In the healthcare industry, the coronavirus pandemic led to big fortunes, fast. Now, some of them are evaporating just as quickly.
Take Seegene, a maker of Covid-19 test kits, and Alteogen, 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 have lost their title after both stocks sank more than 41%, according to the Bloomberg Billionaires Index.
It is 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 US$9 billion from their founders’ net worths.
