Harvard Professor Hits the Jackpot on the Stock Market
“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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Comments
How well did he do during the last rape and pillage. The “short sell” that dropped all the markets by a third or more. How about our congressmen that aren’t immune to using insider information for their own personal gain.
Someone please explain to me how, this last “short selling” episode like the one that happened back in 2008, call be accomplished without insider information. In addition, where was the House Oversight Committee and the FTC to monitor such “thefts” of this scale?