood Johnson and Edward Mead Johnson, Robert Wood Johnson laid the foundation of a new enterprise that would later dominate the healthcare industry, Johnson & Johnson.</strong></p>
<p>The early years of Johnson & Johnson witnessed remarkable achievements. From manufacturing sterile surgical supplies to household products and medical guides. They introduced the world to the first sterile surgical products, including sutures, absorbent cotton, and gauze.</p>
<p><strong>In 1910 when Robert Wood Johnson, the visionary founder, passed away</strong>, the reins of the company were passed to his brother, James Wood Johnson.</p>
<p>Over the years, the baton of leadership passed from one generation to another, with Robert Wood Johnson II, son of the founder, assuming the role of president in 1932 and chairman in 1938.</p>
<p>The year 1944 witnessed a significant turning point in the history of Johnson & Johnson. With their initial public offering, the company’s destiny and the destiny of the Johson family started to diverge.</p>
<p><strong>In 1963, Philip B. Hofmann took the helm as Chairman and CEO, becoming the first non-Johnson family member to assume the esteemed position.</strong></p>
<p>Despite the family’s departure from involvement in the company, the <strong>Johnson family still belongs among the most wealthy families in the US.</strong></p>
<p>For example, Woody and Christopher Johnson, the great-grandsons of the founder, now hold ownership of the New York Jets.</p>
<h2 id="-johnson--johnsons-history-timeline">📅 Johnson & Johnson’s History Timeline</h2>
<p>These are selected events from Johnson & Johnson’s <a href="https://ourstory.jnj.com/our-beginning" target="_blank">history:</a></p>
<h3 id="1860s">1860s</h3>
<ul>
<li><strong>1861:</strong> Robert Wood Johnson begins his pharmaceutical apprenticeship at Wood & Tittamer’s pharmacy in Poughkeepsie. It was offered to him by his uncle James Wood.</li>
<li><strong>1864:</strong> Johnson works as a drug product salesman in New York City, where he meets George Seabury.</li>
</ul>
<h3 id="1870s">1870s</h3>
<ul>
<li><strong>1873:</strong> Johnson co-founded Seabury & Johnson with George Seabury, producing medicated plasters. Johnson’s brothers later worked for the company.</li>
</ul>
<h3 id="1880s">1880s</h3>
<ul>
<li><strong>1982:</strong> The Chicago Tylenol murders occurred, resulting in J&J making one of the first major recalls in American history and leading to reforms in the packaging of over-the-counter substances and federal anti-tampering laws.</li>
<li><strong>1885:</strong> After some disagreements, Johnson sold his stake in Seabury & Johnson to Seabury.</li>
<li><strong>1886:</strong> Robert Wood Johnson, James Wood Johnson, and Edward Mead Johnson started Johnson & Johnson, manufacturing sterile surgical supplies, household products, and medical guides</li>
<li><strong>1887:</strong> Johnson & Johnson registered the Red Cross as a U.S. trademark for “medicinal and surgical plasters”and has used the design since 1887.</li>
<li><strong>1888:</strong> Johnson & Johnson publishes Modern Methods of Antiseptic Wound Treatment, teaching doctors how to use sterile surgical supplies</li>
</ul>
<h3 id="1890s">1890s</h3>
<ul>
<li><strong>1894:</strong> Johnson & Johnson introduced the world’s first maternity kit to aid at-home births.</li>
</ul>
<h3 id="1900s-1950s">1900s-1950s</h3>
<ul>
<li><strong>1910:</strong> Founder Robert Wood Johnson died, and the company management was taken over by his brother James Wood Johnson.</li>
<li><strong>1920:</strong> Earle Dickson combined two Johnson & Johnson products, adhesive tape and gauze, to create the first commercial adhesive bandage. Band-Aid Brand Adhesive Bandages began sales the following year.</li>
<li><strong>1932:</strong> Robert Wood Johnson II (son of the founder) became president after his uncle James Wood Johnson died.</li>
<li>
<p><strong>1938:</strong> Robert Wood Johnson II also became chairman of the board.</p>
</li>
<li><strong>1944:</strong> Johnson & Johnson began to sell shares to the public, ending the company’s family control.</li>
</ul>
<h3 id="1960s">1960s</h3>
<ul>
<li><strong>1963:</strong> Philip B. Hofmann succeeded Robert Wood Johnson (son of the founder) as Chairman and CEO. He was the first non-Johnson family member to become chief executive. Hofmann also helped found the Robert Wood Johnson Foundation.</li>
<li><strong>1965:</strong> Johnson & Johnson acquired Codman & Shurtleff. The acquired company produced neurovascular devices and neurosurgery technologies.</li>
<li><strong>1968:</strong> Robert Wood Johnson II died.</li>
<li><strong>1969:</strong> Ortho Diagnostics, a company subsidiary, launched the Sickledex Tube Test for detecting anemia.</li>
<li><strong>1969:</strong> The FDA approved the Johnson & Johnson arterial graft.</li>
</ul>
<h3 id="1970s">1970s</h3>
<ul>
<li><strong>1971:</strong> Johnson & Johnson launched Hapindex Diagnostic Test, a rapid Hepatitis B test for blood donors.</li>
<li><strong>1971:</strong> Internal documents showed that J&J knew about asbestos contamination in its baby powder since at least 1971 and spent decades finding ways to hide the evidence from the public.</li>
<li><strong>1973:</strong> Richard Sellars became Chairman and CEO of Johnson & Johnson.</li>
<li><strong>1976:</strong> James E. Burke became the company’s Chairman and CEO.</li>
</ul>
<h3 id="1980s">1980s</h3>
<ul>
<li><strong>1982:</strong> The Chicago Tylenol murders occurred, resulting in J&J making one of the first major recalls in American history and leading to reforms in the packaging of over-the-counter substances and to federal anti-tampering laws.</li>
<li><strong>1983:</strong> J. Seward Johnson Sr.’s estate battle over $402,824,971.59 ended in a settlement where his principal heir agreed to pay $160 million to Mr. Johnson’s children.</li>
<li><strong>1985:</strong> Johnson & Johnson opened operating companies in China and Egypt.</li>
<li><strong>1987:</strong> Acuvue contact lenses became the first disposable contact lenses available to consumers. The lenses lasted up to one week, reducing the cost of contact lenses.</li>
<li><strong>1989:</strong> Ralph S. Larsen was appointed Chairman and CEO of the company.</li>
</ul>
<h3 id="1990s">1990s</h3>
<ul>
<li><strong>1991:</strong> After the Dissolution of the Soviet Union, Johnson & Johnson expanded into Eastern Europe. By the end of 1991, the company had operations in Hungary, Russia, the Czech Republic, and Poland.</li>
<li><strong>1996:</strong> Johnson & Johnson opened an operating company in Israel.</li>
<li><strong>1997:</strong> Johnson & Johnson acquired Biosense Webster.</li>
<li><strong>1998:</strong> DePuy was acquired by Johnson & Johnson and was rolled into the Medtech business group.</li>
</ul>
<h3 id="2000s">2000s</h3>
<ul>
<li><strong>2002:</strong> William C. Weldon was appointed Chairman and CEO of the company.</li>
<li><strong>2003:</strong> Johnson & Johnson and Boston Scientific have both claimed that the other had infringed on their patents covering heart stent medical devices.</li>
<li><strong>2003:</strong> Jamie Johnson, grandson of J. Seward Johnson Sr., released a documentary called “Born Rich” which was shown at the Hamptons Film Festival and broadcast on HBO.</li>
<li><strong>2006:</strong> Johnson & Johnson acquired Pfizer’s consumer healthcare business and merged it with its consumer healthcare business group. The acquisition added brands like Listerine, Bengay, and Neosporin to the company’s portfolio.</li>
<li><strong>2006:</strong> Johnson & Johnson’s Janssen Pharmaceuticals, launched Prezista, a protease inhibitor for patients with failed previous HIV therapies.</li>
<li><strong>2007:</strong> Johnson & Johnson sued Abbott Laboratories over the development and sale of the arthritis drug Humira.</li>
<li><strong>2008:</strong> Johnson & Johnson acquired Mentor Corporation for $1 billion and merged its operations into Ethicon.</li>
<li><strong>2009:</strong> The company acquired HealthMedia, later renamed Health & Wellness Solutions, and the Human Performance Institute.</li>
</ul>
<h3 id="2010s">2010s</h3>
<ul>
<li><strong>2010:</strong> Shareholders sued the board for allegedly failing to take action to prevent serious failings and illegalities since the 1990s, including manufacturing problems, bribing officials, covering up adverse effects, and misleading marketing for unapproved uses.</li>
<li><strong>2010-2011:</strong> J&J acquired Crucell for $2.4 billion. The subsidiary is the center for vaccines within Johnson & Johnson pharmaceuticals business group.</li>
<li><strong>2011:</strong> J&J settled litigation brought by the US Securities and Exchange Commission under the Foreign Corrupt Practices Act and paid around $70M in disgorgement and fines.</li>
<li><strong>2012:</strong> Alex Gorsky became Chairman and CEO of Johnson & Johnson.</li>
<li><strong>2012:</strong> Johnson and Johnson proposed a settlement with the shareholders.</li>
<li><strong>2013:</strong> Johnson & Johnson was ordered to pay more than $8.3 million in damages to a Montana man in the first of more than 10,000 lawsuits pending against the company in connection with the now-recalled DePuy hip.</li>
<li><strong>2013:</strong> J&J was accused of illegally marketing Risperdal through Omnicare, and it agreed to pay a penalty of around $2.2 billion.</li>
<li><strong>2016:</strong> Johnson & Johnson reached a settlement with 41 states and the District of Columbia, with no admission of liability, in a suit alleging deceptive marketing of transvaginal surgical-mesh devices.</li>
<li><strong>2017:</strong> Johnson & Johnson acquired Actelion in a $30 billion deal, the largest-ever purchase by the company. After the purchase, Johnson & Johnson spun off Actelion’s research and development unit, into a separate legal entity.</li>
<li><strong>2017:</strong> Johnson & Johnson acquired Abbott Medical Optics from Abbott Laboratories for $4.325 billion, adding the new division into Johnson & Johnson Vision Care, Inc. in 2017.</li>
<li><strong>2017:</strong> J&J reached an agreement to pay $33 million to several states to settle consumer fraud allegations in some of the company’s over-the-counter drugs.</li>
<li><strong>2017:</strong> Johnson & Johnson Vision Care, Inc acquired TearScience.</li>
<li><strong>2017:</strong> The company acquired subscription-based contact lens startup Sightbox.</li>
<li><strong>2017:</strong> Johnson & Johnson Medical GmbH acquired Emerging Implant Technologies GmbH, a manufacturer of 3D-printed titanium interbody implants for spinal fusion surgery.</li>
<li><strong>2018:</strong> A St. Louis jury awarded nearly $4.7 billion in damages to 22 women and their families in 2018 after they claimed that asbestos in Johnson & Johnson talcum powder caused their ovarian cancer.</li>
<li><strong>2018:</strong> J&J removed several chemicals from baby powder products and re-engineered them to make consumers more confident that products were safer for children.</li>
<li><strong>2019:</strong> Johnson & Johnson announced the release of photochromic contact lenses.</li>
<li><strong>2019:</strong> J&J was ordered by an Oklahoma judge to pay $572 million for their part in the opioid crisis.</li>
<li><strong>2019:</strong> The FDA approved esketamine for the treatment of severe depression, which is marketed as Spravato by Janssen Pharmaceuticals.</li>
</ul>
<h3 id="2020s">2020s</h3>
<ul>
<li><strong>2020:</strong> J&J announced it would discontinue the sale of talc-based baby powder in the United States and Canada in 2020, but would continue to sell it in other markets.</li>
<li><strong>2020:</strong> Johnson & Johnson acquired Momenta Pharmaceuticals for $6.5 billion.</li>
<li><strong>2021:</strong> J&J subsidiary LTL Management LLC, using a process called a Texas divisional merger, filed for Chapter 11 bankruptcy in North Carolina.</li>
<li><strong>2022</strong> Johnson & Johnson agreed to contribute $5bn from the total of $26bn to settle several thousand lawsuits claiming that J&J and other companies fueled the opioid crisis.</li>
<li><strong>2022:</strong> Joaquin Duato became CEO of Johnson & Johnson.</li>
<li><strong>2022:</strong> Johnson & Johnson announced that it would acquire Abiomed Inc for $16.6 billion.</li>
<li><strong>2023:</strong> J&J announced that it would stop making talc-based powder by 2023 and replace it with cornstarch-based powders.</li>
<li><strong>2023:</strong> J&J span off the J&J consumer segment into a separate company called Kenvue. It is listed under the ticker KVUE on NYSE. J&J retained only a minority stake.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="/who-owns-tesla-largest-shareholders/">Who Owns Tesla: The Largest Shareholders Overview</a></strong><br />Overview of who owns Tesla and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-jpmorgan-chase-largest-shareholders/">Who Owns JPMorgan Chase: The Largest Shareholders Overview</a></strong><br />Overview of who owns JPMorgan Chase and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-eli-lilly-largest-shareholders/">Who Owns Eli Lilly: The Largest Shareholders Overview</a></strong><br />Overview of who owns Eli Lilly and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-nike-largest-shareholders/">Who Owns Nike: The Largest Shareholders Overview</a></strong><br />Overview of who owns Nike and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-volkswagen-largest-shareholders/">Who Owns Volkswagen: The Largest Shareholders Overview</a></strong><br />Overview of who owns Volkswagen and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-nvidia-largest-shareholders/">Who Owns NVIDIA: The Largest Shareholders Overview</a></strong><br />Overview of who owns NVIDIA and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/200406/000020040623000016/jnj-20230101.htm" target="_blank">Johnson & Johnson’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/200406/000020040623000023/jnj-20230313.htm" target="_blank">Johnson & Johnson’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/200406/000020040616000071/exhibit3i-restatedcertific.htm" target="_blank">Johnson & Johnson’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns Johnson & Johnson (*JNJ*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns NVIDIA: The Largest Shareholders Overview2023-05-08T00:00:00+00:002023-05-08T00:00:00+00:00https://www.kamilfranek.com/who-owns-nvidia-largest-shareholders<p><img src="/assets/images/teasers/nvidia-who-owns-nvidia-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns NVIDIA: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>NVIDIA Corporation (<em>NVDA</em>) was originally focused mainly on PC graphics. However, over time, it used its GPU architecture to create a platform for advanced computing, where most of today’s NVIDIA revenue comes from. Let’s look at who owns NVIDIA and who controls it.</p>
<p><strong>NVIDIA’s largest shareholders are asset manager giants Vanguard, which owns 8.3% share, BlackRock (7.3%), and Fidelity (5.6%). Sizable stakes also belong to founder and CEO Jen-Hsun Huang, who owns (3.5%) of the company.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/nvidia-logo.png" style="height:15px;" /> <strong>NVIDIA's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">8.3%</td>
<td class="gt_row gt_right">8.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">7.3%</td>
<td class="gt_row gt_right">7.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/fidelity-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Fidelity</td>
<td class="gt_row gt_right">5.6%</td>
<td class="gt_row gt_right">5.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jen-hsun-huang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jen-Hsun Huang</td>
<td class="gt_row gt_right">3.5%</td>
<td class="gt_row gt_right">3.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mark-stevens-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mark Stevens</td>
<td class="gt_row gt_right">0.2%</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/tench-coxe-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Tench Coxe</td>
<td class="gt_row gt_right">0.2%</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">74.9%</td>
<td class="gt_row gt_right">74.9%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/nvidia-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows NVIDIA vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns NVIDIA and who controls it. I will show you who NVIDIA’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-tsmc-largest-shareholders/"><strong>TSMC</strong></a>, <a href="/who-owns-apple-largest-shareholders/"><strong>Apple</strong></a>, <a href="/who-owns-ibm-largest-shareholders/"><strong>IBM</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>“Who Owns Who”</strong></a> series.</p>
<h2 id="-who-owns-nvidia">📃 Who Owns NVIDIA?</h2>
<p><img src="/assets/images/nvidia-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns NVIDIA, largest shareholders donut chart" /></p>
<p><strong>NVIDIA is owned by its shareholders. The largest ones are asset managers Vanguard, which owns 8.3% of the company, BlackRock (7.3%), and Fidelity (5.6%). Co-founder and CEO Jen-Hsun Huang owns 3.5% of NVIDIA.</strong></p>
<p>Let’s examine each top owner more closely, and I will share some additional interesting details about them.</p>
<p><strong>The largest owners of NVIDIA are large asset managers Vanguard, which owns <a href="https://www.sec.gov/Archives/edgar/data/1045810/000110465923016606/tv01552-nvidiacorp.htm" target="_blank">8.3%</a> of the company, BlackRock (<a href="https://www.sec.gov/Archives/edgar/data/1045810/000130655023005055/us67066g1040_013123.txt" target="_blank">7.3%</a>), and Fidelity (<a href="https://www.sec.gov/Archives/edgar/data/1045810/000031506623001987/filing.txt" target="_blank">5.6%</a>)</strong></p>
<ul>
<li>No shareholder has dominant ownership in the company.</li>
<li>NVIDIA’s ownership is dispersed, and the largest owners are asset managers who invest money on behalf of their clients.</li>
<li>Vanguard and BlackRock are the largest asset managers worldwide, and it is common to see them among top shareholders in large public companies with dispersed ownership.</li>
</ul>
<p><strong>The largest known individual NVIDIA owner is Jen-Hsun Huang, founder and CEO, which owns a <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581022000189/xslF345X03/wf-form4_167122584482305.xml" target="_blank">3.5%</a> stake.</strong></p>
<ul>
<li>Jen-Hsun Huang has been the company CEO and chairman since the beginning.</li>
<li>His stake is relatively small but enough to make him the largest individual shareholder and billionaire.</li>
<li>He owns only a small amount of shares directly. Most of his stake is owned through Jen-Hsun & Lori Huang Living Trust, of which he and his wife are co-trustees.</li>
</ul>
<p><strong>The notable owners are also company directors and venture capitalist Mark Stevens, which owns <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581022000193/xslF345X03/wf-form4_167174295683123.xml" target="_blank">0.2%</a> of the company, and Tench Coxe, with <a href="https://www.sec.gov/Archives/edgar/data/1045810/000122520822007835/xslF345X03/doc4.xml" target="_blank">0.2%</a> ownership.</strong></p>
<ul>
<li>They are both company directors since early on, and their share is the result of stock awards and appreciation of company value over time.</li>
<li>Their stake is small in percentages, but still, it is worth hundreds of millions of US dollars.</li>
</ul>
<p><strong>NVIDIA was founded in 1993 by Jen-Hsun Huang, Chris Malachowsky, and Curtis Priem</strong> and has been a publicly listed company since its initial public offering on Nasdaq in 1999 (Ticker: NVDA).</p>
<ul>
<li>Of the three co-founders, only Jen-Hsun Huang is still at the company. The other two left a long time ago.</li>
<li>It is not known if co-founders Chris Malachowsky and Curtis Priem still own any stake in the company.</li>
<li>All three co-founders owned similar stakes of below 11% right after the IPO.</li>
<li>Other large shareholders, except founders, after the IPO were Sequoia Capital and entities around Sutter Hill Ventures.</li>
</ul>
<p>NVIDIA Corporation is incorporated in the State of Delaware (US), and its headquarters are in Santa Clara, California (US).</p>
<h2 id="-who-controls-nvidia-nvda">🎮 Who Controls NVIDIA (NVDA)?</h2>
<p><img src="/assets/images/nvidia-largest-shareholders-voting-power-donut-chart.png" alt="Who controls NVIDIA, largest shareholders donut chart" /></p>
<p><strong>NVIDIA’s shareholders with the largest voting power are asset managers Vanguard, which holds 8.3% of all votes, BlackRock, with 7.3% voting power, and Fidelity (5.6%). Sizable voting power also has founder and CEO Jen-Hsun Huang with 3.5% of all votes.</strong></p>
<p>NVIDIA has only one class of outstanding shares, with one vote per share. Therefore, there is no difference between the shareholder’s ownership and voting power.</p>
<p><strong>NVIDIA’s shareholders with the largest voting power are asset managers Vanguard (8.3%), BlackRock (7.3%), and Fidelity (5.6%). Together they hold 21.2% of all votes, which makes them a key player at shareholder meetings.</strong></p>
<ul>
<li>None of them controls the company individually, but together they have a big influence.</li>
<li>NVIDIA’s dispersed ownership combined with large stakes of asset managers creates conditions that give more power to company insiders.</li>
</ul>
<p><strong>NVIDIA’s shareholder with sizable voting power is also Jen-Hsun Huang, founder and CEO, holding 3.5% of all votes.</strong></p>
<ul>
<li>Thanks to dispersed ownership, Huang’s voting power, combined with his position of CEO, chairman, and co-founder, gives him a large influence over the company.</li>
<li>His stake is not very large as a % of all shares, but he is still the largest individual shareholder in the company.</li>
<li>Co-founders Chris Malachowsky and Curtis Priem are no longer involved in the company and are not board members. It is unknown whether they still have some stake in the company and voting power.</li>
</ul>
<p>Overall, company ownership is quite dispersed, and the largest shareholders are asset managers. Asset managers usually support the decisions of the management. Therefore the power over the company is mainly in the hand of CEO Jen-Hsun Huang, who is also a notable shareholder.</p>
<p><strong>NVIDIA’s insiders that have influence over the company are CEO and chairman Jen-Hsun Huang</strong> and other <a href="https://investor.nvidia.com/governance/board-of-directors/default.aspx" target="_blank">board members and executives.</a></p>
<ul>
<li>NVIDIA has a 13-member board of directors reelected annually. The company had a classified board previously, but it was passed out in 2014.</li>
<li>Nobody from the board of directors or executive officers, except Hunag, Coxe, and Stevens, hold more than 0.05% of NVIDIA’s shares.</li>
<li>Most of the people on the board have some venture capital industry experience. Some of them are on the board from the beginning, and company stock awards made them very rich.</li>
</ul>
<h2 id="️-breakdown-of-nvidias-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of NVIDIA’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>NVIDIA Corporation had a total of <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581023000017/nvda-20230129.htm" target="_blank">2,466 million</a> outstanding shares as of December 2022. The following table shows how many shares each NVIDIA’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/nvidia-logo.png" style="height:15px;" /> <strong>NVIDIA's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">205</td>
<td class="gt_row gt_right">205</td>
<td class="gt_row gt_right">8.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">180</td>
<td class="gt_row gt_right">180</td>
<td class="gt_row gt_right">7.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/fidelity-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Fidelity</td>
<td class="gt_row gt_right">139</td>
<td class="gt_row gt_right">139</td>
<td class="gt_row gt_right">5.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jen-hsun-huang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jen-Hsun Huang</td>
<td class="gt_row gt_right">86</td>
<td class="gt_row gt_right">86</td>
<td class="gt_row gt_right">3.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mark-stevens-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mark Stevens</td>
<td class="gt_row gt_right">6</td>
<td class="gt_row gt_right">6</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/tench-coxe-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Tench Coxe</td>
<td class="gt_row gt_right">4</td>
<td class="gt_row gt_right">4</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">1,847</td>
<td class="gt_row gt_right">1,847</td>
<td class="gt_row gt_right">74.9%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,466</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,466</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581023000017/nvda-20230129.htm" target="_blank">2,466 million</a> votes distributed among shareholders of NVIDIA Corporation. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/nvidia-logo.png" style="height:15px;" /> <strong>NVIDIA's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">205</td>
<td class="gt_row gt_right">205</td>
<td class="gt_row gt_right">8.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">180</td>
<td class="gt_row gt_right">180</td>
<td class="gt_row gt_right">7.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/fidelity-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Fidelity</td>
<td class="gt_row gt_right">139</td>
<td class="gt_row gt_right">139</td>
<td class="gt_row gt_right">5.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jen-hsun-huang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jen-Hsun Huang</td>
<td class="gt_row gt_right">86</td>
<td class="gt_row gt_right">86</td>
<td class="gt_row gt_right">3.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mark-stevens-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mark Stevens</td>
<td class="gt_row gt_right">6</td>
<td class="gt_row gt_right">6</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/tench-coxe-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Tench Coxe</td>
<td class="gt_row gt_right">4</td>
<td class="gt_row gt_right">4</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">1,847</td>
<td class="gt_row gt_right">1,847</td>
<td class="gt_row gt_right">74.9%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,466</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,466</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-nvidias-market-value-by-shareholder">💵 Breakdown of NVIDIA’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in NVIDIA Corporation worth.</p>
<p>However, keep in mind that a stake in NVIDIA could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/nvidia-logo.png" style="height:15px;" /> <strong>NVIDIA's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">$29.9</td>
<td class="gt_row gt_right">$29.9</td>
<td class="gt_row gt_right">8.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">$26.3</td>
<td class="gt_row gt_right">$26.3</td>
<td class="gt_row gt_right">7.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/fidelity-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Fidelity</td>
<td class="gt_row gt_right">$20.3</td>
<td class="gt_row gt_right">$20.3</td>
<td class="gt_row gt_right">5.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jen-hsun-huang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jen-Hsun Huang</td>
<td class="gt_row gt_right">$12.6</td>
<td class="gt_row gt_right">$12.6</td>
<td class="gt_row gt_right">3.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/mark-stevens-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Mark Stevens</td>
<td class="gt_row gt_right">$0.8</td>
<td class="gt_row gt_right">$0.8</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/tench-coxe-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Tench Coxe</td>
<td class="gt_row gt_right">$0.6</td>
<td class="gt_row gt_right">$0.6</td>
<td class="gt_row gt_right">0.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$269.9</td>
<td class="gt_row gt_right">$269.9</td>
<td class="gt_row gt_right">74.9%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$360.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$360.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each NVIDIA shareholder individually.</p>
<h2 id="-who-are-nvidias-largest-shareholders">📒 Who Are NVIDIA’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of NVIDIA Corporation one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in NVIDIA worth.</p>
<h3 id="1-vanguard-83">#1 Vanguard (8.3%)</h3>
<p><img src="/assets/images/nvidia-vanguard-ownership-and-voting-power.png" alt="Vanguard's share ownership and voting power in NVIDIA (chart)" /></p>
<p><strong>Vanguard is the largest shareholder of NVIDIA, owning 8.3% of its shares.
As of December 2022, the market value of Vanguard’s stake in NVIDIA was $29.9 billion.</strong></p>
<p>Vanguard owned <a href="https://www.sec.gov/Archives/edgar/data/1045810/000110465923016606/tv01552-nvidiacorp.htm" target="_blank">205 million</a> shares in NVIDIA and controlled 205 million shareholder votes as of December 2022.</p>
<p><a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/facts-and-figures.html" target="_blank"><strong>Vanguard</strong></a> <strong>(The Vanguard Group) is one of the largest asset managers in the world.</strong> It manages other people’s money through its mutual funds and exchange-traded funds and also offers other related investing and financial planning services.</p>
<p><strong>Vanguard differs from other large asset managers by having no actual “owner .”</strong> Officially Vanguard <a href="https://investor.vanguard.com/investor-resources-education/news/who-owns-vanguard" target="_blank">says</a> that its investors own it since its funds own it, and Vanguard fund investors own those funds.</p>
<p><strong>However, the actual decision power is in the hands of Vanguard’s insiders</strong> since the ownership is diluted over millions of investors worldwide.</p>
<p><strong>Vanguard has significant influence over the largest public companies.</strong> Thanks to its size, Vanguard usually belongs to the largest shareholders in those companies and has considerable power at their shareholder meetings. This is especially true if ownership is diluted.</p>
<ul>
<li>Several terms were coined to describe this issue. Some call it <a href="https://www.phenomenalworld.org/analysis/blackrock-asset-manager-capitalism/" target="_blank">asset manager capitalism</a>, and popular is also <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337" target="_blank">the power of twelve</a>. Financial Times even <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank">put together</a> who exactly those twelve people might be.</li>
<li><a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">Evidence</a> shows that big asset managers usually vote together with management.</li>
</ul>
<h3 id="2-blackrock-73">#2 BlackRock (7.3%)</h3>
<p><img src="/assets/images/nvidia-blackrock-ownership-and-voting-power.png" alt="BlackRock's share ownership and voting power in NVIDIA (chart)" /></p>
<p><strong>BlackRock is the second-largest shareholder of NVIDIA, owning 7.3% of its shares.
As of December 2022, the market value of BlackRock’s stake in NVIDIA was $26.3 billion.</strong></p>
<p>BlackRock owned <a href="https://www.sec.gov/Archives/edgar/data/1045810/000130655023005055/us67066g1040_013123.txt" target="_blank">180 million</a> shares in NVIDIA and controlled 180 million shareholder votes as of December 2022.</p>
<p><a href="https://www.blackrock.com/corporate/about-us" target="_blank"><strong>BlackRock, Inc.</strong></a> <strong>is the world’s largest asset manager, with assets under management of</strong> <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2021/ar/online/pdfs/BlackRock_2021_AR_Complete_040822.pdf" target="_blank"><strong>$10 trillion.</strong></a> BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its <a href="https://www.blackrock.com/aladdin" target="_blank">Aladdin</a> portfolio management software.</p>
<p><strong>BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself.</strong> Not directly but through their passive and active funds. The largest shareholder is Vanguard.</p>
<p><strong>A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors</strong> and other large institutions, making the whole thing even more eyebrow-raising.</p>
<p><strong>This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies since they usually belong to the most significant shareholders with large voting power.</p>
<ul>
<li>
<p><strong>In the case of Blackrock, this influence is personified in the form of its CEO</strong> <a href="https://en.wikipedia.org/wiki/Larry_Fink" target="_blank"><strong>Larry Fink</strong></a>, who is a powerful figure with close ties to the FED and the US government.</p>
</li>
<li>
<p>Adding to these concerns is <a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">evidence</a> that BlackRock and other asset managers usually vote in favor of management proposals.</p>
</li>
</ul>
<h3 id="3-fidelity-56">#3 Fidelity (5.6%)</h3>
<p><img src="/assets/images/nvidia-fidelity-ownership-and-voting-power.png" alt="Fidelity's share ownership and voting power in NVIDIA (chart)" /></p>
<p><strong>Fidelity is the third-largest shareholder of NVIDIA, owning 5.6% of its shares.
As of December 2022, the market value of Fidelity’s stake in NVIDIA was $20.3 billion.</strong></p>
<p>Fidelity owned <a href="https://www.sec.gov/Archives/edgar/data/1045810/000031506623001987/filing.txt" target="_blank">139 million</a> shares in NVIDIA and controlled 139 million shareholder votes as of December 2022.</p>
<p><a href="https://www.fidelity.com/about-fidelity/our-company" target="_blank"><strong>Fidelity</strong></a> (FMR LLC) <strong>is one of the four largest asset managers in the world, together with BlackRock, Vanguard, and State Street. Fidelity is controlled by the Jonhson family, holding 49% of the voting power.</strong></p>
<p>Fidelity is currently managed by <a href="https://en.wikipedia.org/wiki/Abigail_Johnson" target="_blank">Abigail Johnson</a> after her father, Edward Johnson III, died in 2022.</p>
<p>An interesting fact is that in 2004 Abigail pulled a pretty <a href="https://www.wsj.com/articles/fidelity-investments-new-chief-confronts-market-shift-1428460203" target="_blank">bold move</a> on her further when she tried to oust him from the company. The attempt was unsuccessful then, but she holds the reins now.</p>
<p>Like other large asset managers, Fidelity is not free from potential <a href="https://www.reuters.com/investigates/special-report/usa-fidelity-family/" target="_blank">conflicts of interest.</a></p>
<h3 id="4-jen-hsun-huang-35">#4 Jen-Hsun Huang (3.5%)</h3>
<p><img src="/assets/images/nvidia-jen-hsun-huang-ownership-and-voting-power.png" alt="Jen-Hsun Huang's share ownership and voting power in NVIDIA (chart)" /></p>
<p><strong>Jen-Hsun Huang owns 3.5% of NVIDIA’s shares.
As of December 2022, the market value of Jen-Hsun Huang’s stake in NVIDIA was $12.6 billion.</strong></p>
<p>Jen-Hsun Huang owned <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581022000189/xslF345X03/wf-form4_167122584482305.xml" target="_blank">86 million</a> shares in NVIDIA and controlled 86 million shareholder votes as of December 2022.</p>
<p><a href="https://nvidianews.nvidia.com/bios/jensen-huang" target="_blank"><strong>Jen-Hsun Huang</strong></a> <strong>is the co-founder and long-time CEO of Nvidia. With Huang at the helm, Nvidia has become a driving force in artificial intelligence and gaming.</strong></p>
<p>Born in Tainan, Taiwan, his family migrated to the United States when he was just a child. After earning his undergraduate degree in electrical engineering from Oregon State University, Huang worked at LSI Logic and AMD. In 1992, he earned his master’s degree in electrical engineering from Stanford University.</p>
<p>He co-founded Nvidia in 1993 and has served as the company’s president, chief executive officer, and chairman since its inception.</p>
<h3 id="5-mark-stevens-02">#5 Mark Stevens (0.2%)</h3>
<p><img src="/assets/images/nvidia-mark-stevens-ownership-and-voting-power.png" alt="Mark Stevens's share ownership and voting power in NVIDIA (chart)" /></p>
<p><strong>Mark Stevens owns 0.2% of NVIDIA’s shares.
As of December 2022, the market value of Mark Stevens’s stake in NVIDIA was $0.8 billion.</strong></p>
<p>Mark Stevens owned <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581022000193/xslF345X03/wf-form4_167174295683123.xml" target="_blank">6 million</a> shares in NVIDIA and controlled 6 million shareholder votes as of December 2022.</p>
<p><a href="https://markstevens.com/" target="_blank"><strong>Mark Stevens</strong></a> <strong>is a prominent venture capitalist and billionaire, currently serving as the managing partner of S-Cubed Capital in Menlo Park, California.</strong></p>
<p>After spending some time at Intel, Stevens made his mark during his stint at Sequoia Capital which he joined in 1989. While he was there, Sequoia worked on some of its most successful investments, including Google, Yahoo, Nvidia, and YouTube.</p>
<p>In 2012, he left Sequoia and joined S-Cubed Capital, where he is currently based. Despite this move, he remains a special limited partner at Sequoia.</p>
<p>Beyond his work in venture capital, Stevens has also invested in the NBA’s Golden State Warriors, buying a stake in the team in 2013.</p>
<h3 id="6-tench-coxe-02">#6 Tench Coxe (0.2%)</h3>
<p><img src="/assets/images/nvidia-tench-coxe-ownership-and-voting-power.png" alt="Tench Coxe's share ownership and voting power in NVIDIA (chart)" /></p>
<p><strong>Tench Coxe owns 0.2% of NVIDIA’s shares.
As of December 2022, the market value of Tench Coxe’s stake in NVIDIA was $0.6 billion.</strong></p>
<p>Tench Coxe owned <a href="https://www.sec.gov/Archives/edgar/data/1045810/000122520822007835/xslF345X03/doc4.xml" target="_blank">4 million</a> shares in NVIDIA and controlled 4 million shareholder votes as of December 2022.</p>
<p><a href="https://www.forbes.com/profile/tench-coxe/" target="_blank"><strong>Tench Coxe</strong></a> <strong>is a venture capitalist and billionaire. He is a former managing director at Sutter Hill Ventures. He spent a significant portion of his career with the company until 2020 when he left.</strong></p>
<h2 id="-who-and-when-founded-nvidia">🧱 Who and When Founded NVIDIA?</h2>
<p><strong>NVIDIA was founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem, who saw an opportunity to create a company that would revolutionize the gaming industry and advance computing.</strong></p>
<p>In the early 1990s, the computer gaming industry was in its infancy, and the graphics processing technology available was limited. In 1993, NVIDIA was born, with Huang becoming the CEO.</p>
<p>The company’s early years were focused on developing graphics processing units (GPUs) for personal computers. In 1999, NVIDIA went public on NASDAQ. That same year, it released the GeForce 256 GPU, the first GPU for personal computers, and offered superior three-dimensional graphics quality.</p>
<p>In the years that followed, NVIDIA continued to innovate, developing new GPU architectures that could be used for scientific computing, AI, data science, AV, robotics, and metaverse applications. Today, NVIDIA is a global leader in GPU-based computing and networking solutions, and it now earns more revenue from its non-graphic-focused products.</p>
<p>While Chris Malachowsky and Curtis Priem left NVIDIA long ago, Huang remained at the helm and drove the company’s continued growth and success. Under his leadership, NVIDIA has transformed from a small graphics processing company to a global technology giant with over $500 billion in market capitalization.</p>
<h2 id="-nvidias-history-timeline">📅 NVIDIA’s History Timeline</h2>
<p>These are selected events from NVIDIA’s <a href="">history:</a></p>
<h3 id="1990s">1990s</h3>
<ul>
<li><strong>1993:</strong> NVIDIA was founded by Jensen Huang, Chris Malachowsky, and Curtis Priem. Huang became CEO and has kept this position ever since.</li>
<li><strong>1997:</strong> NVIDIA launched the RIVA series of graphics processors and became a major force in the computer gaming industry.</li>
<li><strong>1999:</strong> NVIDIA went public on NASDAQ.</li>
<li><strong>1999:</strong> NVIDIA released the GeForce 256 GPU, the first GPU for personal computers, which offered superior three-dimensional graphics quality.</li>
</ul>
<h3 id="2000s">2000s</h3>
<ul>
<li><strong>2000:</strong> NVIDIA acquired 3dfx Interactive’s remaining assets.</li>
<li><strong>2000:</strong> Microsoft selected NVIDIA to develop graphics cards for Microsoft’s long-awaited Xbox video game console.</li>
<li><strong>2000:</strong> Release of GeForce2 GTS</li>
<li><strong>2002:</strong> Nvidia acquired Exluna.</li>
<li><strong>2003:</strong> Nvidia acquired MediaQ.</li>
<li><strong>2003:</strong> Co-founder Curtis Priem left the company.</li>
<li><strong>2004:</strong> Nvidia acquired iReady.</li>
<li><strong>2004:</strong> Nvidia acquired ULI Electronics.</li>
<li><strong>2006:</strong> NVIDIA unveiled the CUDA® architecture, opening parallel processing capabilities of GPUs to science and research.</li>
<li><strong>2006:</strong> Nvidia acquired Hybrid Graphics.</li>
<li><strong>2006:</strong> Nvidia received subpoenas from the U.S. Department of Justice regarding possible antitrust violations in the graphics card industry.</li>
<li><strong>2008:</strong> Nvidia took a write-down of approximately $200 million due to manufacturing defects causing abnormal failure rates in certain mobile chipsets and GPUs, leading to a class action lawsuit.</li>
<li><strong>2008:</strong> Nvidia acquired Ageia.</li>
</ul>
<h3 id="2010s">2010s</h3>
<ul>
<li><strong>2010:</strong> Nvidia reached a settlement to reimburse owners of laptops affected by the aforementioned manufacturing defects.</li>
<li><strong>2011:</strong> Nvidia agreed to acquire Icera, a baseband chip-making company in the UK.</li>
<li><strong>2011:</strong> Nvidia released its Tegra 3 ARM system-on-a-chip for mobile devices.</li>
<li><strong>2013:</strong> Nvidia unveiled the Tegra 4 and the Nvidia Shield.</li>
<li><strong>2013:</strong> Nvidia acquired PGI from STMicroelectronics.</li>
<li><strong>2014:</strong> The closed nature of Nvidia’s drivers has generated dissatisfaction within free-software communities.</li>
<li><strong>2016:</strong> Nvidia unveiled the first GPUs of the GeForce 10 series, the GTX 1080 and 1070.</li>
<li><strong>2016:</strong> Nvidia settled a false advertising lawsuit regarding its GTX 970 model.</li>
<li><strong>2016:</strong> Nvidia developed Nvidia Tesla K80 and P100 GPU-based virtual machines available through Google Cloud and AWS</li>
<li><strong>2017:</strong> Nvidia announced a partnership with Toyota to use Nvidia’s Drive PX-series artificial intelligence platform for its autonomous vehicles.</li>
<li><strong>2017:</strong> Nvidia and Chinese search giant Baidu announced a far-reaching AI partnership.</li>
<li><strong>2018:</strong> NVIDIA reinvented computer graphics with NVIDIA RTX™, the first GPU capable of real-time ray tracing.</li>
<li><strong>2018:</strong> Nvidia failed to disclose that crypto mining was a significant element of its revenue growth from sales of chips designed for gaming.</li>
<li><strong>2019</strong> Nvidia announced a deal to buy Mellanox Technologies for $6.9 billion to substantially expand its footprint in the high-performance computing market.</li>
</ul>
<h3 id="2020s">2020s</h3>
<ul>
<li><strong>2020:</strong> Nvidia’s announced it would acquire Arm from SoftBank for $40 billion.</li>
<li><strong>2021:</strong> UK’s Competition and Markets Authority raised “significant competition concerns” about the proposed Arm acquisition.</li>
<li><strong>2022:</strong> SoftBank, the parent company of Arm, and Nvidia announced they “had agreed not to move forward with the transaction ‘because of significant regulatory challenges.”</li>
<li><strong>2022:</strong> Nvidia’s CEO mentioned that they are open to having Intel manufacture their chips in the future.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="/who-owns-tesla-largest-shareholders/">Who Owns Tesla: The Largest Shareholders Overview</a></strong><br />Overview of who owns Tesla and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-jpmorgan-chase-largest-shareholders/">Who Owns JPMorgan Chase: The Largest Shareholders Overview</a></strong><br />Overview of who owns JPMorgan Chase and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-eli-lilly-largest-shareholders/">Who Owns Eli Lilly: The Largest Shareholders Overview</a></strong><br />Overview of who owns Eli Lilly and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-walmart-largest-shareholders/">Who Owns Walmart: The Largest Shareholders Overview</a></strong><br />Overview of who owns Walmart and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-tsmc-largest-shareholders/">Who Owns TSMC: The Largest Shareholders Overview</a></strong><br />Overview of who owns TSMC and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581023000017/nvda-20230129.htm" target="_blank">NVIDIA’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581022000067/nvda2022definitiveproxysta.htm" target="_blank">NVIDIA’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581022000036/nvidia-restatedcertificate.htm" target="_blank">NVIDIA’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns NVIDIA Corporation (*NVDA*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns TSMC: The Largest Shareholders Overview2023-05-05T00:00:00+00:002023-05-05T00:00:00+00:00https://www.kamilfranek.com/who-owns-tsmc-largest-shareholders<p><img src="/assets/images/teasers/tsmc-who-owns-tsmc-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns TSMC: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>Taiwan Semiconductor Manufacturing Company Limited (<em>TSM</em>) is the leader in semiconductor manufacturing. It makes money predominantly by selling chips for high-performance computing and smartphones to its customers, including <a href="/who-owns-apple-largest-shareholders/">Apple</a>, AMD, NVIDIA, Sony, and others. Let’s look at who owns TSMC and who controls it.</p>
<p><strong>TSMC’s largest shareholder is the National Development Fund, which owns 6.4% of all shares. No other shareholder owns more than a 5% stake. A sizable stake probably still belongs to a company founder Morris Chang who might own around 0.5% of the company.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/tsmc-logo.png" style="height:15px;" /> <strong>TSMC's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/national-development-fund-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">National Development Fund</td>
<td class="gt_row gt_right">6.4%</td>
<td class="gt_row gt_right">6.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/morris-chang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Morris Chang</td>
<td class="gt_row gt_right">0.5%</td>
<td class="gt_row gt_right">0.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">93.1%</td>
<td class="gt_row gt_right">93.1%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/tsmc-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows TSMC vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns TSMC and who controls it. I will show you who TSMC’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-cisco-largest-shareholders/"><strong>Cisco</strong></a>, <a href="/who-owns-apple-largest-shareholders/"><strong>Apple</strong></a>, <a href="/who-owns-ibm-largest-shareholders/"><strong>IBM</strong></a>, and other articles in my <a href="/who-owns-who/"><strong>“Who Owns Who”</strong></a> series.</p>
<h2 id="-who-owns-tsmc">📃 Who Owns TSMC?</h2>
<p><img src="/assets/images/tsmc-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns TSMC, largest shareholders donut chart" /></p>
<p><strong>TSMC is owned by its shareholders. The largest is the National Development Fund, which owns 6.4% of the company. A notable owner is also a company founder Morris Chang. He is not required to disclose his stake anymore, but it is estimated to be around 0.5%.</strong></p>
<p><strong>The largest owner of TSMC is the National Development Fund, which owns <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001046179/000119312523107214/d428519d20f.htm#tx428519_9" target="_blank">6.4%</a> of the company.</strong></p>
<ul>
<li>National Development Fund was set up by the Taiwanese government to bolster innovation, research, and economic growth within the country.</li>
<li>The Fund’s predecessor provided a large portion of initial capital when the company was founded in 1987.</li>
</ul>
<p><strong>The notable owner is also a company founder Morris Chang, who is estimated to own around <a href="https://www.sec.gov/Archives/edgar/data/1046179/000119312518121866/d459142d20f.htm" target="_blank">0.5%</a> of the company.</strong></p>
<ul>
<li>Semiconductor industry titan with a remarkable career in Texas Instruments and especially TSMC, where he spent several decades as CEO & Chairman and is TSMC founding father.</li>
<li>He is considered the founder of the company but probably did not have any equity stake initially, and his ownership is a result of stock compensations.</li>
<li>He is not required to disclose his ownership anymore since he resigned from CEO & chairman position in 2018. Ownership is only estimated, assuming he still holds the same amount of shares as when he left the company.</li>
</ul>
<p>The original investor in the company and also TSMC’s customer was Philips. However, Philips slowly got rid of its stake and finally sold all the remaining shares in 2009.</p>
<p>Another famous investor not so long ago was Waren Buffett’s, <a href="/who-owns-berkshire-hathaway-largest-shareholders/">Berkshire Hathaway</a>. It purchased a sizable stake in 2022 but sold off most of the share in the next quarter.</p>
<p><strong>TSMC was founded in 1987 by Morris Chang</strong> and has been a publicly listed company since its initial public offering on the Taiwan Stock Exchange in 1994 (Ticker: 2330). Company shares are also traded on NYSE as ADR under ticker TSM.</p>
<ul>
<li>TSMC was founded as a joint venture between the Taiwanese government, Dutch multinational electronics giant Philips, and other private investors.</li>
</ul>
<p>Taiwan Semiconductor Manufacturing Company Limited is incorporated in Taiwan, and its headquarters are in Hsinchu Science Park, Taiwan.</p>
<h2 id="-who-controls-tsmc-tsm">🎮 Who Controls TSMC (TSM)?</h2>
<p><img src="/assets/images/tsmc-largest-shareholders-voting-power-donut-chart.png" alt="Who controls TSMC, largest shareholders donut chart" /></p>
<p><strong>TSMC’s shareholder with the largest voting power is the National Development Fund, which holds 6.4% of all votes. No other shareholders come close to their stake, and ownership is quite dispersed.</strong></p>
<p><strong>TSMC has only one class of outstanding shares, with one vote per share.</strong> Therefore, there is no difference between the shareholder’s ownership and voting power.</p>
<p><strong>TSMC’s shareholder with the largest voting power is the National Development Fund which holds 6.4% of all votes.</strong></p>
<ul>
<li>National Development Fund is an entity set up by the Taiwanese government</li>
<li>Its stake is not large, but thanks to otherwise dispersed ownership, it gives government influence in the company.</li>
</ul>
<p>As you can see, the ownership structure is quite dispersed, except for the stake of the National Development Fund. This means the control is mainly in the hands of company insiders and the Taiwanese government.</p>
<p><strong>TSMC’s insiders that have influence over the company are CEO C.C. Wei, chairman of the board Mark Liu,</strong> and other <a href="https://investor.tsmc.com/english/board-of-directors" target="_blank">board members and executives.</a></p>
<ul>
<li>TSMC currently has a 10-member board of directors, and their term is three years.</li>
<li>Most of the directors are independent, except the chairman, CEO, and one representative of the National Development Fund</li>
<li>The current CEO and Chairman assumed their roles in 2018 after founder Morris Chang retired from the company.</li>
</ul>
<h2 id="️-breakdown-of-tsmcs-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of TSMC’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>Taiwan Semiconductor Manufacturing Company Limited had a total of <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001046179/000119312523107214/d428519d20f.htm" target="_blank">25,930 million</a> outstanding shares as of December 2022. The following table shows how many shares each TSMC’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/tsmc-logo.png" style="height:15px;" /> <strong>TSMC's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/national-development-fund-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">National Development Fund</td>
<td class="gt_row gt_right">1,654</td>
<td class="gt_row gt_right">1,654</td>
<td class="gt_row gt_right">6.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/morris-chang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Morris Chang</td>
<td class="gt_row gt_right">125</td>
<td class="gt_row gt_right">125</td>
<td class="gt_row gt_right">0.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">24,152</td>
<td class="gt_row gt_right">24,152</td>
<td class="gt_row gt_right">93.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">25,930</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">25,930</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001046179/000119312523107214/d428519d20f.htm" target="_blank">25,930 million</a> votes distributed among shareholders of Taiwan Semiconductor Manufacturing Company Limited. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/tsmc-logo.png" style="height:15px;" /> <strong>TSMC's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/national-development-fund-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">National Development Fund</td>
<td class="gt_row gt_right">1,654</td>
<td class="gt_row gt_right">1,654</td>
<td class="gt_row gt_right">6.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/morris-chang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Morris Chang</td>
<td class="gt_row gt_right">125</td>
<td class="gt_row gt_right">125</td>
<td class="gt_row gt_right">0.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">24,152</td>
<td class="gt_row gt_right">24,152</td>
<td class="gt_row gt_right">93.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">25,930</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">25,930</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-tsmcs-market-value-by-shareholder">💵 Breakdown of TSMC’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in Taiwan Semiconductor Manufacturing Company Limited worth.</p>
<p>However, keep in mind that a stake in TSMC could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/tsmc-logo.png" style="height:15px;" /> <strong>TSMC's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/national-development-fund-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">National Development Fund</td>
<td class="gt_row gt_right">$24.6</td>
<td class="gt_row gt_right">$24.6</td>
<td class="gt_row gt_right">6.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/morris-chang-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Morris Chang</td>
<td class="gt_row gt_right">$1.9</td>
<td class="gt_row gt_right">$1.9</td>
<td class="gt_row gt_right">0.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$359.8</td>
<td class="gt_row gt_right">$359.8</td>
<td class="gt_row gt_right">93.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$386.3</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$386.3</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each TSMC shareholder individually.</p>
<h2 id="-who-are-tsmcs-largest-shareholders">📒 Who Are TSMC’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of Taiwan Semiconductor Manufacturing Company Limited one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in TSMC worth.</p>
<h3 id="1-national-development-fund-64">#1 National Development Fund (6.4%)</h3>
<p><img src="/assets/images/tsmc-national-development-fund-ownership-and-voting-power.png" alt="National Development Fund's share ownership and voting power in TSMC (chart)" /></p>
<p><strong>National Development Fund is the largest shareholder of TSMC, owning 6.4% of its shares.
As of December 2022, the market value of National Development Fund’s stake in TSMC was $24.6 billion.</strong></p>
<p>National Development Fund owned <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001046179/000119312523107214/d428519d20f.htm#tx428519_9" target="_blank">1,654 million</a> shares in TSMC and controlled 1,654 million shareholder votes as of December 2022.</p>
<p><strong>The Taiwanese government set up the National Development Fund in 1973 to bolster innovation, research, and economic growth within the country.</strong> The fund offers firms direct and indirect investment and provides loan financing.</p>
<h3 id="2-morris-chang-05">#2 Morris Chang (0.5%)</h3>
<p><img src="/assets/images/tsmc-morris-chang-ownership-and-voting-power.png" alt="Morris Chang's share ownership and voting power in TSMC (chart)" /></p>
<p><strong>Morris Chang owns 0.5% of TSMC’s shares.
As of December 2022, the market value of Morris Chang’s stake in TSMC was $1.9 billion.</strong></p>
<p>Morris Chang owned <a href="https://www.sec.gov/Archives/edgar/data/1046179/000119312518121866/d459142d20f.htm" target="_blank">125 million</a> shares in TSMC and controlled 125 million shareholder votes as of December 2022.</p>
<p><strong>Morris Chang is a semiconductor industry titan with a remarkable career spanning several decades and an impressive background that includes senior roles at Texas Instruments and General Instruments and especially TSMC.</strong></p>
<p>In 1987, he founded the Taiwan Semiconductor Manufacturing Company (TSMC) and served as its CEO and chairman for over three decades. Chang led TSMC through periods of rapid growth, cementing its position as a global leader in semiconductor manufacturing.</p>
<p>He stepped down as chairman and CEO of TSMC in 2018.</p>
<h2 id="-who-and-when-founded-tsmc">🧱 Who and When Founded TSMC?</h2>
<p><strong>TSMC was founded in 1987 by Morris Chang, a semiconductor industry veteran who was recruited by the Taiwanese government to lead the country’s efforts in semiconductor manufacturing. TSMC was formed as a joint venture between the Taiwan government, Philips, and other private investors.</strong></p>
<p>In 1985, Morris Chang was recruited by the Taiwanese government as the president of the Industrial Technology Research Institute in Taiwan. Chang was a semiconductor industry veteran with decades of experience at Texas Instruments and General Instrument, and his expertise was needed to jumpstart Taiwan’s semiconductor industry.</p>
<p>Two years later, in 1987, Chang spearheaded the formation of Taiwan Semiconductor Manufacturing Company Ltd. (TSMC), a joint venture between the Taiwanese government, Dutch multinational electronics giant Philips, and other private investors.</p>
<p>With Chang at the helm, TSMC quickly established itself as a leader in the semiconductor industry. The company’s state-of-the-art manufacturing processes allowed chip designers to create smaller, faster, and more power-efficient chips than ever before.</p>
<p>In 1994, TSMC was listed on the Taiwan Stock Exchange (TWSE:2330). Four years later, in 1997, TSMC made history as the first Taiwanese company to be listed on the New York Stock Exchange (NYSE: TSM).</p>
<p>Today, TSMC is a cutting-edge semiconductor business using advanced technology in a wide range of applications, from smartphones to self-driving cars to artificial intelligence systems.</p>
<h2 id="-tsmcs-history-timeline">📅 TSMC’s History Timeline</h2>
<p>These are selected events from TSMC’s history:</p>
<ul>
<li><strong>1985:</strong> Morris Chang was recruited by the Taiwanese government as president of the Industrial Technology Research Institute in Taiwan.</li>
<li><strong>1987:</strong> Taiwan Semiconductor Manufacturing Company Ltd. has officially formed thanks to Morris Chang as a joint venture between the Taiwan government, Dutch multinational electronics giant Philips, and other private investors.</li>
<li><strong>1994:</strong> TSMC was listed on the Taiwan Stock Exchange (TWSE:2330)</li>
<li><strong>1996:</strong> WaferTech, a pure-play semiconductor foundry, was established as a joint venture of TSMC, Altera, ADI, and ISSI.</li>
<li><strong>1997:</strong> TSMC became the first Taiwanese company to be listed on the New York Stock Exchange (NYSE: TSM)</li>
<li><strong>2000:</strong> TSMC bought out the joint venture partners and acquired full control over WaferTech, operating it as a fully owned subsidiary.</li>
<li><strong>2005:</strong> Chang steps down as CEO of TSMC. Rick Tsai became the new CEO.</li>
<li><strong>2006:</strong> The National Development Fund (NDF) was established by merging the Development Fund and the Sino-American Fund for Economic and Social Development (SAF)</li>
<li><strong>2009:</strong> After decreasing its ownership shares throughout the years, Philips sells off all remaining shares in TSMC.</li>
<li><strong>2009:</strong> Chang is reelected as CEO of TSMC.</li>
<li><strong>2018:</strong> Chang retires from CEO and Chairman positions in TSMC, succeeded by C.C. Wei as CEO and Mark Liu as chairman.</li>
<li><strong>2019-08:</strong> GlobalFoundries filed several patent infringement lawsuits against TSMC in the US and Germany.</li>
<li><strong>2019-10:</strong> TSMC and GlobalFoundries announced cross-license for all of their existing semiconductor patents and new patents.</li>
<li><strong>2020:</strong> TSMC expanded its operations outside of Taiwan by opening new fabs in Japan and the United States, with further plans for expansion into Germany</li>
<li><strong>2020:</strong> TSMC confirmed it would halt the shipment of silicon wafers to Chinese telecommunications equipment manufacturer Huawei and subsidiary HiSilicon by September</li>
<li><strong>2020:</strong> TSMC announced a planned fab in Phoenix, Arizona (US).</li>
<li><strong>2021:</strong> TSMC and Sony announced that TSMC would establish a new subsidiary named Japan Advanced Semiconductor Manufacturing (JASM) in Kumamoto, Japan, with an initial investment of approximately $7 billion</li>
<li><strong>2022:</strong> TSMC announced its plans to triple its investment in the Arizona plants in response to the growing tensions between the US and China and the supply chain disruption that has led to chip shortages.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
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<p><strong><a href="/who-owns-eli-lilly-largest-shareholders/">Who Owns Eli Lilly: The Largest Shareholders Overview</a></strong><br />Overview of who owns Eli Lillyand who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
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<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001046179/000119312523107214/d428519d20f.htm" target="_blank">TSMC’s Annual Report & Financials Statements</a></li>
<li><a href="https://investor.tsmc.com/sites/ir/major-internal-policies/Article%20of%20Incorporation_2.pdf" target="_blank">TSMC’s Articles of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns Taiwan Semiconductor Manufacturing Company Limited (*TSM*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns Eli Lilly: The Largest Shareholders Overview2023-05-04T00:00:00+00:002023-05-04T00:00:00+00:00https://www.kamilfranek.com/who-owns-eli-lilly-largest-shareholders<p><img src="/assets/images/teasers/eli-lilly-who-owns-eli-lilly-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns Eli Lilly: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>Eli Lilly and Company (<em>LLY</em>) is one of the largest drug manufacturers in the world and started as a family business. It makes money predominantly from drugs treating diabetes, but Eli Lilly also has successful oncology and immunology products. Let’s look at who owns Eli Lilly and who controls it.</p>
<p><strong>Eli Lilly’s largest shareholders are a non-profit organization Lilly Endowment, which owns a 10.8% share, followed by Vanguard (7.7%), BlackRock (6.9%) and, interestingly, also PNC Financial Services (5.5%). Most of the PNC stake results from being a trustee of Eli Lilly’s compensation trust.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/eli-lilly-logo.png" style="height:15px;" /> <strong>Eli Lilly's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/lilly-endowment-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Lilly Endowment</td>
<td class="gt_row gt_right">10.8%</td>
<td class="gt_row gt_right">10.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">7.7%</td>
<td class="gt_row gt_right">7.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">6.9%</td>
<td class="gt_row gt_right">6.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/pnc-financial-services-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">PNC Financial Services</td>
<td class="gt_row gt_right">5.5%</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">69.1%</td>
<td class="gt_row gt_right">69.1%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/eli-lilly-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows Eli Lilly vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns Eli Lilly and who controls it. I will show you who Eli Lilly’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-walmart-largest-shareholders/"><strong>Walmart</strong></a>, <a href="/who-owns-apple-largest-shareholders/"><strong>Apple</strong></a>, <a href="/who-owns-unitedhealth-largest-shareholders/"><strong>UnitedHealth</strong></a>, and other articles in my <a href="/who-owns-who/">“Who Owns Who”</a> series.</p>
<h2 id="-who-owns-eli-lilly">📃 Who Owns Eli Lilly?</h2>
<p><img src="/assets/images/eli-lilly-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns Eli Lilly, largest shareholders donut chart" /></p>
<p><strong>Eli Lilly is owned by its shareholders. The largest one is a non-profit organization Lilly Endowment set up by Eli Lilly’s founder, which owns 10.8% of the company. It is followed by asset manager giants Vanguard (7.7%) and BlackRock (6.9%). A large shareholder is formally also PNC.</strong></p>
<p><strong>The largest owner of Eli Lilly is a non-profit organization Lilly Endowment, which owns <a href="https://www.sec.gov/Archives/edgar/data/59478/000156761923001272/doc1.htm" target="_blank">10.8%</a> of the company.</strong></p>
<ul>
<li>Lilly Endowment is a not-for-profit corporation established in 1937 by Josiah K. Lilly Sr. and his sons. Josiah K. Lilly Sr. was the son of the company founder Colonel Eli Lilly.</li>
<li>Although Lilly Endowment’s history is tied to the founding family of Eli Lilly and Company, it is currently run independently.</li>
<li>Lilly Endowment is independent, but most of its funds are invested in Eli Lilly’s stocks, and it is one of the “defense” barriers that discourage takeover attempts.</li>
</ul>
<p><strong>The second and third largest Eli Lilly owners are asset management giants Vanguard, which owns a <a href="https://www.sec.gov/Archives/edgar/data/59478/000110465923015851/tv0802-elilillyco.htm" target="_blank">7.7%</a> stake, and BlackRock, with a <a href="https://www.sec.gov/Archives/edgar/data/59478/000130655023005809/us5324571083_013123.txt" target="_blank">6.9%</a> ownership share.</strong></p>
<ul>
<li>Vanguard and BlackRock are the largest asset managers worldwide, and it is common to see them among top shareholders in large public companies, especially if they lack other direct shareholders.</li>
<li>However, these are not their money. They invest it on behalf of other investors.</li>
</ul>
<p><strong>The fourth-largest owner of Eli Lilly is PNC Financial Services, which owns <a href="https://www.sec.gov/Archives/edgar/data/59478/000119312523031815/d248716dsc13ga.htm" target="_blank">5.5%</a> of the company.</strong></p>
<ul>
<li>It can be surprising to see PNC among the largest owners. It is one of the largest US banks, but its asset management business is quite small to justify such a large stake.</li>
<li>By digging deeper into company fillings, we can see the vast majority of this stake is a result of PNC’s acting as directed trustee of Eli Lilly’s Compensation Trust.</li>
</ul>
<p><strong>Eli Lilly was founded in 1876 by Colonel Eli Lilly</strong> and has been a publicly listed company since its initial public offering on NYSE in 1952 (Ticker: LLY).</p>
<p>Eli Lilly and Company is incorporated in the State of Indiana (US), and its headquarters are in Indianapolis, Indiana (US).</p>
<h2 id="-who-controls-eli-lilly-lly">🎮 Who Controls Eli Lilly (LLY)?</h2>
<p><img src="/assets/images/eli-lilly-largest-shareholders-voting-power-donut-chart.png" alt="Who controls Eli Lilly, largest shareholders donut chart" /></p>
<p><strong>Eli Lilly’s shareholders with the largest voting power are Lilly Endowment, which holds 10.8% of all votes, followed by asset managers Vanguard (7.7%) and BlackRock (6.9%). Large voting power also holds
PNC Financial Services acting as a trustee of Eli Lilly’s Compensation Trust.</strong></p>
<p><strong>Eli Lilly has only one class of outstanding shares, with one vote per share.</strong> Therefore, there is no difference between the shareholder’s ownership and voting power.</p>
<p><strong>Eli Lilly’s shareholder with the largest voting power is a non-profit organization Lilly Endowment which holds 10.8% of all votes.</strong></p>
<ul>
<li>Lilly Endowment is an independent not-for-profit corporation, formally independent from Eli Lilly and Company.</li>
<li>However, despite its independence, it has a huge part of its portfolio tied in Eli Lilly’s shares, and it is considered to be friendly to company management proposals.</li>
<li>The existence of this stake makes it harder for outsiders to attempt to take over the company, which gives company insiders more power.</li>
</ul>
<p><strong>Eli Lilly’s shareholders with the second and third largest voting power are Vanguard (7.7%) and BlackRock (6.9%) which together hold 14.6% of all votes.</strong></p>
<ul>
<li>Significant ownership by large asset managers that usually support management proposals creates conflicts of interest between Eli Lilly’s management, asset manager’s management, and the ultimate underlying investors that asset managers represent.</li>
</ul>
<p><strong>Eli Lilly’s shareholder with the fourth-largest voting power is PNC Financial Services, holding 5.5% of all votes.</strong></p>
<ul>
<li>As mentioned before, most of this stake represents shares within Eli Lilly’s Compensation Trust, where PNC acts as a trustee.</li>
<li>This Trust is another part of protection against the takeover of the company because more shares are “parked” in management-friendly entities.</li>
</ul>
<p><strong>None of the top shareholders has individual control over the company. The four top shareholders together represent 30.9% of the voting power.</strong></p>
<ul>
<li>All of the top shareholders have in common that they will probably act in line with the company insiders and support their proposals.</li>
</ul>
<p><strong>Eli Lilly’s insiders that have influence over the company are CEO and chairman David Ricks</strong> and other <a href="https://www.lilly.com/leadership/board-of-directors" target="_blank">board members and executives.</a></p>
<ul>
<li>The power the insiders have is extensive because of the ownership structure full of passive management-friendly entities.</li>
<li>Eli Lilly’s articles of incorporation and ByLaws contain other provisions that give even more power to insiders and make it hard for outsiders to take over the company.</li>
<li>Eli Lilly’s board of directors consists of 12 members. The company has a classified board, separated into 3 groups with 3-year terms. Therefore only 1/3 of the directors are up for reelection each year, making it hard to change the course of the company quickly.</li>
<li>Another antitakeover provision is that unless Board approves a takeover or merger, it requires 80% of votes at a shareholder meeting, which can be hard given the company’s ownership structure.</li>
</ul>
<h2 id="️-breakdown-of-eli-lillys-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of Eli Lilly’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>Eli Lilly and Company had a total of <a href="https://www.sec.gov/Archives/edgar/data/59478/000005947823000082/lly-20221231.htm" target="_blank">951 million</a> outstanding shares as of December 2022. The following table shows how many shares each Eli Lilly’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/eli-lilly-logo.png" style="height:15px;" /> <strong>Eli Lilly's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/lilly-endowment-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Lilly Endowment</td>
<td class="gt_row gt_right">102.9</td>
<td class="gt_row gt_right">102.9</td>
<td class="gt_row gt_right">10.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">73.4</td>
<td class="gt_row gt_right">73.4</td>
<td class="gt_row gt_right">7.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">65.5</td>
<td class="gt_row gt_right">65.5</td>
<td class="gt_row gt_right">6.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/pnc-financial-services-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">PNC Financial Services</td>
<td class="gt_row gt_right">51.8</td>
<td class="gt_row gt_right">51.8</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">657.0</td>
<td class="gt_row gt_right">657.0</td>
<td class="gt_row gt_right">69.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">950.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">950.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/59478/000005947823000082/lly-20221231.htm" target="_blank">951 million</a> votes distributed among shareholders of Eli Lilly and Company. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/eli-lilly-logo.png" style="height:15px;" /> <strong>Eli Lilly's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/lilly-endowment-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Lilly Endowment</td>
<td class="gt_row gt_right">102.9</td>
<td class="gt_row gt_right">102.9</td>
<td class="gt_row gt_right">10.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">73.4</td>
<td class="gt_row gt_right">73.4</td>
<td class="gt_row gt_right">7.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">65.5</td>
<td class="gt_row gt_right">65.5</td>
<td class="gt_row gt_right">6.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/pnc-financial-services-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">PNC Financial Services</td>
<td class="gt_row gt_right">51.8</td>
<td class="gt_row gt_right">51.8</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">657.0</td>
<td class="gt_row gt_right">657.0</td>
<td class="gt_row gt_right">69.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">950.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">950.6</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-eli-lillys-market-value-by-shareholder">💵 Breakdown of Eli Lilly’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in Eli Lilly and Company worth.</p>
<p>However, keep in mind that a stake in Eli Lilly could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/eli-lilly-logo.png" style="height:15px;" /> <strong>Eli Lilly's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/lilly-endowment-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Lilly Endowment</td>
<td class="gt_row gt_right">$37.7</td>
<td class="gt_row gt_right">$37.7</td>
<td class="gt_row gt_right">10.8%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">$26.9</td>
<td class="gt_row gt_right">$26.9</td>
<td class="gt_row gt_right">7.7%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">$24.0</td>
<td class="gt_row gt_right">$24.0</td>
<td class="gt_row gt_right">6.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/pnc-financial-services-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">PNC Financial Services</td>
<td class="gt_row gt_right">$19.0</td>
<td class="gt_row gt_right">$19.0</td>
<td class="gt_row gt_right">5.5%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$240.3</td>
<td class="gt_row gt_right">$240.3</td>
<td class="gt_row gt_right">69.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$347.8</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$347.8</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each Eli Lilly shareholder individually.</p>
<h2 id="-who-are-eli-lillys-largest-shareholders">📒 Who Are Eli Lilly’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of Eli Lilly and Company one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Eli Lilly worth.</p>
<h3 id="1-lilly-endowment-108">#1 Lilly Endowment (10.8%)</h3>
<p><img src="/assets/images/eli-lilly-lilly-endowment-ownership-and-voting-power.png" alt="Lilly Endowment's share ownership and voting power in Eli Lilly (chart)" /></p>
<p><strong>Lilly Endowment is the largest shareholder of Eli Lilly, owning 10.8% of its shares.
As of December 2022, the market value of Lilly Endowment’s stake in Eli Lilly was $37.7 billion.</strong></p>
<p>Lilly Endowment owned <a href="https://www.sec.gov/Archives/edgar/data/59478/000156761923001272/doc1.htm" target="_blank">103 million</a> shares in Eli Lilly and controlled 103 million shareholder votes as of December 2022.</p>
<p><a href="https://lillyendowment.org/" target="_blank"><strong>Lilly Endowment Inc.</strong></a> <strong>is a not-for-profit corporation, established in 1937 by Josiah K. Lilly Sr. and his sons.</strong></p>
<p>The organization’s grants focus on community development, education, and religion, with many located in Indianapolis and the state of Indiana.</p>
<p>Josiah K. Lilly Sr. was the son of Colonel Eli Lilly, founder of Eli Lilly and Company, and the Lilly family donated a sizable amount of company stock to the Endowment.</p>
<p>Over the past 82 years, Lilly Endowment has donated nearly $10.9 billion to 10,048 charitable organizations. It had assets totaling nearly $17 billion at the end of 2019.</p>
<h3 id="2-vanguard-77">#2 Vanguard (7.7%)</h3>
<p><img src="/assets/images/eli-lilly-vanguard-ownership-and-voting-power.png" alt="Vanguard's share ownership and voting power in Eli Lilly (chart)" /></p>
<p><strong>Vanguard is the second-largest shareholder of Eli Lilly, owning 7.7% of its shares.
As of December 2022, the market value of Vanguard’s stake in Eli Lilly was $26.9 billion.</strong></p>
<p>Vanguard owned <a href="https://www.sec.gov/Archives/edgar/data/59478/000110465923015851/tv0802-elilillyco.htm" target="_blank">73 million</a> shares in Eli Lilly and controlled 73 million shareholder votes as of December 2022.</p>
<p><a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/facts-and-figures.html" target="_blank"><strong>Vanguard</strong></a> <strong>(The Vanguard Group) is one of the largest asset managers in the world.</strong> It manages other people’s money through its mutual funds and exchange-traded funds and also offers other related investing and financial planning services.</p>
<p><strong>Vanguard differs from other large asset managers by having no actual “owner .”</strong> Officially Vanguard <a href="https://investor.vanguard.com/investor-resources-education/news/who-owns-vanguard" target="_blank">says</a> that its investors own it since its funds own it, and Vanguard fund investors own those funds.</p>
<p><strong>However, the actual decision power is in the hands of Vanguard’s insiders</strong> since the ownership is diluted over millions of investors worldwide.</p>
<p><strong>Vanguard has significant influence over the largest public companies.</strong> Thanks to its size, Vanguard usually belongs to the largest shareholders in those companies and has considerable power at their shareholder meetings. This is especially true if ownership is diluted.</p>
<ul>
<li>Several terms were coined to describe this issue. Some call it <a href="https://www.phenomenalworld.org/analysis/blackrock-asset-manager-capitalism/" target="_blank">asset manager capitalism</a>, and popular is also <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337" target="_blank">the power of twelve</a>. Financial Times even <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank">put together</a> who exactly those twelve people might be.</li>
<li><a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">Evidence</a> shows that big asset managers usually vote together with management.</li>
</ul>
<h3 id="3-blackrock-69">#3 BlackRock (6.9%)</h3>
<p><img src="/assets/images/eli-lilly-blackrock-ownership-and-voting-power.png" alt="BlackRock's share ownership and voting power in Eli Lilly (chart)" /></p>
<p><strong>BlackRock is the third-largest shareholder of Eli Lilly, owning 6.9% of its shares.
As of December 2022, the market value of BlackRock’s stake in Eli Lilly was $24.0 billion.</strong></p>
<p>BlackRock owned <a href="https://www.sec.gov/Archives/edgar/data/59478/000130655023005809/us5324571083_013123.txt" target="_blank">65 million</a> shares in Eli Lilly and controlled 65 million shareholder votes as of December 2022.</p>
<p><a href="https://www.blackrock.com/corporate/about-us" target="_blank"><strong>BlackRock, Inc.</strong></a> <strong>is the world’s largest asset manager, with assets under management of</strong> <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2021/ar/online/pdfs/BlackRock_2021_AR_Complete_040822.pdf" target="_blank"><strong>$10 trillion.</strong></a> BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its <a href="https://www.blackrock.com/aladdin" target="_blank">Aladdin</a> portfolio management software.</p>
<p><strong>BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself.</strong> Not directly but through their passive and active funds. The largest shareholder is Vanguard.</p>
<p><strong>A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors</strong> and other large institutions, making the whole thing even more eyebrow-raising.</p>
<p><strong>This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies since they usually belong to the most significant shareholders with large voting power.</p>
<ul>
<li>
<p><strong>In the case of Blackrock, this influence is personified in the form of its CEO</strong> <a href="https://en.wikipedia.org/wiki/Larry_Fink" target="_blank"><strong>Larry Fink</strong></a>, who is a powerful figure with close ties to the FED and the US government.</p>
</li>
<li>
<p>Adding to these concerns is <a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">evidence</a> that BlackRock and other asset managers usually vote in favor of management proposals.</p>
</li>
</ul>
<h3 id="4-pnc-financial-services-55">#4 PNC Financial Services (5.5%)</h3>
<p><img src="/assets/images/eli-lilly-pnc-financial-services-ownership-and-voting-power.png" alt="PNC Financial Services's share ownership and voting power in Eli Lilly (chart)" /></p>
<p><strong>PNC Financial Services owns 5.5% of Eli Lilly’s shares.
As of December 2022, the market value of PNC Financial Services’s stake in Eli Lilly was $19.0 billion.</strong></p>
<p>PNC Financial Services owned <a href="https://www.sec.gov/Archives/edgar/data/59478/000119312523031815/d248716dsc13ga.htm" target="_blank">52 million</a> shares in Eli Lilly and controlled 52 million shareholder votes as of December 2022.</p>
<p><a href="https://www.pnc.com/en/about-pnc/company-profile/corporate-overview.html" target="_blank"><strong>The PNC Financial Services Group</strong></a> <strong>is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. It is one of the largest banks in the US.</strong>
Its business focus is mainly retail banking and corporate and institutional banking, but it also has a smaller asset management business.</p>
<h2 id="-who-and-when-founded-eli-lilly">🧱 Who and When Founded Eli Lilly?</h2>
<p><strong>Eli Lilly and Company was founded in 1876 by a veteran of the American Civil War and a pharmaceutical chemist Colonel Eli Lilly.</strong></p>
<p><strong>One of Lilly’s first drugs was “quinine”</strong>, which was used to treat malaria. As the company grew, it continued to develop new products and expand its operations. In 1881, Eli Lilly and Co. became a corporation.</p>
<p>One of the early employees was also Lilly’s son Josiah (J. K.), and a few years later, Lili’s brother worked for him as a salesman. Eli Lilly’s growing business later employed also other Lilly family members, so to a certain extent, it was a family business.</p>
<p><strong>Eli Lilly’s first widely successful product was Succus Alteran</strong> (1883). Sales from this product provided the company with the funds to expand its manufacturing and research.</p>
<p>The company continued to grow, and in 1890 Colonel Eli Lilly turned over much of the company’s management to his son, Josiah K. Lilly Sr.</p>
<p><strong>In 1898, Josiah K. Lilly Sr. took over the company entirely after his father’s death.</strong></p>
<p>By 1905, Eli Lilly and Co. had hit $1 million in sales, a significant milestone at the time.</p>
<p>Eli Lilly’s most famous products are probably Prozac and Cymbalta for clinical depression and Zyprexa for antipsychotic treatment.</p>
<p>However, today the main source of its revenue are products to treat diabetes, such as Trulicity.</p>
<h2 id="-eli-lillys-history-timeline">📅 Eli Lilly’s History Timeline</h2>
<p>These are selected events from Eli Lilly’s <a href="https://www.lilly.com/company/about-lilly/milestones-of-caring-and-discovery" target="_blank">history:</a></p>
<ul>
<li><strong>1876:</strong> Eli Lilly and Company, a drug manufacturing venture, was founded by Colonel Eli Lilly, a pharmaceutical chemist, and veteran of the American Civil War</li>
<li><strong>1881:</strong> Eli Lilly and Co. became a corporation.</li>
<li><strong>1890:</strong> Colonel Eli Lilly turned over much of the management of the company to his son, Josiah K. Lilly Sr.</li>
<li><strong>1898:</strong> Josiah K. Lilly Sr. took over the company completely after his father died.</li>
<li><strong>1901:</strong> The company was incorporated in Indiana to succeed the original business</li>
<li><strong>1905:</strong> Lilly hit $1 million in sales.</li>
<li><strong>1917:</strong> Lilly set up a medical field hospital in France to treat wounded soldiers of all nationalities during World War I.</li>
<li><strong>1919:</strong> Eugene N. Beesley was appointed as the first non-family president of Lilly.</li>
<li><strong>1922:</strong> Clowes and Eli Lilly agreed with Toronto researchers J. J. R. Macleod, Frederick G. Banting, and Charles H. Best to mass-produce insulin.</li>
<li><strong>1923:</strong> Lilly introduced Iletin (animal-source insulin), the world’s first commercially available insulin product, for the treatment of diabetes.</li>
<li><strong>1928:</strong> Lilly introduced a liver-extract product to treat pernicious anemia, a life-threatening blood disorder.</li>
<li><strong>1932:</strong> Josiah K. Lilly Sr. remained as chairman but handed over presidency to his son Eli Lilly Jr.</li>
<li><strong>1934:</strong> The first overseas subsidiary was established in England.</li>
<li><strong>1937:</strong> Josiah K. Lilly Sr. and his sons founded the Lilly Endowment with a sizable initial donation in company stocks.</li>
<li><strong>1945:</strong> Lilly manufactured more than two million pints of blood plasma and two hundred military products during World War II.</li>
<li><strong>1948:</strong> Chairman Josiah K. Lilly, son of the founder, died. Eli Lilly Jr., the founder’s grandson, retired from active management of the company, became chairman of the board and relinquished the presidency to his brother, Josiah K. Lilly, Jr.</li>
<li><strong>1952:</strong> The company offered its first public shares of stock.</li>
<li><strong>1953:</strong> Eugene N. Beesley was named the company’s new president, the first non-family member to run the company.</li>
<li><strong>1955:</strong> Lilly was the first company to manufacture and distribute the Salk Polio Vaccine globally.</li>
<li><strong>1957:</strong> Darvon, a non-addictive pain medication, was launched.</li>
<li><strong>1958:</strong> Lilly introduced Vancocin, an antibiotic for infections associated with certain types of resistant bacteria.</li>
<li><strong>1961:</strong> Velban, the company’s first oncology drug, was introduced for the treatment of several types of cancer.</li>
<li><strong>1964:</strong> Keflin was launched, maintaining Lilly’s lead in antibiotics.</li>
<li><strong>1971:</strong> To further diversify its product line, Lilly diversified into other areas, most notably agricultural chemicals, animal-health products, cosmetics, and medical instruments.</li>
<li><strong>1972:</strong> Richard Donald Wood became Lilly’s president and CEO after the retirement of Burton E. Beck.</li>
<li><strong>1977:</strong> Lilly acquired Cardiac Pacemakers Incorporated, a manufacturer of heart pacemakers.</li>
<li><strong>1977:</strong> Lilly acquired IVAC Corporation, which manufactures vital signs and intravenous fluid infusion monitoring systems.</li>
<li><strong>1980:</strong> Lilly acquired Physio-Control Corporation.</li>
<li><strong>1982:</strong> Lilly introduced Humulin, insulin identical to that produced by the human body.</li>
<li><strong>1984:</strong> Lilly acquired Advance Cardiovascular Systems Incorporated.</li>
<li><strong>1986:</strong> Lilly introduced Prozac in Belgium to treat clinical depression.</li>
<li><strong>1986:</strong> Prozac (fluoxetine) was launched and became one of Eli Lilly’s most successful drugs.</li>
<li><strong>1986:</strong> Lilly acquired Hybritech.</li>
<li><strong>1987:</strong> Prozac was approved by the U.S. FDA for use in treating depression.</li>
<li><strong>1989:</strong> Lilly acquired Devices for Vascular Intervention Incorporated.</li>
<li><strong>1990:</strong> Lilly acquired Pacific Biotech.</li>
<li><strong>1991:</strong> Vaughn Bryson became president and CEO, and Wood became board chairman.</li>
<li><strong>1992:</strong> Lilly acquired Origin Medsystems and Heart Rhythm Technologies Incorporated.</li>
<li><strong>1993:</strong> Randall L. Tobias was named chairman, president, and CEO. Tobias was recruited from outside the company’s executive ranks to replace Lilly’s president and CEO, Vaughn Bryson.</li>
<li><strong>1994:</strong> Lilly acquired PCS Health Systems Inc., a manager of prescription drug benefits.</li>
<li><strong>1994:</strong> Applied Molecular Evolution Inc. was acquired by the company to use its technology to speed up the discovery of biological drugs.</li>
<li><strong>1996:</strong> Lilly introduced Zyprexa for the treatment of schizophrenia.</li>
<li><strong>1996:</strong> Lilly introduced Gemzar, a drug for the treatment of pancreatic and non-small-cell lung cancer.</li>
<li><strong>1996:</strong> Eli Lilly launches Humalog, its diabetes drug.</li>
<li><strong>1998:</strong> Sidney Taurel, former chief operating officer of Lilly, was named CEO to replace Tobias, who retired. Taurel became chairman of the board in January 1999.</li>
<li><strong>1999:</strong> Actos was launched for diabetes.</li>
<li><strong>2001:</strong> Lilly lost its U.S. patent protection for Prozac.</li>
<li><strong>2002:</strong> The company received FDA approval for two new drugs, Forteo and Strattera.</li>
<li><strong>2003:</strong> Eli Lilly introduced Cialis (tadalafil), a competitor to Pfizer’s blockbuster Viagra for erectile dysfunction.</li>
<li><strong>2004:</strong> Eli Lilly launches depression drug Cymbalta (duloxetine).</li>
<li><strong>2005:</strong> John C. Lechleiter became Lilly’s president and chief operating officer.</li>
<li><strong>2005:</strong> The company agreed to pay $36 million in connection with the illegal promotion of Evista.</li>
<li><strong>2006:</strong> Lilly paid $700 million to settle around 8,000 lawsuits related to antipsychotic medication Zyprexa and, in early 2007, paid $500 million to settle around 18,000 other lawsuits.</li>
<li><strong>2006:</strong> Lilly bought Icos Corporation in order to gain full control of Cialis (tadalafil).</li>
<li><strong>2007:</strong> Evista, a drug that helps reduce the risk of invasive breast cancer, was introduced by the company after FDA approval.</li>
<li><strong>2008:</strong> The company acquired the cancer-drug maker ImClone Systems for $6.5bn.</li>
<li><strong>2008:</strong> Cialis, used to treat male sexual function problems, was launched by the company.</li>
<li><strong>2008:</strong> John C. Lechleiter was elected as Lilly’s CEO and president.</li>
<li><strong>2008:</strong> Eli Lilly purchased the right to manufacture controversial bovine growth hormone from Monsanto.</li>
<li><strong>2008:</strong> Sidney Taurel retired as CEO but remained as chairman of the board until 31 December.</li>
<li><strong>2009:</strong> Effient, a drug used to prevent blood clots in heart disease patients, was launched by the company.</li>
<li><strong>2009:</strong> Eli Lilly pleaded guilty to a US federal criminal misdemeanor charge of illegally marketing Zyprexa and paid a $1.415 billion penalty.</li>
<li><strong>2011:</strong> Lilly partnered with Boehringer Ingelheim to develop and market Tradjenta, which lowers blood sugar in adults with type 2 diabetes.</li>
<li><strong>2011:</strong> Zyprexa’s patent expired.</li>
<li><strong>2013:</strong> Cymbalta’s patent expired, which led to a large loss in sales.</li>
<li><strong>2013:</strong> Eli Lilly sued Canada for violating its obligations to foreign investors under NAFTA by allowing its courts to invalidate patents for Straterra and Zyprexa.</li>
<li><strong>2014:</strong> Jardiance and Trulicity were launched, which are drugs aimed at the treatment of type 2 diabetes.</li>
<li><strong>2014:</strong> Eli Lilly launches diabetes drug Trulicity (dulaglutide).</li>
<li><strong>2014:</strong> Lilly announced plans to buy Swiss drugmaker Novartis AG’s animal health business for $5.4 billion.</li>
<li><strong>2017:</strong> Lilly acquired CoLucid Pharmaceuticals for $960 million.</li>
<li><strong>2017:</strong> Lilly and Shionogi jointly licensed their product varespladib to Ophirex for the latter’s novel snakebite treatment program.</li>
<li><strong>2018:</strong> Lilly acquired Armo Biosciences for $1.6 billion.</li>
<li><strong>2019:</strong> The company debuted a generic version of Humalog to provide a lower-cost option.</li>
<li><strong>2019:</strong> Lilly announced it would acquire Loxo Oncology for around $8 billion.</li>
<li><strong>2019:</strong> Lawmakers from the United States House of Representatives sent letters to Eli Lilly and other insulin manufacturers asking for explanations for their rapidly raising insulin prices.</li>
<li><strong>2020:</strong> Lilly developed a COVID-19 single antibody treatment called bamlanivimab and received approval from the FDA through an emergency-use authorization.</li>
<li><strong>2020:</strong> Lilly announced its acquisition of Dermira for $1.1 billion.</li>
<li><strong>2020:</strong> Lilly partnered with Amgen to manufacture their COVID-19 antibody therapies.</li>
<li><strong>2020:</strong> Lilly announced it would acquire Disarm Therapeutics</li>
<li><strong>2020:</strong> Lilly announced it would acquire Prevail Therapeutics Inc for $1 billion, boosting its pipeline in neurodegenerative disease gene therapies.</li>
<li><strong>2021-04:</strong> FDA revoked the emergency use authorization for the investigational monoclonal antibody therapy bamlanivimab, when administered alone, to be used for the treatment of mild-to-moderate COVID-19 in adults and certain pediatric patients.</li>
<li><strong>2021-05:</strong> FDA had accepted Lilly’s application for Tyvyt (sintilimab), in combination with Lilly’s own Alimta (pemetrexed) and platinum chemotherapy for newly diagnosed nonsquamous non-small cell lung cancer.</li>
<li><strong>2022:</strong> A parody Twitter account’s false announcement about insulin sales ending in November 2022 wiped $20 billion of the company’s market value.</li>
<li><strong>2022:</strong> Distribution of Lilly’s COVID-19 antibody drug was paused due to a lack of efficacy against the emerging omicron variant.</li>
<li><strong>2022-02:</strong> A second COVID-19 monoclonal antibody therapy (bebtelovimab) developed with AbCellera was given Emergency Use Authorization, with the U.S. Government committing to a $720 million purchase of up to 600,000 doses.</li>
<li><strong>2022-11:</strong> Eli Lilly announced that it would be reducing the out-of-pocket price of insulin to $35 a month and lowering the price of Humalog.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="/who-owns-tesla-largest-shareholders/">Who Owns Tesla: The Largest Shareholders Overview</a></strong><br />Overview of who owns Tesla and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-jpmorgan-chase-largest-shareholders/">Who Owns JPMorgan Chase: The Largest Shareholders Overview</a></strong><br />Overview of who owns JPMorgan Chase and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-walmart-largest-shareholders/">Who Owns Walmart: The Largest Shareholders Overview</a></strong><br />Overview of who owns Walmart and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-nestle-largest-shareholders/">Who Owns Nestlé: The Largest Shareholders Overview</a></strong><br />Overview of who owns Nestlé and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-saudi-aramco-largest-shareholders/">Who Owns Saudi Aramco: The Largest Shareholders Overview</a></strong><br />Overview of who owns Saudi Aramco and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/59478/000005947823000082/lly-20221231.htm" target="_blank">Eli Lilly’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/59478/000005947823000120/lly-20230317.htm" target="_blank">Eli Lilly’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/59478/000005947822000138/articlesofincorporationlly.htm" target="_blank">Eli Lilly’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns Eli Lilly and Company (*LLY*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns JPMorgan Chase: The Largest Shareholders Overview2023-05-02T00:00:00+00:002023-05-02T00:00:00+00:00https://www.kamilfranek.com/who-owns-jpmorgan-chase-largest-shareholders<p><img src="/assets/images/teasers/jpmorgan-chase-who-owns-jpmorgan-chase-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns JPMorgan Chase: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>JPMorgan Chase & Co. (<em>JPM</em>) is the largest US bank that is active mainly in consumer & small business banking and investment banking and, to a lesser extent, also in commercial banking and asset management. Let’s look at who owns JPMorgan Chase and who controls it.</p>
<p><strong>JPMorgan Chase’s largest shareholders are asset manager giant Vanguard, which owns a 9.4% share, followed by asset manager giant BlackRock with a 6.6% ownership share. Sizable stakes also belong to James Crown (0.4%) and JPMorgan Chase’s CEO & chairman James Dimon (0.3%).</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/jpmorgan-chase-logo.png" style="height:15px;" /> <strong>JPMorgan Chase's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">9.4%</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">6.6%</td>
<td class="gt_row gt_right">6.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-crown-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Crown</td>
<td class="gt_row gt_right">0.4%</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-dimon-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Dimon</td>
<td class="gt_row gt_right">0.3%</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">83.3%</td>
<td class="gt_row gt_right">83.3%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/jpmorgan-chase-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows JPMorgan Chase vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns JPMorgan Chase and who controls it. I will show you who JPMorgan Chase’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-visa-largest-shareholders/"><strong>Visa</strong></a>, <a href="/who-owns-apple-largest-shareholders/"><strong>Apple</strong></a>, <a href="/who-owns-paypal-largest-shareholders/"><strong>PayPal</strong></a>, and other articles in my <a href="/who-owns-who/">“Who Owns Who”</a> series.</p>
<h2 id="-who-owns-jpmorgan-chase">📃 Who Owns JPMorgan Chase?</h2>
<p><img src="/assets/images/jpmorgan-chase-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns JPMorgan Chase, largest shareholders donut chart" /></p>
<p><strong>JPMorgan Chase is owned mainly by asset manager giant Vanguard, which owns 9.4% of the company, and asset manager giant BlackRock with a 6.6% ownership share. Notable owners are also board director James Crown with 0.4% ownership share, and JPMorgan Chase’s CEO James Dimon with 0.3% ownership.</strong></p>
<p><strong>No shareholder has dominant ownership in the company.</strong></p>
<ul>
<li>JPMorgan Chase’s ownership is dispersed, and the largest owners are asset managers who invest money on behalf of their clients.</li>
</ul>
<p><strong>The asset manager giants Vanguard and BlackRock own together 16.0% of the company.</strong></p>
<ul>
<li>Vanguard and BlackRock are the largest asset managers worldwide, and it is common to see them among top shareholders in large public companies with dispersed ownership.</li>
</ul>
<p><strong>Notable owner is also the Crown family, represented by JPMorgan Chase’s director James Crown, with a 0.4% stake.</strong></p>
<ul>
<li><strong>His stake represents the ownership of the whole influential Chicago-based Crown family.</strong> The Crown family belongs to the wealthiest families in the US.</li>
<li>Crown family ownership is held through various entities. The largest stake is owned by “The Crown Fund” and “HCNI II LLC.”</li>
<li>James Crown was originally on the board of Bank One and moved to the JPMorgan Chase board after Jamie Dimon engineered the sale of Bank One to JPMorgan in 2004. James Crown supposedly played an instrumental role in recruiting Jamie Dimon to Chicago in 2000 to become CEO of Bank One Corp.</li>
</ul>
<p><strong>Another notable owner is also CEO & Chairman James Dimon.</strong> He sometimes acts as if he owns the bank, but his ownership is “only” 0.3% of the company.</p>
<ul>
<li><strong>Although Jamie Dimon’s ownership is small, it is quite high for a public company CEO.</strong> His dividend income from the shares he owns is roughly equal to his annual compensation as company CEO and chairman.</li>
<li>He owns only a small portion of his stake directly. Most of it is owned through his Family Trust and Grantor Retained Annuity Trust.</li>
<li>Jamie Dimon and James Crown’s relationship goes way back, as James Crown is often cited as a man who persuaded Jamie Dimon to join Bank One.</li>
</ul>
<p>Warren Buffett’s company Berkshire Hathaway had a sizable stake in JPMorgan Chase but got rid of most of its position in the first half of 2020.</p>
<p><strong>JPMorgan Chase is a result of multiple mergers, and the earliest company in the chain is The “Bank” of the Manhattan Company, co-founded in 1799 by Aaron Burr, the man who killed Alexander Hamilton.</strong> The company is publicly listed on NYSE (Ticker: JPM).</p>
<ul>
<li>The company is a result of chains of multiple mergers and acquisitions. The core building blocks are:
<ul>
<li>The Bank of the Manhattan Company founded in 1799</li>
<li>Chase National Bank founded in 1877</li>
<li>J.P. Morgan & Co. founded in 1871</li>
</ul>
</li>
<li>Initially, The Bank of the Manhattan Company merged with Chase National Bank in 1955. Later in 2000, resulting Chase Manhattan Bank merged with J.P. Morgan & Co., creating JPMorgan Chase & Co.</li>
<li>Bank later gobbled up other competitors during the 2008 financial crises.</li>
</ul>
<p>JPMorgan Chase & Co. is incorporated in the State of Delaware (US), and its headquarters are in New York City (US).</p>
<h2 id="-who-controls-jpmorgan-chase-jpm">🎮 Who Controls JPMorgan Chase (JPM)?</h2>
<p><img src="/assets/images/jpmorgan-chase-largest-shareholders-voting-power-donut-chart.png" alt="Who controls JPMorgan Chase, largest shareholders donut chart" /></p>
<p><strong>JPMorgan Chase’s shareholders with the largest voting power are Vanguard, which holds 9.4% of all votes, followed by asset manager giant BlackRock (6.6%). However, real control over the company is exercised by its CEO, James Dimon, thanks to his influence and political clout.</strong></p>
<p><strong>The size of voting power is not fully equal to ownership because of the small amount of non-voting preferred shares that JPMorgan Chase has outstanding.</strong> However, the amount of preferred shares is so small that this difference is not material.</p>
<p><strong>The ownership of JPMorgan Chase & Co. is quite dispersed, and the main shareholders are asset managers investing money on behalf of their clients.</strong> None of them control the company individually, but together they have a big potential influence.</p>
<p><strong>In situations like these, insiders of the large asset manager shareholders and insiders of the company could gain significant power over it, and that is what happened in JPMorgan Chase.</strong></p>
<p><strong>In the case of JPMorgan Chase, this shareholder power vacuum is masterfully used by current CEO and chairman Jamie Dimon.</strong> He holds just 0.3% of all votes, which is a sizable amount for a CEO, but not enough to formally control the company. However, in the absence of other large shareholders that are not asset managers, his ownership stake doesn’t matter so much.</p>
<ul>
<li><strong>He is very well-skilled in playing this game.</strong> With the help of his reputation, connections, political clout, and company board stacked with his supporters, he clearly has outsized power over the company.</li>
<li><strong>Jamie Dimon has the support of the Crown family</strong>, which holds 0.4% of all votes. The family is represented by James Crown, who reportedly played an important role in recruiting Jamie Dimon to Chicago in 2000 to become CEO of Bank One Corp. The Crown family was a shareholder of Bank One, which later merged with JPMorgan Chase, and James Crown became the director.</li>
<li><strong>Mr. Dimon had a very good relationship with Obama’s White House</strong>, and at the time, President Obama even defended him publicly on TV. Just another testament to Jamie Dimon’s influence.</li>
</ul>
<p><strong>JPMorgan Chase’s insiders that have influence over the company are mainly CEO and chairman Jamie Dimon</strong> and other <a href="https://www.jpmorganchase.com/about/our-leadership" target="_blank">board members and executives.</a></p>
<ul>
<li>JPMorgan Chase’s board of directors consists of 11 members who are reelected annually.</li>
<li><strong>As I mentioned earlier, the company board is quite supportive of Mr. Dimon</strong>, and several board members have a joint history with him. One of them is James Crown.</li>
<li><strong>Another board member with a connection to Mr. Dimon is Linda Bammann</strong>, who worked under Jamie Dimon when he was at Bank One. This issue was raised and discussed by shareholders when she was first proposed to become a director in 2013. The result was that the shareholder lost, and Mr. Dimon won. Another testament to how much heft he holds over the company.</li>
<li>Another notable board member is Todd Combs from Berkshire Hathaway, despite Berkshire exiting its position it had in JPMorgan Chase a few years ago.</li>
<li><strong>On the other hand, unlike other public company CEOs, Mr. Dimon’s interests are pretty well aligned with that of the company</strong> since he owns a sizable stake in the company compared to his annual compensation.</li>
<li><strong>Shareholders benefited from several backdoor deals</strong> that Mr. Dimon managed to do with the government and regulators, helping JPMorgan Chase to grow its assets cheaply by acquiring other banks in distress with government help.</li>
</ul>
<h2 id="️-breakdown-of-jpmorgan-chases-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of JPMorgan Chase’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>JPMorgan Chase & Co. had a total of <a href="https://www.sec.gov/Archives/edgar/data/19617/000001961723000231/jpm-20221231.htm" target="_blank">2,937 million</a> outstanding shares as of December 2022. The following table shows how many shares each JPMorgan Chase’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/jpmorgan-chase-logo.png" style="height:15px;" /> <strong>JPMorgan Chase's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class P</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">275</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">275</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">195</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">195</td>
<td class="gt_row gt_right">6.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-crown-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Crown</td>
<td class="gt_row gt_right">12</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">12</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-dimon-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Dimon</td>
<td class="gt_row gt_right">8</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">8</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">2,444</td>
<td class="gt_row gt_right">3</td>
<td class="gt_row gt_right">2,446</td>
<td class="gt_row gt_right">83.3%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,934</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">3</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,937</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/19617/000001961723000231/jpm-20221231.htm" target="_blank">2,934 million</a> votes distributed among shareholders of JPMorgan Chase & Co.. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/jpmorgan-chase-logo.png" style="height:15px;" /> <strong>JPMorgan Chase's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">275</td>
<td class="gt_row gt_right">275</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">195</td>
<td class="gt_row gt_right">195</td>
<td class="gt_row gt_right">6.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-crown-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Crown</td>
<td class="gt_row gt_right">12</td>
<td class="gt_row gt_right">12</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-dimon-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Dimon</td>
<td class="gt_row gt_right">8</td>
<td class="gt_row gt_right">8</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">2,444</td>
<td class="gt_row gt_right">2,444</td>
<td class="gt_row gt_right">83.3%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,934</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,934</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-jpmorgan-chases-market-value-by-shareholder">💵 Breakdown of JPMorgan Chase’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in JPMorgan Chase & Co. worth.</p>
<p>However, keep in mind that a stake in JPMorgan Chase could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="6" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/jpmorgan-chase-logo.png" style="height:15px;" /> <strong>JPMorgan Chase's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="6" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class P</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/vanguard-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Vanguard</td>
<td class="gt_row gt_right">$36.8</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$36.8</td>
<td class="gt_row gt_right">9.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/blackrock-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">BlackRock</td>
<td class="gt_row gt_right">$26.1</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$26.1</td>
<td class="gt_row gt_right">6.6%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-crown-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Crown</td>
<td class="gt_row gt_right">$1.7</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$1.7</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/james-dimon-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">James Dimon</td>
<td class="gt_row gt_right">$1.1</td>
<td class="gt_row gt_right">-</td>
<td class="gt_row gt_right">$1.1</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$327.7</td>
<td class="gt_row gt_right">$0.4</td>
<td class="gt_row gt_right">$328.1</td>
<td class="gt_row gt_right">83.3%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$393.5</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$0.4</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$393.8</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="6">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="6">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each JPMorgan Chase shareholder individually.</p>
<h2 id="-who-are-jpmorgan-chases-largest-shareholders">📒 Who Are JPMorgan Chase’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of JPMorgan Chase & Co. one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in JPMorgan Chase worth.</p>
<h3 id="1-vanguard-94">#1 Vanguard (9.4%)</h3>
<p><img src="/assets/images/jpmorgan-chase-vanguard-ownership-and-voting-power.png" alt="Vanguard's share ownership and voting power in JPMorgan Chase (chart)" /></p>
<p><strong>Vanguard is the largest shareholder of JPMorgan Chase, owning 9.4% of its shares.
As of December 2022, the market value of Vanguard’s stake in JPMorgan Chase was $36.8 billion.</strong></p>
<p>Vanguard owned <a href="https://www.sec.gov/Archives/edgar/data/19617/000110465923015113/tv0075-jpmorganchaseco.htm" target="_blank">275 million</a> shares in JPMorgan Chase and controlled 275 million shareholder votes as of December 2022.</p>
<p><a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/facts-and-figures.html" target="_blank"><strong>Vanguard</strong></a> <strong>(The Vanguard Group) is one of the largest asset managers in the world.</strong> It manages other people’s money through its mutual funds and exchange-traded funds and also offers other related investing and financial planning services.</p>
<p><strong>Vanguard differs from other large asset managers by having no actual “owner .”</strong> Officially Vanguard <a href="https://investor.vanguard.com/investor-resources-education/news/who-owns-vanguard" target="_blank">says</a> that its investors own it since its funds own it, and Vanguard fund investors own those funds.</p>
<p><strong>However, the actual decision power is in the hands of Vanguard’s insiders</strong> since the ownership is diluted over millions of investors worldwide.</p>
<p><strong>Vanguard has significant influence over the largest public companies.</strong> Thanks to its size, Vanguard usually belongs to the largest shareholders in those companies and has considerable power at their shareholder meetings. This is especially true if ownership is diluted.</p>
<ul>
<li>Several terms were coined to describe this issue. Some call it <a href="https://www.phenomenalworld.org/analysis/blackrock-asset-manager-capitalism/" target="_blank">asset manager capitalism</a>, and popular is also <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337" target="_blank">the power of twelve</a>. Financial Times even <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank">put together</a> who exactly those twelve people might be.</li>
<li><a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">Evidence</a> shows that big asset managers usually vote together with management.</li>
</ul>
<h3 id="2-blackrock-66">#2 BlackRock (6.6%)</h3>
<p><img src="/assets/images/jpmorgan-chase-blackrock-ownership-and-voting-power.png" alt="BlackRock's share ownership and voting power in JPMorgan Chase (chart)" /></p>
<p><strong>BlackRock is the second-largest shareholder of JPMorgan Chase, owning 6.6% of its shares.
As of December 2022, the market value of BlackRock’s stake in JPMorgan Chase was $26.1 billion.</strong></p>
<p>BlackRock owned <a href="https://www.sec.gov/Archives/edgar/data/19617/000130655023008347/us46625h1005_020723.txt" target="_blank">195 million</a> shares in JPMorgan Chase and controlled 195 million shareholder votes as of December 2022.</p>
<p><a href="https://www.blackrock.com/corporate/about-us" target="_blank"><strong>BlackRock, Inc.</strong></a> <strong>is the world’s largest asset manager, with assets under management of</strong> <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2021/ar/online/pdfs/BlackRock_2021_AR_Complete_040822.pdf" target="_blank"><strong>$10 trillion.</strong></a> BlackRock is not only an asset manager, but it also provides other asset managers and corporations with its <a href="https://www.blackrock.com/aladdin" target="_blank">Aladdin</a> portfolio management software.</p>
<p><strong>BlackRock is a publicly traded company, and its largest shareholders are its competitors, including BlackRock itself.</strong> Not directly but through their passive and active funds. The largest shareholder is Vanguard.</p>
<p><strong>A similar situation is also true in the opposite direction because BlackRock is a significant shareholder in many of its publicly traded competitors</strong> and other large institutions, making the whole thing even more eyebrow-raising.</p>
<p><strong>This circular ownership between Vanguard, BlackRock, and other large asset managers, amplifies the issue often raised about the</strong> <a href="https://www.ft.com/content/cb818afb-4ac3-430b-8e17-2de9129f5ac7" target="_blank"><strong>power of these large asset managers</strong></a> over public companies since they usually belong to the most significant shareholders with large voting power.</p>
<ul>
<li>
<p><strong>In the case of Blackrock, this influence is personified in the form of its CEO</strong> <a href="https://en.wikipedia.org/wiki/Larry_Fink" target="_blank"><strong>Larry Fink</strong></a>, who is a powerful figure with close ties to the FED and the US government.</p>
</li>
<li>
<p>Adding to these concerns is <a href="https://www.cambridge.org/core/journals/business-and-politics/article/hidden-power-of-the-big-three-passive-index-funds-reconcentration-of-corporate-ownership-and-new-financial-risk/30AD689509AAD62F5B677E916C28C4B6" target="_blank">evidence</a> that BlackRock and other asset managers usually vote in favor of management proposals.</p>
</li>
</ul>
<h3 id="3-james-crown-04">#3 James Crown (0.4%)</h3>
<p><img src="/assets/images/jpmorgan-chase-james-crown-ownership-and-voting-power.png" alt="James Crown's share ownership and voting power in JPMorgan Chase (chart)" /></p>
<p><strong>James Crown owns 0.4% of JPMorgan Chase’s shares.
As of December 2022, the market value of James Crown’s stake in JPMorgan Chase was $1.7 billion.</strong></p>
<p>James Crown owned <a href="https://www.sec.gov/Archives/edgar/data/19617/000122520822006320/xslF345X03/doc4.xml" target="_blank">12 million</a> shares in JPMorgan Chase and controlled 12 million shareholder votes as of December 2022.</p>
<p><strong>James Crown is a member of the wealthy</strong> <a href="https://www.forbes.com/profile/crown/?sh=2acb7e396044" target="_blank"><strong>Crown family</strong></a> <strong>and currently serves as the Chairman and CEO of the family’s investment firm, Henry Crown and Company. Alongside his leadership position in the family business, he also serves as a director at JPMorgan Chase and General Dynamics, both of which the Crown family has financial stakes in.</strong></p>
<p>James Crown’s grandfather, Henry Crown, was a notable industrialist, and his father, Lester Crown, was a prominent business figure as well. The Crown family is considered one of the wealthiest families in the United States, and their investment firm owns a diverse range of business assets, including sports teams, leisure companies, banking institutions, and real estate holdings.</p>
<h3 id="4-james-dimon-03">#4 James Dimon (0.3%)</h3>
<p><img src="/assets/images/jpmorgan-chase-james-dimon-ownership-and-voting-power.png" alt="James Dimon's share ownership and voting power in JPMorgan Chase (chart)" /></p>
<p><strong>James Dimon owns 0.3% of JPMorgan Chase’s shares.
As of December 2022, the market value of James Dimon’s stake in JPMorgan Chase was $1.1 billion.</strong></p>
<p>James Dimon owned <a href="https://www.sec.gov/Archives/edgar/data/19617/000122520822011495/xslF345X03/doc4.xml" target="_blank">8 million</a> shares in JPMorgan Chase and controlled 8 million shareholder votes as of December 2022.</p>
<p><strong>Jamie Dimon is the influential CEO and chairman of JPMorgan Chase, the largest bank in the United States. He is a very well-respected figure that commands immense power in the world of finance and politics.</strong> Despite several scandals at his bank during his tenure, he managed alwas to defend his his as the head of the company.</p>
<p>Before joining JPMorgan Chase, he was CEO of Chicago-based Bank One, which was acquired by JPMorgan Chase in 2004. Soon after that, he became CEO of the merged company.</p>
<p>Dimon’s political clout is evident in his frequent appearances before Congress, where he advocates for policies that benefit the banking industry.</p>
<h2 id="-who-and-when-founded-jpmorgan-chase">🧱 Who and When Founded JPMorgan Chase?</h2>
<p><strong>Only a few companies have such a rich history as JP Morgan Chase & Co. Bank’s history spans to the time when the United States of America was founded, and its beginnings involve famous people of American history.</strong></p>
<p><strong>As you would expect, JP Morgan Chase’s history is full of interesting personalities, dodgy business dealings, and scandals. It was true when it was founded, and it continues to be true even today.</strong></p>
<p><strong>JPMorgan Chase is a result of multiple mergers and acquisitions.</strong> There were a lot of them, but the main steps were the merger of The Bank of the Manhattan Company and Chase National Bank in 1955. The combined bank was renamed Chase Manhattan Bank and, in 2000, merged with J.P. Morgan & Co, forming JPMorgan Chase.</p>
<p>Let’s look at who and when founded each of J.P. Morgan’s main predecessors one by one.</p>
<h3 id="who-and-when-founded-the-bank-of-the-manhattan-company">Who and When Founded the Bank of the Manhattan Company</h3>
<p><strong>In the late 18th century, New York City desperately needed clean drinking water. As a response, a group of businessmen and politicians decided to establish The Manhattan Company in 1799 to provide “pure and wholesome” drinking water to the people of New York.</strong></p>
<p><strong>Things did not go according to plan when it came to clean water, but within a few months, the company opened The Bank of The Manhattan Company, becoming the second commercial bank in New York City.</strong></p>
<p><strong>One of the bank’s founders was Aaron Burr</strong>, the man who killed Alexander Hamilton, one of the founders of the Bank of New York and former Secretary of the Treasury.</p>
<p>In 1804, Burr challenged Hamilton to a duel, resulting in Hamilton’s death. Burr was later charged with murder but was ultimately acquitted.</p>
<p>Despite its controversial beginnings, The Bank of The Manhattan Company thrived, and in 1955, it merged with Chase National Bank to form Chase Manhattan Bank.</p>
<h3 id="who-and-when-founded-the-chase-national-bank">Who and When Founded the Chase National Bank</h3>
<p><strong>Chase National Bank was founded by John Thompson in 1877.</strong> The bank was named after Salmon P. Chase, the Secretary of the Treasury under Abraham Lincoln and the National Banking System architect.</p>
<p>Many years later, in 1955, the bank merged with The Bank of The Manhattan Company to form Chase Manhattan Bank.</p>
<h3 id="who-and-when-founded-jp-morgan--co">Who and When Founded J.P. Morgan & Co.</h3>
<p><strong>J.P. Morgan & Co. is one of the most renowned financial institutions in the world. The bank has a long history, dating back to 1864 when J. Pierpont Morgan founded his own firm in partnership with his cousin.</strong></p>
<p>However, the roots of the Morgan banking family can be traced back to 1854, when his father, Junius S. Morgan, moved to London and joined George Peabody & Co., which became the leading marketer of American securities in England and Europe.</p>
<p><strong>The official year of the founding of J.P. Morgan is considered 1871 when J. Pierpont Morgan partnered with Philadelphia banker Anthony Drexel to form Drexel, Morgan & Co.,</strong> a private merchant banking house in New York City.</p>
<p>The new partnership allowed J. Pierpont Morgan to establish his reputation as a leader in railroad investments. He went on to finance several important deals, including the consolidation of Thomas Edison’s electric companies in 1892 to form General Electric Company.</p>
<p>In 1895, Drexel, Morgan & Co. was reorganized and became J.P. Morgan & Company, a name that would become synonymous with Wall Street and global finance.</p>
<p>However, in 1933, the provisions of the Glass-Steagall Act forced J.P. Morgan & Co. to separate its investment banking from its commercial banking operations. As a result, two J.P. Morgan partners founded Morgan Stanley in 1935. These partners were Henry S. Morgan (son of J.P Morgan Jr.) and Harold Stanley. In the beginning, its headquarters were just down the street from J.P. Morgan.</p>
<p>In 1940, J.P. Morgan & Co. became J.P. Morgan & Co. Incorporated, and two years later, in 1942, J.P. Morgan & Co. went public. J.P. (Jack) Morgan, Jr. was its first chairman. However, he died only a year later.</p>
<p>In 1959, J.P. Morgan merged with the Guaranty Trust Company of New York, forming the Morgan Guaranty Trust Company.</p>
<p>In 1989, the U.S. Federal Reserve granted J.P. Morgan & Co. the right to underwrite and deal in corporate debt securities as a relaxation of the Glass-Steagall banking laws separating commercial and investment bank activities. This allowed the bank to get back to its investment banking roots.</p>
<p>The final chapter of J.P.Morgan & Co was written in 2000 when the company merged with Chase Manhattan, creating the new bank named J.P. Morgan Chase & Co.</p>
<h3 id="chase-manhattan-bank">Chase Manhattan Bank</h3>
<p><strong>Chase Manhattan Bank was formed in 1955 through the merger of the Chase National Bank and the Bank of The Manhattan Company.</strong></p>
<p>In 1996, the bank became even bigger by merging with the Chemical Banking Corporation in one of the largest consolidations in U.S. banking history. Despite the acquiring bank being Chemical Banking Corp., Chase’s name was retained.</p>
<p>The turn of the millennium saw yet another merger, this time with J.P. Morgan & Co. in 2000. The two financial giants merged to create JPMorgan Chase & Co., a new behemoth in the world of banking.</p>
<h3 id="jpmorgan-chase--co">JPMorgan Chase & Co.</h3>
<p><strong>The story of JPMorgan Chase began in the year 2000 when two of the most prominent banks in America, J.P. Morgan & Co. and The Chase Manhattan Corporation, merged to form a financial behemoth. This merger resulted in the formation of a new entity named J.P. Morgan Chase & Co.</strong></p>
<p><strong>In 2004, JPMorgan Chase grew bigger with the acquisition of Bank One Corp.</strong> The deal brought Jamie Dimon, the then Chairman and CEO of Bank One, on board as President and COO of JPMorgan Chase.</p>
<p>In 2005, James Dimon was named the CEO of JPMorgan Chase, and in 2006, he became its Chairman. Jamie Dimon’s connections and political clout helped the company become even bigger during the 2008 crisis by absorbing Bear Sterns and Washington Mutual.</p>
<p>A similar situation happened in 2023 when James Dimon managed to do a very favorable deal with the government to acquire The First Republic Bank, which was seized by the regulators just days before</p>
<h2 id="-jpmorgan-chases-history-timeline">📅 JPMorgan Chase’s History Timeline</h2>
<p>These are selected events from JPMorgan Chase’s <a href="https://alumni.jpmorganchase.com/alumni/anon/faq/history" target="_blank">history.</a> Timeline is broken down into parts that represent core company predecessors:</p>
<h3 id="the-bank-of-the-manhattan-company">The “Bank” of the Manhattan Company</h3>
<ul>
<li><strong>1799:</strong> The Manhattan Company was founded to supply “pure and wholesome” drinking water, but in a few months, opens The Bank of The Manhattan Company became the second commercial bank in New York City. One of the founders was Aaron Burr, the man who killed Alexander Hamilton, one of the founders of the Bank of New York.</li>
<li><strong>1804:</strong> Manhattan Company founder Aaron Burr challenges Alexander Hamilton to a duel, resulting in Hamilton’s death.</li>
<li><strong>1955:</strong> Chase National Bank merges with The Bank of The Manhattan Company to form Chase Manhattan Bank.</li>
</ul>
<h3 id="chase-national-bank">Chase National Bank</h3>
<ul>
<li><strong>1877:</strong> Chase National Bank was founded by John Thompson and named in honor of Salmon P. Chase, Secretary of the Treasury under Abraham Lincoln and architect of the National Banking System.</li>
<li><strong>1923:</strong> Chase National Bank was established in China.</li>
<li><strong>1930:</strong> The Chase National Bank acquired Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr., making Chase the largest bank in the US and the world.</li>
<li><strong>1940s:</strong> Chase National Bank made a deal with Nazi Germany, which helped the German government exchange marks and likely originated from the forced sale of assets by Jewish refugees.</li>
<li><strong>1947:</strong> Chase National Bank establishes a branch in Japan and the first post-war U.S. bank branch in Germany.</li>
<li><strong>1955:</strong> Chase National Bank merges with The Bank of The Manhattan Company to form Chase Manhattan Bank.</li>
</ul>
<h3 id="chase-manhattan-bank-1">Chase Manhattan Bank</h3>
<ul>
<li><strong>1955:</strong> Chase Manhattan Bank was formed by the merger of Chase National Bank and The Bank of The Manhattan Company.</li>
<li><strong>1958:</strong> Chase Manhattan introduces the Chase Manhattan Charge Plan, the first New York City bank to offer a retail credit account.</li>
<li><strong>1973:</strong> Chase Manhattan establishes a representative office in Moscow, the first U.S. bank to have a business presence there since the 1920s.</li>
<li><strong>1974:</strong> David Rockefeller, chairman of Chase Manhattan Bank, established the Chase Manhattan Bank Archives in an effort to preserve the legacy of his firm.</li>
<li><strong>1996:</strong> Chase Manhattan Corporation merges into Chemical Banking Corporation in one of the largest consolidations in U.S. banking history. Despite the fact that acquiring bank was Chemical Banking Corp., the bank adopted the name Chase’s name.</li>
<li><strong>2000:</strong> More than fifty years after the ties between Chase and Nazi Germany were revealed during Congressional hearings, Chase Manhattan publicly acknowledged the deal its predecessor Chase National Bank made with Nazi Germany.</li>
<li><strong>2000:</strong> J.P. Morgan & Co. and The Chase Manhattan Corporation merged to form JPMorgan Chase & Co.</li>
</ul>
<h3 id="jp-morgan--co">J.P. Morgan & Co.</h3>
<ul>
<li><strong>1854:</strong> Junius S. Morgan, the patriarch of the Morgan banking family, moves to London and joins George Peabody & Co., which becomes the leading marketer of American securities in England and Europe, raising capital for important deals.</li>
<li><strong>1864:</strong> J. Pierpont Morgan (son of Junius Morgan) founded his own firm with a cousin, J. Pierpont - Morgan & Company, which later became Dabney, Morgan & Co. and then “Drexel, Morgan & Co.” in 1871.</li>
<li><strong>1871:</strong> J. Pierpont Morgan partners with Philadelphia banker Anthony Drexel to form Drexel, Morgan & Co., a private merchant banking house in New York City, which builds his reputation as a leader in railroad investments.</li>
<li><strong>1882:</strong> The Drexel, Morgan & Co. building at 23 Wall Street is the first office building in New York City to draw power from the Edison Electric Illuminating Company’s newly built electric generating station.</li>
<li><strong>1892:</strong> Drexel, Morgan & Co. financed the consolidation of Thomas Edison’s electric companies with the Thomson-Houston Electric Company to form General Electric Company.</li>
<li><strong>1895:</strong> Drexel, Morgan & Co. reorganized in 1895 and became J.P. Morgan and Company</li>
<li><strong>1901:</strong> J.P. Morgan & Co. organizes the buyout of industrialist Andrew Carnegie and combines some 15 companies to create United States Steel, the world’s first billion-dollar corporation.</li>
<li><strong>1904:</strong> J.P. Morgan & Co. helps finance the Panama Canal.</li>
<li><strong>1913:</strong> J. Pierpont Morgan dies, J.P. (Jack) Morgan, Jr. becomes senior partner of J.P. Morgan & Co.</li>
<li><strong>1914:</strong> During WWI, J.P. Morgan & Co. loaned about $1.5 billion to the Allies to fight against the Germans and invested in the suppliers of war equipment to Britain and France, thus profiting from the financing and purchasing activities of the two European governments.</li>
<li><strong>1920:</strong> A bomb exploded in front of the headquarters of J.P. Morgan Inc. at 23 Wall Street, injuring 400 and killing 38 people, and the FBI rendered the file inactive in 1940 without ever finding the perpetrators.</li>
<li><strong>1933:</strong> The provisions of the Glass–Steagall Act forced J.P. Morgan & Co. to separate its investment banking from its commercial banking operations. As a result, in 1935, two J.P. Morgan partners, Henry S. Morgan (son of J.P Morgan Jr.) and Harold Stanley, founded Morgan Stanley. At the beginning, its headquarters were at 2 Wall Street, just down the street from J.P. Morgan.</li>
<li><strong>1940:</strong> J.P. Morgan & Co. becomes J.P. Morgan & Co. Incorporated</li>
<li><strong>1942:</strong> J.P.Morgan & Co. goes public. J.P. (Jack) Morgan, Jr. became the new corporation’s first chairman but died a year later.</li>
<li><strong>1959:</strong> J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company.</li>
<li><strong>1969:</strong> J.P. Morgan & Co. was created as a bank holding company, with Morgan Guaranty Trust as the main subsidiary.</li>
<li><strong>1989:</strong> In a relaxation of the Glass-Steagall banking laws separating commercial and investment bank activities, the U.S. Federal Reserve grants J.P. Morgan & Co. the right to underwrite and deal in corporate debt securities.</li>
<li><strong>1998:</strong> J.P. Morgan openly discussed the possibility of a merger with banks such as Goldman Sachs, Chase Manhattan Bank, Credit Suisse, and Deutsche Bank AG.</li>
<li><strong>2000:</strong> J.P. Morgan & Co. Incorporated merges with The Chase Manhattan Corporation. The new firm is named J.P. Morgan Chase & Co.</li>
</ul>
<h3 id="jpmorgan-chase">JPMorgan Chase</h3>
<ul>
<li><strong>2000:</strong> J.P. Morgan & Co. Incorporated merges with The Chase Manhattan Corporation. The new firm is named J.P. Morgan Chase & Co.</li>
<li><strong>2001:</strong> Bank paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation by aiding and abetting Enron Corp.’s securities fraud, which collapsed amid a financial scandal in 2001.</li>
<li><strong>2002:</strong> Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research.</li>
<li><strong>1994:</strong> JPMorgan Chase’s subsidiary acquired a 40% equity interest in Petron Corporation, the largest crude oil refiner and marketer in the Philippines.</li>
<li><strong>2004:</strong> JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman and CEO of Bank One Jamie Dimon as president and COO of the combined company.</li>
<li><strong>2005:</strong> JPMorgan Chase acknowledged that its two predecessor banks had received ownership of thousands of slaves as collateral prior to the Civil War. The company apologized for contributing to the “brutal and unjust institution” of slavery. The bank paid $5 million in reparations in the form of a scholarship program for Black students.</li>
<li><strong>2005:</strong> JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom’s bonds, agreed in March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion.</li>
<li><strong>2005-12-31</strong> James Dimon became the CEO of JPMorgan Chase.</li>
<li><strong>2006:</strong> JPMorgan Chase acquired Bank of New York Mellon’s retail and small business banking network.</li>
<li><strong>2006-12-31:</strong> James Dimon was named Chairman of JPMorgan Chase.</li>
<li><strong>2008:</strong> JPMorgan Chase & Co. acquired Bear Stearns Companies Inc, which was close to bankruptcy.</li>
<li><strong>2008:</strong> The U.S. government invested $25 billion in JPMorgan Chase under the Emergency Economic Stabilization Act, and the bank holding company Washington Mutual, Inc. was seized by the government and sold to JPMorgan Chase.</li>
<li><strong>2009:</strong> JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into the sales of derivatives that allegedly contributed to the near-bankruptcy of the Jefferson (Alabama) county.</li>
<li><strong>2010:</strong> J.P. Morgan acquires full ownership of the firm’s U.K. joint venture, J.P. Morgan Cazenove, with origins dating to 1823.</li>
<li><strong>2012:</strong> JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the CIO had engaged in speculative trades that exposed JPMorgan to significant losses.</li>
<li><strong>2012:</strong> JPMorgan Chase & Co agreed to a historic settlement with the federal government and 49 states. The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second-largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.</li>
<li><strong>2012-04-13:</strong> Jamie Dimon dismissed press accounts of possible losses in the bank’s London Whale scandal as a “tempest in a teapot”.</li>
<li><strong>2012-05:</strong> An investment unit of JPMorgan Chase announced a loss of $2 billion through a complex series of trades in derivatives, including credit-default swaps (CDSs). Even was referred to as the London Whale scandal.</li>
<li><strong>2013:</strong> JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations related to the credit derivatives trading loss and other incidents</li>
<li><strong>2013:</strong> JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company’s bidding activities in electricity markets in California and the Midwest.</li>
<li><strong>2013:</strong> JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage-backed securities. Of that amount, $9 billion was penalties and fines, and the remaining $4 billion was consumer relief. Conduct at Bear Stearns and Washington Mutual prior to their 2008 acquisitions accounted for much of the alleged wrongdoing.</li>
<li><strong>2014:</strong> JPMorgan Chase agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal.</li>
<li><strong>2016:</strong> JPMorgan Chase agreed to pay $264 million in fines to settle civil and criminal charges involving a systematic bribery scheme spanning 2006 to 2013 in which the bank secured business deals in Hong Kong by agreeing to hire hundreds of friends and relatives of Chinese government officials, resulting in more than $100 million in revenue for the bank.</li>
<li><strong>2017:</strong> J.P. Morgan was sued by Nigeria for $875 million, alleged to have been transferred to a corrupt former minister.</li>
<li><strong>2018:</strong> As part of an investigation by the U.S. Securities and Exchange Commission (SEC) into abusive practices related to American depositary receipts (ADRs), JPMorgan agreed to pay more than $135 million to settle charges of improper handling of “pre-released” ADRs without admitting or denying the SEC’s findings.</li>
<li><strong>2020-03:</strong> Jamie Dimon underwent “emergency heart surgery.”</li>
<li><strong>2020:</strong> J.P. Morgan settled with the U.S. for $920 million in manipulating precious metals futures and government bond markets.</li>
<li><strong>2021:</strong> JPMorgan Chase launched an app-based current account under the Chase brand in the UK.</li>
<li><strong>2022:</strong> Two women who accused Jeffrey Epstein of sex trafficking and sexual abuse also sued JPMorgan and Deutsche Bank, accusing them of benefiting and closing their eyes to Epstein’s sex trafficking operations. According to the lawsuits, banks knew that Epstein’s accounts were used to finance sex trafficking crimes.</li>
<li><strong>2022:</strong> Two women who accused Jeffrey Epstein of sex trafficking and sexual abuse also sued JPMorgan and Deutsche Bank, accusing them of benefiting and closing their eyes to Epstein’s sex trafficking operations. According to the lawsuits, banks knew that Epstein’s accounts were used to finance sex trafficking crimes.</li>
<li><strong>2023:</strong> JPMorgan Chase struck a deal to buy most of the operations of First Republic Bank, shortly after regulators seized it. As part of the deal, JPMorgan got quite favorable terms, including financing and a backstop on certain future losses.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
<p><strong><a href="who-owns-berkshire-hathaway-largest-shareholders/">Who Owns Berkshire Hathaway: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Berkshire Hathaway and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="who-owns-apple-largest-shareholders/">Who Owns Apple: The Largest Shareholders Overview</a></strong><br />Visual overview of who owns Apple and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-paypal-largest-shareholders/">Who Owns Paypal: The Largest Shareholders Overview</a></strong><br />Overview of who owns PayPal and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-visa-largest-shareholders/">Who Owns Visa: The Largest Shareholders Overview</a></strong><br />Overview of who owns Visa and who controls it. With a list of the largest shareholders and how much is each of their stake worth..</p>
<p><strong><a href="/who-owns-exxon-mobil-largest-shareholders/">Who Owns Exxon Mobil: The Largest Shareholders Overview</a></strong><br />Overview of who owns Exxon Mobil and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<p><strong><a href="/who-owns-netflix-largest-shareholders/">Who Owns Netflix: The Largest Shareholders Overview</a></strong><br />Overview of who owns Netflix and who controls it. With a list of the largest shareholders and how much is each of their stake worth.</p>
<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/19617/000001961723000231/jpm-20221231.htm" target="_blank">JPMorgan Chase’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/19617/000001961723000281/jpm-20230403.htm" target="_blank">JPMorgan Chase’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/19617/000001961706000316/charter.htm" target="_blank">JPMorgan Chase’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns JPMorgan Chase & Co. (*JPM*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.Who Owns Walmart: The Largest Shareholders Overview2023-04-27T00:00:00+00:002023-04-27T00:00:00+00:00https://www.kamilfranek.com/who-owns-walmart-largest-shareholders<p><img src="/assets/images/teasers/walmart-who-owns-walmart-largest-shareholders-teaser.png" alt="Article Teaser: Who Owns Walmart: The Largest Shareholders Overview" class="teaser-center" /></p>
<p>Walmart Inc. (<em>WMT</em>) is the largest retailer in the world. It is active internationally, but its revenues and profits come mainly from its US operations. Let’s look at who owns Walmart and who controls it.</p>
<p><strong>Walmart’s largest shareholders are mainly members of the Walton family, who control Walmart mainly through their stake in Walton Enterprises, a family holding company. Together, the Walton family owns 47.9% of Walmart and effectively controls it.</strong></p>
<table class="gt_table">
<thead class="gt_header"><tr>
<td colspan="4" class="gt_heading gt_title gt_font_normal gt_bottom_border" style="">
<img src="/assets/images/icons/walmart-logo.png" style="height:15px;" /> <strong>Walmart's Largest Shareholders (Dec 2022)</strong>
</td>
</tr></thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Ownership</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Voting Power</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-enterprises-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Enterprises</td>
<td class="gt_row gt_right">37.2%</td>
<td class="gt_row gt_right">37.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-family-holdings-trust-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Family Holdings Trust</td>
<td class="gt_row gt_right">9.9%</td>
<td class="gt_row gt_right">9.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jim-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jim Walton</td>
<td class="gt_row gt_right">0.4%</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/alice-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Alice Walton</td>
<td class="gt_row gt_right">0.3%</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/rob-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Rob Walton</td>
<td class="gt_row gt_right">0.1%</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">52.1%</td>
<td class="gt_row gt_right">52.1%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="4">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="4">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p><img src="/assets/images/walmart-largest-shareholders-who-owns-it-vs-who-has-control-chart.png" alt="Who ows Walmart vs who controls it chart" /></p>
<p>In this article, I will dive more into who owns Walmart and who controls it. I will show you who Walmart’s largest shareholders are, how many shares and votes they have, and how much their stake is worth.</p>
<p>If you are interested, you can also explore who owns other companies like <a href="/who-owns-amazon-largest-shareholders/"><strong>Amazon</strong></a>, <a href="/who-owns-nike-largest-shareholders/"><strong>Nike</strong></a>, <a href="/who-owns-volkswagen-largest-shareholders/"><strong>Volkswagen</strong></a>, and other articles in my <a href="/who-owns-who/">“who owns who”</a> series.</p>
<h2 id="-who-owns-walmart">📃 Who Owns Walmart?</h2>
<p><img src="/assets/images/walmart-largest-shareholders-share-ownership-donut-chart.png" alt="Who owns Walmart, largest shareholders donut chart" /></p>
<p><strong>Walmart is owned mainly by the Walton family, descendants of the company founder Sam Walton. The Walton family owns 47.9% of the company, mainly through Walton Enterprises, the family holding company. Other “extended family” members might have additional smaller stakes.</strong></p>
<ul>
<li><strong>The Walmart family is represented mainly by Rob, John, and Alice Walton</strong>, children of Walmart’s found Sam Walton. All three hold small ownership in Walmart directly.</li>
<li><strong>The majority of the Walton family Walmart stake is held through the family holding company Walton Enterprises LLC</strong>, which owns 37.2% of Walmart. Rob, John, and Alice Walton are managing members of this holding company.</li>
<li>Walton Enterprises LLC is a family-holding company that holds a stake in Walmart and other family investments. The company itself is encapsulated within T. Walton Estate Trust.</li>
<li><strong>Walton family holds a sizable stake in Walmart also through Walton Family Holdings Trust (9.9%)</strong>, where Rob, John, and Alice are co-trustees.
Rob, John, and Alice Waltonown a small amount of share directly.</li>
<li><a href="https://www.businessinsider.com/meet-the-waltons-wal-mart-family-tree-2013-10" target="_blank">Walton family</a> does not include only Rob, John, and Alice Walton. Their brother John died in 2005, and part of his 20% stake in Walmart Enterprises went to charity, and part went to his son Lukas Walton and wife Christy.</li>
</ul>
<p><strong>Walton’s family stake mentioned above does not include stakes “probably” owned by descendants of Bud Walton, brother and business partner of Sam Welton.</strong></p>
<ul>
<li>Bud Walton died in 1995, and his shares in Walmart were inherited by his daughters, Ann Walton Kroenke and Nancy Walton Laurie.</li>
<li>It is not confirmed if they still hold some stake in Walmart. If they do, it is a small stake in low single percentages.</li>
</ul>
<p>The Waltons family is a dominant shareholder in Walmart, and currently, no other company owns over 5%, not even asset managers Vanguard and BlackRock.</p>
<p>Warren Buffett’s Berkshire Hathaway was a significant shareholder in Walmart for some time but sold most of its stake in 2016.</p>
<p><strong>Walmart was founded in 1962 by Sam Walton</strong> and has been a publicly listed company since its initial public offering on NYSE in 1970 (Ticker: WMT).</p>
<ul>
<li>Before founding Walmart in 1962, Walton had already operated several retail stores in different locations.</li>
<li>After co-founding Walmart with his brother Bud, the company grew rapidly, becoming the largest retailer in the</li>
<li>Later, Sam reorganized his ownership of Walmart through the family-holding company Walton Enterprises LLC, where all his four children held 20%, and he and his wife had a 10% stake each.</li>
</ul>
<p>Walmart Inc. is incorporated in the State of Delaware (US), and its headquarters are in Bentonville, Arkansas (US).</p>
<h2 id="-who-controls-walmart-wmt">🎮 Who Controls Walmart (WMT)?</h2>
<p><img src="/assets/images/walmart-largest-shareholders-voting-power-donut-chart.png" alt="Who controls Walmart, largest shareholders donut chart" /></p>
<p><strong>Walmart is controlled by the Walton family, descendants of the company founder Sam Walton. The Walton family controls directly and indirectly 47.9% of the voting power. It is not a majority, but since not all votes are present at shareholders’ meetings, it is enough for the Waltons to be in charge.</strong></p>
<p><strong>Walmart has only one class of outstanding shares, with one vote per share.</strong> Therefore, there is no difference between the shareholder’s ownership and voting power.</p>
<p><strong>In their control over Walmart, Walton’s family has to really act together as a family.</strong> Their control is executed mainly through their family holding company Walton Enterprisess LLC. To exercise their voting power in Walmart, they have to agree internally on what proposals and decisions they want to support. No individual alone can force his way out.</p>
<ul>
<li>Original voting power in Walton Enterprises LLC that founder Sam Walton set up later in his life was 20% for each of his four children, 10% for Sam, and 10% for his wife.</li>
<li>When his son John Walton died in a plane crash in 2005, some of his stakes went to his son and wife. A big part was also donated.</li>
</ul>
<p><strong>Walmart’s insiders that have influence over the company are CEO Doug McMillon, chairman of the board Gregory Penner,</strong> and other <a href="https://corporate.walmart.com/about/board-of-directors" target="_blank">board members and executives.</a></p>
<ul>
<li>Walmart’s board of directors consists of 11 members who are reelected annually.</li>
<li>The Walton family, who controls the company, has several family members on the board.
<ul>
<li>Rob Walton, the son of the Walmart founder, used to be chairman of the board until his son-in-law Gregory Penner took over. Rob is still a director.</li>
<li>Steuart Walton, another family member, “inherited” his position from his father, Jim Walton, who resigned in 2015</li>
</ul>
</li>
<li>CEO Doug McMillon is also a board member.</li>
<li>Marissa Mayer, famous mainly for her 5-year stint as CEO of Yahoo, also holds a seat on Walmart’s board.</li>
<li>A past board member is also Hillary Clinton. She was part of Walmart’s board from 1986 to 1992.</li>
<li>Nobody from the board of directors outside Walton family members holds more than 0.05% of Walmart’s shares.</li>
</ul>
<p><strong>Some people might get the idea that Walmart is a friendly family business, but that would be wrong.</strong> It is still a retail business, which is one of the toughest to succeed in. Drive for this success means that Walmart and, indirectly, Walton’s family, as a controlling shareholder, were involved in many things that were either outright illegal or at least controversial.</p>
<ul>
<li>Walmart has faced a cascade of lawsuits and issues with regard to its workforce. These issues involve low wages, poor working conditions, and inadequate health care.</li>
<li>The company was involved in several bribery scandals in Mexico.</li>
<li>Walmart historically purchased life insurance for its employees, including “low-level” employees such as janitors, cashiers, and stockers.</li>
<li>Walmart was accused several times of selling items at too low a cost for the purpose of injuring and destroying competition. They won some of them and settled others.</li>
<li>Walmart refused to stock emergency contraception pills in its pharmacies.</li>
<li>They used undocumented workers.</li>
<li>The US Department of Justice sued Walmart for contributing to the opioid epidemic in the United States by filling illegal prescriptions of controlled substances and failing to report suspicious orders to the Drug Enforcement Agency.</li>
</ul>
<p><strong>Walmart is also known for its strong anti-union stance.</strong> For example, in 2000, meat cutters in Jacksonville, Texas, voted to unionize. Walmart subsequently eliminated in-house meat-cutting jobs in favor of prepackaged meats, claiming that the measure would cut costs and prevent lawsuits.</p>
<ul>
<li>Another example is when Walmart closed one store in Quebec, Canada, five months after workers successfully unionized because the union’s “business plan” did not meet Walmart’s approval.</li>
</ul>
<h2 id="️-breakdown-of-walmarts-outstanding-shares-and-votes-by-top-shareholders">🗳️ Breakdown of Walmart’s Outstanding Shares and Votes by Top Shareholders</h2>
<p>Walmart Inc. had a total of <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000020/wmt-20230131.htm" target="_blank">2,693 million</a> outstanding shares as of December 2022. The following table shows how many shares each Walmart’s large shareholder holds.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/walmart-logo.png" style="height:15px;" /> <strong>Walmart's <span style="color: #47b5fa;">Outstanding Shares</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of shares as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-enterprises-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Enterprises</td>
<td class="gt_row gt_right">1,001</td>
<td class="gt_row gt_right">1,001</td>
<td class="gt_row gt_right">37.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-family-holdings-trust-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Family Holdings Trust</td>
<td class="gt_row gt_right">268</td>
<td class="gt_row gt_right">268</td>
<td class="gt_row gt_right">9.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jim-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jim Walton</td>
<td class="gt_row gt_right">11</td>
<td class="gt_row gt_right">11</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/alice-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Alice Walton</td>
<td class="gt_row gt_right">7</td>
<td class="gt_row gt_right">7</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/rob-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Rob Walton</td>
<td class="gt_row gt_right">3</td>
<td class="gt_row gt_right">3</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">1,404</td>
<td class="gt_row gt_right">1,404</td>
<td class="gt_row gt_right">52.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,693</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,693</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>There were <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000020/wmt-20230131.htm" target="_blank">2,693 million</a> votes distributed among shareholders of Walmart Inc.. The table below shows the total number of votes for each large shareholder.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/walmart-logo.png" style="height:15px;" /> <strong>Walmart's <span style="color: #FAC901;">Vote Control</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">In millions of votes as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-enterprises-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Enterprises</td>
<td class="gt_row gt_right">1,001</td>
<td class="gt_row gt_right">1,001</td>
<td class="gt_row gt_right">37.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-family-holdings-trust-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Family Holdings Trust</td>
<td class="gt_row gt_right">268</td>
<td class="gt_row gt_right">268</td>
<td class="gt_row gt_right">9.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jim-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jim Walton</td>
<td class="gt_row gt_right">11</td>
<td class="gt_row gt_right">11</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/alice-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Alice Walton</td>
<td class="gt_row gt_right">7</td>
<td class="gt_row gt_right">7</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/rob-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Rob Walton</td>
<td class="gt_row gt_right">3</td>
<td class="gt_row gt_right">3</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">1,404</td>
<td class="gt_row gt_right">1,404</td>
<td class="gt_row gt_right">52.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total (# millions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,693</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">2,693</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<h2 id="-breakdown-of-walmarts-market-value-by-shareholder">💵 Breakdown of Walmart’s Market Value by Shareholder</h2>
<p>The following table summarizes how much is each shareholder’s stake in Walmart Inc. worth.</p>
<p>However, keep in mind that a stake in Walmart could be just one part of their portfolio, and their total worth could be bigger, thanks to other investments. It could also be lower if they have debts.</p>
<table class="gt_table">
<thead class="gt_header">
<tr>
<td colspan="5" class="gt_heading gt_title gt_font_normal" style="">
<img src="/assets/images/icons/walmart-logo.png" style="height:15px;" /> <strong>Walmart's <span style="color: #54c856;">Market Value</span> by Shareholder</strong>
</td>
</tr>
<tr>
<td colspan="5" class="gt_heading gt_subtitle gt_font_normal gt_bottom_border" style="">Market value in billions $ as of December 2022</td>
</tr>
</thead>
<thead class="gt_col_headings"><tr>
<th class="gt_col_heading gt_columns_bottom_border gt_center" rowspan="1" colspan="1" scope="col"></th>
<th class="gt_col_heading gt_columns_bottom_border gt_left" rowspan="1" colspan="1" scope="col">Shareholder</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Class A</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">Total</th>
<th class="gt_col_heading gt_columns_bottom_border gt_right" rowspan="1" colspan="1" scope="col">% Share</th>
</tr></thead>
<tbody class="gt_table_body">
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-enterprises-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Enterprises</td>
<td class="gt_row gt_right">$143.7</td>
<td class="gt_row gt_right">$143.7</td>
<td class="gt_row gt_right">37.2%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/walton-family-holdings-trust-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Walton Family Holdings Trust</td>
<td class="gt_row gt_right">$38.4</td>
<td class="gt_row gt_right">$38.4</td>
<td class="gt_row gt_right">9.9%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/jim-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Jim Walton</td>
<td class="gt_row gt_right">$1.5</td>
<td class="gt_row gt_right">$1.5</td>
<td class="gt_row gt_right">0.4%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/alice-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Alice Walton</td>
<td class="gt_row gt_right">$1.0</td>
<td class="gt_row gt_right">$1.0</td>
<td class="gt_row gt_right">0.3%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/rob-walton-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Rob Walton</td>
<td class="gt_row gt_right">$0.5</td>
<td class="gt_row gt_right">$0.5</td>
<td class="gt_row gt_right">0.1%</td>
</tr>
<tr>
<td class="gt_row gt_center"><img src="/assets/images/icons/other-icon-mini.png" style="height:20px;" /></td>
<td class="gt_row gt_left">Other</td>
<td class="gt_row gt_right">$201.6</td>
<td class="gt_row gt_right">$201.6</td>
<td class="gt_row gt_right">52.1%</td>
</tr>
<tr>
<td class="gt_row gt_center" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;"></td>
<td class="gt_row gt_left" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">Total ($ billions)</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$386.7</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">$386.7</td>
<td class="gt_row gt_right" style="font-weight: bold; border-top-width: 1px; border-top-style: solid; border-top-color: grey40;">100.0%</td>
</tr>
</tbody>
<tfoot class="gt_sourcenotes">
<tr>
<td class="gt_sourcenote" colspan="5">Listed are shareholders holding >5% of any share class
or notable in other ways</td>
</tr>
<tr>
<td class="gt_sourcenote" colspan="5">
<img src="/assets/images/branding/logo_kamilfranek_com.png" style="height:25px;" /> Source: Multiple SEC filings</td>
</tr>
</tfoot>
</table>
<p>Let’s now look at each Walmart shareholder individually.</p>
<h2 id="-who-are-walmarts-largest-shareholders">📒 Who Are Walmart’s Largest Shareholders?</h2>
<p>Let’s now go through the list of the largest shareholders of Walmart Inc. one by one and look at who they are, how many shares they own, what is their voting power, and how much is their stake in Walmart worth.</p>
<h3 id="1-walton-enterprises-372">#1 Walton Enterprises (37.2%)</h3>
<p><img src="/assets/images/walmart-walton-enterprises-ownership-and-voting-power.png" alt="Walton Enterprises's share ownership and voting power in Walmart (chart)" /></p>
<p><strong>Walton Enterprises is the largest shareholder of Walmart, owning 37.2% of its shares.
As of December 2022, the market value of Walton Enterprises’ stake in Walmart was $143.7 billion.</strong></p>
<p>Walton Enterprises owned <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000004/sc13g-ax123122.htm" target="_blank">1,001 million</a> shares in Walmart and controlled 1,001 million shareholder votes as of December 2022.</p>
<p><strong>Walton Enterprises is a family-owned holding company founded by the late Sam Walton, the mastermind behind Walmart’s success. The company’s primary focus is managing the investments of the Walton family,</strong> which includes a significant stake in Walmart that provides them with substantial control over the retail giant.</p>
<p>But Walmart isn’t the only ace up its sleeve. Walton Enterprises also owns Arves Bank and other businesses, diversifying their family portfolio.</p>
<h3 id="2-walton-family-holdings-trust-99">#2 Walton Family Holdings Trust (9.9%)</h3>
<p><img src="/assets/images/walmart-walton-family-holdings-trust-ownership-and-voting-power.png" alt="Walton Family Holdings Trust's share ownership and voting power in Walmart (chart)" /></p>
<p><strong>Walton Family Holdings Trust is the second-largest shareholder of Walmart, owning 9.9% of its shares.
As of December 2022, the market value of Walton Family Holdings Trust’s stake in Walmart was $38.4 billion.</strong></p>
<p>Walton Family Holdings Trust owned <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000004/sc13g-ax123122.htm" target="_blank">268 million</a> shares in Walmart and controlled 268 million shareholder votes as of December 2022.</p>
<p><strong>Walton Family Holdings Trust is controlled by the heirs of Walmart founder Sam Walton. Part of the family stake in Walmart is owned through this trust.</strong></p>
<h3 id="3-jim-walton-04">#3 Jim Walton (0.4%)</h3>
<p><img src="/assets/images/walmart-jim-walton-ownership-and-voting-power.png" alt="Jim Walton's share ownership and voting power in Walmart (chart)" /></p>
<p><strong>Jim Walton directly owns 0.4% of Walmart’s shares.
As of December 2022, the market value of Jim Walton’s directly owned stake in Walmart was $1.5 billion. However, most of his ownership of Walmart is undirect through a family holding company and trust.</strong></p>
<p>Jim Walton owned <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000004/sc13g-ax123122.htm" target="_blank">11 million</a> shares in Walmart and controlled 11 million shareholder votes as of December 2022.</p>
<p><strong>Jim Walton is the son of Sam Walton, the founder of the world-renowned retail giant Walmart.</strong></p>
<p>He is a chairman of the “family” bank, Arvest Bank, and has served on the board of Walmart from 2005 to 2016. After that, he handed over his seat to his son Steuart.</p>
<h3 id="4-alice-walton-03">#4 Alice Walton (0.3%)</h3>
<p><img src="/assets/images/walmart-alice-walton-ownership-and-voting-power.png" alt="Alice Walton's share ownership and voting power in Walmart (chart)" /></p>
<p><strong>Alice Walton directly owns 0.3% of Walmart’s shares.
As of December 2022, the market value of Alice Walton’s directly owned stake in Walmart was $1.0 billion. However, most of her ownership of Walmart is undirect through a family holding company and trust.</strong></p>
<p>Alice Walton owned <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000004/sc13g-ax123122.htm" target="_blank">7 million</a> shares in Walmart and controlled 7 million shareholder votes as of December 2022.</p>
<p><strong>Alice Walton is the daughter of Walmart founder Sam Walton.</strong> He is the only one of Sam’s children not actively involved in Walmart.</p>
<p>She tried to enter the investment banking business when she led the family-owned investment bank Llama Company, founded in 1988. She served there as chairman and CEO, but the venture was not a success and had to close in 1998.</p>
<p>These days, however, Alice is best known for her work as an art collector and philanthropist.</p>
<h3 id="5-rob-walton-01">#5 Rob Walton (0.1%)</h3>
<p><img src="/assets/images/walmart-rob-walton-ownership-and-voting-power.png" alt="Rob Walton's share ownership and voting power in Walmart (chart)" /></p>
<p><strong>Rob Walton directly owns 0.1% of Walmart’s shares.
As of December 2022, the market value of Rob Walton’s directly owned stake in Walmart was $0.5 billion. However, most of his ownership of Walmart is undirect through a family holding company and trust.</strong></p>
<p>Rob Walton owned <a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000004/sc13g-ax123122.htm" target="_blank">3 million</a> shares in Walmart and controlled 3 million shareholder votes as of December 2022.</p>
<p><strong>Rob Walton is the son of Walmart founder Sam Walton.</strong> After his father passed away in 1992, Rob became the board chairman and held this position for over two decades until 2015, when he passed the baton to his son-in-law.</p>
<p>Despite stepping down as chairman, Walton continues to be active on Walmart’s board of directors.</p>
<p>Rob Walton is a well-known car collector with an impressive collection of vintage automobiles.</p>
<p>In 2022, he made headlines for his investment in the Denver Broncos team together with other investors.</p>
<h2 id="-who-and-when-founded-walmart">🧱 Who and When Founded Walmart?</h2>
<p><strong>Walmart was founded by Sam Walton in 1962 in Rogers, Arkansas. Before that, Walton had already operated several retail stores in different locations. After co-founding Walmart with his brother Bud, the company grew rapidly, becoming the largest retailer in the United States by 1990.</strong></p>
<p>In the small town of Rogers, Arkansas, something big was about to happen in 1962. Sam Walton, a man who would later become a legend in retail business, was about to open the first Walmart store. However, his journey started long before that.</p>
<p>After completing his college education, Sam joined J.C. Penney as a management trainee. He worked there for over a year and later joined the military. When he returned home, he took over the management of his first store with the help of a loan from his father-in-law. He operated it successfully under the Buttler Brothers franchise, learning the ins and outs of retail.</p>
<p>He was always looking for ways to offer customers the lowest prices possible, which led him to focus on cutting costs and streamlining operations.</p>
<p>When his lease was not prolonged, he opened a different store in Bentonville, Arkansas, and opened under “Walton’s 5-10” name. Sam did not stop there and soon opened more stores in other locations with his brother Bud as a business partner.</p>
<p>In 1962, history was made, and he opened the first Wal-Mart store in Rogers, Arkansas. The store was a success, and by 1967, the Walton family owned 24 stores, bringing $12.7 million in sales.</p>
<p>The company officially incorporated as Wal-Mart Stores, Inc. in 1969 and became a publicly traded company (over the counter) in 1970. That same year, the first distribution center and home office opened in Bentonville, Arkansas.</p>
<p>In 1972, Walmart was listed on the New York Stock Exchange with the ticker WMT. The company continued to grow, introducing Wal-Mart Supercenters in 1988 and becoming the largest retailer in the United States by 1990.</p>
<p>Walmart has faced many criticisms over the years for its labor practices and impact on local communities and was even involved in several corporate scandals.</p>
<p>Today, Walmart is the largest retailer worldwide, although its profit-making engine is still mainly in the US, and the company has scaled down its international operations.</p>
<h2 id="-walmarts-history-timeline">📅 Walmart’s History Timeline</h2>
<p>These are selected events from Walmart’s <a href="https://corporate.walmart.com/about/history" target="_blank">history:</a></p>
<ul>
<li><strong>1918:</strong> Samuel Moore Walton was born to Thomas Gibson Walton and Nancy Lee.</li>
<li><strong>1945:</strong> Sam Walton took over the management of his first store and operated it for 5 years.</li>
<li><strong>1950:</strong> Sam Walton purchases a store in Bentonville, Arkansas, and opens “Walton’s 5-10.”</li>
<li><strong>1962:</strong> Sam Walton, with his brother Bud as a partner, co-founded Walmart and opened its first Walmart store in Rogers, Arkansas.</li>
<li><strong>1967:</strong> The Walton family owns 24 stores, ringing up $12.7 million in sales.</li>
<li><strong>1969:</strong> The company officially incorporates as Wal-Mart Stores, Inc.</li>
<li><strong>1970:</strong> Walmart becomes a publicly traded company (over the counter). The first stock is sold at $16.50 per share.</li>
<li><strong>1971:</strong> The first distribution center and Home Office opened in Bentonville, Arkansas.</li>
<li><strong>1972:</strong> Walmart is listed on the New York Stock Exchange with ticker WMT.</li>
<li><strong>1972:</strong> Jim Walton joined Walmart and was involved in its real-estate dealings.</li>
<li><strong>1977:</strong> Walmart expands into Illinois and makes its first corporate acquisition of Mohr-Value stores.</li>
<li><strong>1978:</strong> Rob Walton joined Walmart as a senior vice president.</li>
<li><strong>1978:</strong> First pharmacy opens.</li>
<li><strong>1979:</strong> The Walmart Foundation is established.</li>
<li><strong>1980:</strong> Walmart reaches $1 billion in annual sales</li>
<li><strong>1982:</strong> Rob Walton was appointed vice chairman of Walmart.</li>
<li><strong>1983:</strong> The first Sam’s Club opens in Midwest City, Oklahoma.</li>
<li><strong>1983:</strong> Walmart replaces cash registers with computerized point-of-sale systems, enabling fast and accurate checkout.</li>
<li><strong>1987:</strong> The company installs the largest private satellite communication system in the U.S., linking the company’s operations through voice, data, and video communication.</li>
<li><strong>1988:</strong> Wal-Mart introduced Wal-Mart Supercenters.</li>
<li><strong>1990:</strong> Wal-Mart became the largest retailer in the United States.</li>
<li><strong>1991:</strong> Through a joint venture with Cifra, a Mexican retail company, Walmart goes global, opening a Sam’s Club in Mexico City.</li>
<li><strong>1991:</strong> Walmart began offering private label brands with the launch of Sam’s Choice, a line of drinks produced by Cott Beverages for Walmart.</li>
<li><strong>1991:</strong> Walmart stopped selling music albums marked with the RIAA’s Parental Advisory Label</li>
<li><strong>1992</strong> US President George H. W. Bush presents Sam Walton with the Presidential Medal of Freedom.</li>
<li><strong>1992:</strong> Founder Sam Walton died at 74. His son Rob Walton became chairman of the board.</li>
<li><strong>1994:</strong> Walmart expands into Canada with the purchase of 122 Woolco stores.</li>
<li><strong>1994:</strong> Walmart acquires 91 PACE Membership Warehouse clubs from Kmart and enters the Chinese market by joint venture agreement.</li>
<li><strong>1995:</strong> Bud Walton, brother of Sam Walton, died at the age of 73.</li>
<li><strong>1995:</strong> Walmart expanded into Argentina and Brazil.</li>
<li><strong>1996:</strong> Walmart opens its first stores in China.</li>
<li><strong>1997:</strong> The company celebrates its first $100 billion sales year.</li>
<li><strong>1999:</strong> Walmart bought ASDA in the United Kingdom for US$10 billion.</li>
<li><strong>2000:</strong> H. Lee Scott, Jr. succeeds David Glass as CEO.</li>
<li><strong>2000:</strong> Walmart.com is founded, allowing U.S. customers to shop online.</li>
<li><strong>2000:</strong> Walmart paid $50 million to settle a class-action suit that asserted that 69,000 current and former Walmart employees in Colorado had been forced to work off-the-clock.</li>
<li><strong>2000:</strong> After meat cutters in Jacksonville, Texas, voted to unionize, Walmart eliminated in-house meat-cutting jobs in favor of prepackaged meats.</li>
<li><strong>2003:</strong> Mexico’s antitrust agency investigated Walmart for “monopolistic practices”, finding no wrongdoing.</li>
<li><strong>2003:</strong> Germany’s High Court ruled that Walmart’s low-cost pricing strategy “undermined competition.”</li>
<li><strong>2003:</strong> Federal agents raided 61 Walmart stores in a crackdown known as “Operation Rollback,” resulting in the arrests of 250 nightshift janitors who were undocumented.</li>
<li><strong>2004:</strong> Walmart tested its own dollar store concept.</li>
<li><strong>2004:</strong> Walmart closed a store in Jonquière, Quebec, Canada, after the successful unionization of the employees</li>
<li><strong>2005:</strong> John Walton died, and his brother John replaced him on the Wal-Mart Board of Directors.</li>
<li><strong>2005:</strong> Walmart executive Tom Coughlin was forced to resign from its board of directors, facing charges of embezzlement.</li>
<li><strong>2006:</strong> Walmart announced the sale of its 16 stores in South Korea to Shinsegae Co, which rebranded the stores to E-Mart.</li>
<li><strong>2006:</strong> Walmart was excluded from the investment portfolio of The Government Pension Fund of Norway due to alleged labor rights violations in Walmart operations.</li>
<li><strong>2006:</strong> Walmart announced a complete pull-out from the German market; all existing 85 stores were sold to the Metro Group, which rebranded most of them to Real (hypermarket).</li>
<li><strong>2006-08:</strong> Walmart announced that workers at all Chinese stores could join trade unions; the company would work with the state-sanctioned All-China Federation of Trade Unions on representation for its staff.</li>
<li><strong>2007:</strong> Walmart.com launches its Site to Store service, enabling customers to make a purchase online and pick up merchandise in stores.</li>
<li><strong>2009:</strong> Walmart entered Chile by acquiring Distribucion y Servicio D&S SA.</li>
<li><strong>2009:</strong> Walmart entered into a 50/50 partnership with Bharti to gain access to the Indian market.</li>
<li><strong>2009:</strong> Mike Duke becomes CEO.</li>
<li><strong>2009:</strong> Walmart.com opened to third-party sellers.</li>
<li><strong>2010:</strong> Bharti Walmart, a joint venture, opens its first store in India.</li>
<li><strong>2010:</strong> Walmart Canada Bank was introduced with the launch of the Walmart (Canada) Rewards MasterCard.</li>
<li><strong>2010:</strong> Walmart confirmed it was acquiring the video streaming company Vudu, Inc. for an estimated $100 million</li>
<li><strong>2011:</strong> Walmart expands its business into South Africa by acquiring 51% of Massmart Holdings Limited.</li>
<li><strong>2012:</strong> The New York Times reported that Walmart executives in Walmart México had paid millions of dollars in bribes to local officials to expedite permits for the construction and operation of its stores in Mexico. Executives at Walmart México allowed the investigation to be concluded by a short report from the head of Walmart México, who had himself been suspected of involvement.</li>
<li><strong>2012:</strong> Bharti and Walmart separated to pursue business independently.</li>
<li><strong>2014:</strong> Doug McMillon succeeds Mike Duke as CEO. Greg Foran becomes President and CEO of Walmart U.S.</li>
<li><strong>2014:</strong> Walmart employees went on strike in several major cities in the United States.</li>
<li><strong>2016:</strong> Walmart Express, a chain of smaller discount stores, closed all 102 stores as part of a plan to close 269 stores globally.</li>
<li><strong>2015:</strong> Rob Walton handed over the position of the Chairman to his son-in-law Greg Penner</li>
<li><strong>2015:</strong> Walmart began testing a free grocery pickup service</li>
<li><strong>2015:</strong> Walmart took full ownership of Chinese online supermarket Yihaodian.</li>
<li><strong>2015:</strong> Walmart stopped selling military-style semi-automatic rifles like the AR-15.</li>
<li><strong>2016:</strong> Walmart agrees to acquired e-commerce website Jet.com for US$3.3 billion.</li>
<li><strong>2016:</strong> The US Department of Justice sued Walmart for contributing to the opioid epidemic in the United States by filling illegal prescriptions of controlled substances and failing to report suspicious orders to the Drug Enforcement Agency.</li>
<li><strong>2016:</strong> Walmart acquired Parcel, a delivery service in New York.</li>
<li><strong>2017:</strong> Walmart offers in-store pickup for online orders at 1,000 stores with plans to eventually expand the service to all of its stores in the US.</li>
<li><strong>2017:</strong> Walmart announced the acquisition of Moosejaw, a leading online active outdoor retailer, for approximately $51 million.</li>
<li><strong>2017:</strong> Walmart agreed to acquire the men’s apparel company Bonobos for $310 million in an effort to expand its fashion holdings.</li>
<li><strong>2018:</strong> Wal-Mart changed its name to Walmart Inc. from Wal-Mart Stores, Inc.</li>
<li><strong>2018:</strong> Walmart started crowdsourcing delivery services to customers using drivers’ private vehicles under the brand “Spark.”</li>
<li><strong>2018:</strong> Walmart stopped selling firearms and ammunition to 18-20 years old, which led to a lawsuit.</li>
<li><strong>2018:</strong> Walmart was sued by former Director of Business Development Tri Huynh for claims of reporting misleading e-commerce performance results in favor of the company.</li>
<li><strong>2018:</strong> Walmart acquired a 77% controlling stake in the Indian e-commerce website Flipkart for $16 billion. It was later renamed to Duo Bank of Canada.</li>
<li><strong>2018:</strong> Wal-Mart Canada announced it had reached an agreement to sell Wal-Mart Canada Bank to First National co-founder Stephen Smith and private equity firm Centerbridge Partners, L.P.</li>
<li><strong>2018:</strong> Walmart’s Winemakers Selection private label wine was introduced in about 1,100 stores</li>
<li><strong>2019:</strong> Walmart launches InHome Delivery and free NextDay delivery from Walmart.com.</li>
<li><strong>2019:</strong> Walmart insources its advertising business, now known as Walmart Connect.</li>
<li><strong>2019:</strong> Walmart opened its first Health Center, a “medical mall” where customers can purchase primary care services, such as vision tests, dental exams and root canals, lab work, X-rays and EKGs, counseling, and fitness and diet classes.</li>
<li><strong>2020:</strong> Walmart launches Walmart+ membership program to help customers save even more time and money.</li>
<li><strong>2020:</strong> Walmart Argentina is acquired by Grupo de Narváez.</li>
<li><strong>2020:</strong> Walmart discontinues Jet.com website.</li>
<li><strong>2020:</strong> Walmart announced they would be selling 65% of their shares in Seiyu to the private-equity firm KKR in a deal valuing 329 stores and 34,600 employees at $1.6 billion.</li>
<li><strong>2021:</strong> Walmart completes the sale of United Kingdom grocery chain Asda.</li>
<li><strong>2021:</strong> A federal jury found that Walmart, along with Walgreens and CVS, “had substantially contributed to” the opioid crisis. The damages between the three chains in this suit totaled $650 million.</li>
<li><strong>2022:</strong> A drone delivers a package from a Walmart Supercenter.</li>
<li><strong>2022:</strong> Walmart+ members receive free delivery on general merchandise and fresh groceries.</li>
<li><strong>2022:</strong> Walmart announced that it would sell its Amigo stores in Puerto Rico to Pueblo Inc.</li>
<li><strong>2022:</strong> Walmart announced it was partnering with Paramount to offer Paramount+ content to its Walmart+ subscribers in a bid to better compete with Amazon.</li>
</ul>
<h2 id="-recommended-articles--other-resources">📚 Recommended Articles & Other Resources</h2>
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<h3 id="other-resources">Other Resources</h3>
<ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000020/wmt-20230131.htm" target="_blank">Walmart’s Annual Financials Statements (K-10)</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/104169/000010416923000034/wmt-20230420.htm" target="_blank">Walmart’s Proxy Statement</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/104169/000010416918000013/exhibit31-212018.htm" target="_blank">Walmart’s Certificate of Incorporation</a></li>
</ul>
<p><em>Disclaimer: Although I use third-party trademarks and logos in this article and its visuals, kamilfranek.com is an independent site, and there is no relationship, sponsorship, or endorsement between this site and the owners of those trademarks.</em></p>Kamil FranekVisual overview of who owns Walmart Inc. (*WMT*) and who controls it. With a list of the largest shareholders and how much is each of their stake worth.