Harvard prof rides 17,000% return in a single stock to become a billionaire

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

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.

Will all that money change him? Not if his comments from 2018 are any indication.

“I have an academic lifestyle. I’m not into ramen noodles, but my friends are academics, so it doesn’t really behoove me to be flashy,” Springer told Bloomberg at the time. “I feel that I’ve had more than enough wealth for myself for some time. I don’t feel I need more.”

Read on:Harvard reverses course, rejects nearly $9 million in stimulus money after backlash from Trump, critics

Originally Published on MarketWatch

Home of Science
Follow me

Latest posts by Home of Science (see all)
- Advertisement -

Discover

Sponsor

Latest

What pandemic? How Goldman Sachs and Amazon may bring the office home for these interns.

The excitement of winning a high profile internship has always been matched by a wave of first-day nerves: What if I get lost, will...

These U.S. oil companies are most at risk in the danger zone

Updated with WTI prices for May, June and September delivery. Oil producers seem to face black-swan events that can destroy demand or greatly increase supply...

Grocery prices are rising as eat-at-home demand soars during the coronavirus pandemic

JPMorgan says food companies have started to talk about reducing the number of promotions they offer, and Mondelez International Inc., Kellogg Co. and plenty...

Get The Latest Information And Give Your Customers A Memory

The primary way of marketing for small businesses is by handouts, business cards and direct mail pieces. However, this information can be very old...

What Is The Best Way To Learn Science?

As a graduate student, I had some really good experience with a great professor who consistently delivered the most interesting and informative science lectures....
Home of Science
Follow me
Latest posts by Home of Science (see all)