“made his first killing during the bubble of 1999”
This professor basically became a billionaire overnight. This is crazy.
Market Watch reports:
Harvard prof rides 17,000% return in a single stock to become a billionaire
Moderna MRNA, +6.45% went public in late 2018, bursting onto the Wall Street scene as the biggest biotech IPO in history. Timothy Springer, a Harvard medical-school professor, saw his stake in the company fatten his bottom line by a whopping $320 million by the end of the trading day.
After that, he really got rich.
Less than two years later, and the 72-year-old has ridden a 17,000% return in his Moderna shares — which he paid about $5 million for in the company’s early stages — into the billionaire club, according to the latest figures from the Bloomberg Billionaires Index.
The Cambridge, Mass., biotech has jumped 162% this year, as of Wednesday’s close, surging on hopes for its mRNA-1273 coronavirus vaccine, one of the first to begin human trials.
The government recently agreed to give Moderna $483 million to develop the vaccine. “The grant … is going to be a big accelerator to the development of mRNA-1273,” Moderna CEO Stéphane Bancel said in an investor call last Friday.
Springer made his first killing during the bubble of 1999, Bloomberg reported, when he pocketed $100 million by selling his first venture to Millennium Pharmaceuticals. He took $5 million of that and plugged it into pre-IPO Moderna. The rest is history.
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