With vaccine rollout, fortunes of these covid billionaires are fading away

Almost $2.2 billion has evaporated from the net worth of Top Glove founder Lim Wee Chai and his family since October

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 per cent, according to the Bloomberg Billionaires Index.

It’s a similar story for glovemakers in Malaysia, which counted at least five industry billionaires by August as the worsening health crisis increased