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These Covid Billionaire Fortunes Are Fading With the Vaccine Rollout

  • Seegene shares have fallen despite record revenue last year
  • Malaysian glovemakers became some of the most-shorted stocks
Lim Wee Chai
Lim Wee ChaiPhotographer: Kiyoshi Ota/Bloomberg
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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.