February 24, 2021 | 5:19 pm Font Size
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Latex gloves on hand-shaped molds move along an automated production line at a Top Glove Corp. factory in Malaysia in 2020. PHOTO BY SAMSUL SAID/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.
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.