The anti-woke crusader and entrepreneur is padding his pockets with cash as his presidential campaign gets going.
On Wednesday GOP presidential hopeful Vivek Ramaswamy sold 4 million shares in biotech firm Roivant Sciences at a price of $7.95 per share for a total of $32 million, netting him an estimated $24.2 million in after-tax proceeds.
The stock sale, reported in a regulatory filing, came one day after Ramaswamy announced his longshot bid for the Republican presidential candidacy with an opinion piece in the Wall Street Journal and an appearance on Tucker Carlson’s Fox News show.
It’s the first time Ramaswamy has sold shares of Roivant since the biotech holding firm went public in October 2021 through a SPAC merger. Ramaswamy founded Roivant in 2014 with the idea of acquiring drug candidates that large pharmaceutical companies had partially developed; helmed the company as CEO before stepping down in early 2021.
Roivant, which generated $33 million of revenue in the nine months ending December 31, 2022, has yet to turn a profit. Its net loss in that period was $975 million. The company, which sports a $6 billion market capitalization, laid off 12% of its workforce last November, Endpoints News reported.
Ramaswamy, a 37-year-old lawyer and biotech entrepreneur, authored the best-selling 2021 book Woke, Inc.: Inside Corporate America's Social Justice Scam, and has become a regular fixture on cable television. Last year, Ramaswamy cofounded Strive Asset Management, a firm that shuns ESG (environmental, social, governance) investment objectives and aims to compete with much larger companies like Blackrock and State Street.
Ramaswamy’s stock sale proceeds may go towards funding his presidential campaign. (He could not be reached for comment as of press time.) In recent days the biotech entrepreneur has been barnstorming across New Hampshire speaking about climate change, China and other campaign themes.
Not that Ramaswamy wants to make a habit of self funding. The filing reporting his Roivant stock sale came with a footnote that says, “The reporting person does not expect to sell additional shares of the Issuer [Roivant] for the foreseeable future.”
Following the sale, Ramaswamy holds 54,409,211 shares in Roivant, which are worth about $440 million. He also holds 23,374,030 stock options, which currently have no value because the exercise price of the options exceeds Roivant’s current stock price.
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February 24, 2023 at 12:53AM
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Republican Presidential Candidate Vivek Ramaswamy Sells $32 Million Of Biotech Firm's Stock - Forbes
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