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With vaccine rollout, fortunes of these covid billionaires are fading away
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These covid billionaire fortunes are fading with the vaccine rollout
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These Covid Billionaire Fortunes Are Fading With the Vaccine Rollout
Bloomberg 2/24/2021 Yoojung Lee
(Bloomberg) In the health-care industry, the coronavirus pandemic led to big fortunes, fast. Now some of them are evaporating just as quickly.
Take Seegene Inc., a maker of Covid-19 test kits, and Alteogen Inc., a biotech with subcutaneous-injection technology. Their founders became billionaires as the shares surged last year. Fast forward a few months to the vaccine rollout, and they’ve lost their title after both stocks sank more than 41%, according to the Bloomberg Billionaires Index.
It’s a similar story for glovemakers in Malaysia, which counted at least five industry billionaires by August as the worsening health crisis increased demand for the protective gear. Despite a brief rebound amid last month’s frenzy in retail trading, their shares are down at least 40% since hitting highs, wiping more than $9 billion from their founders’ net worths.
By Reuters Staff
2 Min Read
KUALA LUMPUR, Dec 16 (Reuters) - Malaysian glove maker Kossan Rubber Industries Bhd will see production capacity reduced by nearly 25% for two weeks after 427 workers tested positive for COVID-19, media reports and analysts said.
Kossan is the latest manufacturer of medical gloves in the Southeast Asian country to be hit by the pandemic in recent weeks.
Top Glove, the world’s largest glove maker, became the site of Malaysia’s biggest virus cluster after more than 5,000 workers were infected. Smaller rival Hartalega has also reported cases.
The latest outbreak was reported at one of Kossan’s six facilities after a total of 7,004 workers were screened, Kuala Lumpur-based Kenanga Research said in a note, citing a company briefing to investors and analysts on Tuesday.
Kossan latest glovemaker to slow down production due to outbreak
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