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Vanguard and Black Rock own a lot of companies because they are mutual fund companies. They facilitate organizing investors to pool their money to own stocks, bonds, etc. But they aren't the true owners, the true owners are the people investing in the mutual funds.
I don't see anything nefarious here, especially with regard to Vanguard in particular. Vanguard the company is mutually owned by the mutual funds it offers, and those mutual funds are owned by regular people.
You could make an argument that Vanguard and Black Rock have an outsized amount of voting power for the companies that their mutual funds own. But the funds are supposed to vote in the best interests of the fund shareholders.
You say Vanguard is owned by regular people, but the article is very clear that it’s owned by the richest families.
Vanguard is owned by its funds, and the funds are owned by regular people.
This is the one thing that makes Vanguard different from every other investment company. And it's been a huge blessing to every investor, because 1) the ownership structure allows fees to be reduced, and 2) other investment companies (Fidelity, Schwab, etc.) have to reduce their fees to stay competitive.
Vanguard is listed as being "privately owned" because it's not a public company. It is owned by its own mutual funds. If you really wanted to dig down into it, Vanguard is owned by its millions of customers who are real people.
Vanguard is listed as the major owner of Black Rock, because its mutual funds buy stock in every company. Vanguard is listed as a major owner of every company in the USA (and to a lesser extent internationally), because many people buy their mutual funds in their 401K plans and IRAs.
I don't see anything nefarious going on. I'd recommend reading up more on how mutual funds work.
Honestly it's probably 401K plans for regular people. If you're super wealthy ($1B+), it'd be cheaper to manage your own investments than to have Vanguard or Black Rock do it for you.