These Covid Billionaire Fortunes Are Fading With Vaccine Rollout

Feb. 24, 2021, 2:00 AM

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...

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