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These Covid Billionaire Fortunes Are Fading With the Vaccine Rollout

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 foun ....

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Fortunes lost, fortunes made

Malaysia’s super-rich, hard hit by the market following the outbreak of Covid-19, saw billions being wiped out of their fortunes. On the other hand, entrepreneurs involved in the making of rubber gloves minted more money, while new billionaires emerged from the tech manufacturing sector as shares of their companies soared in 2020.
THE outbreak of the Covid-19 pandemic in 2020 has delivered a brutal hand to the country’s economy, bringing unprecedented challenges to the general public and corporate sector.
And if this may offer some consolation amid the plunging values of your retirement and savings accounts, some of Malaysia’s wealthiest individuals have lost lots of money too, a survey on Malaysia’s 40 Richest individuals for 2020 showed. ....

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Support for Hartalega

KUALA LUMPUR: Hartalega Holdings Bhd chairman Kuan Kam Hon signalled his faith in his company with the direct purchase of 300,000 shares from the open market last Friday. ....

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Hartalega chairman buys 300,000 shares for RM3.37m

KUALA LUMPUR: Hartalega Holdings Bhd chairman Kuan Kam Hon signalled his faith in his company with the direct purchase of 300,000 shares from the open market last Friday. ....

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