Kenneth Frazier, the first Black executive to lead a major pharmaceutical company, has encountered a setback in his portfolio as the market value of his stake in Merck & Co. declined sharply following the recent drop in the company’s share price.
According to market data, Frazier, the former executive chairman and CEO of Merck & Co., has seen his stake in the New Jersey-based pharmaceutical giant slump by $3.36 million over the past 11 days, reflecting the recent decline in the company’s share price.
This dip comes on the heels of a previous upswing, during which Frazier’s holdings in the top pharmaceutical company saw a notable increase of $7.4 million between March 18 and March 31.
Merck & Co.’s shares decline by 3.64 percent
Healthcare giant Merck & Co. remains a leader in the pharmaceutical industry, offering a diverse portfolio of prescription drugs, vaccines, biological therapies, animal health products, and consumer healthcare solutions. The company operates through three segments: Pharmaceutical, Animal Health, and Other.
However, Merck & Co.’s stock price has come under pressure recently. Shares on the New York Stock Exchange have fallen 4.32 percent since April 1, dropping from $130.99 to $126.22 as of this report. This decline has pushed the company’s market capitalization below $320 billion, leading to significant losses for shareholders.
Kenneth Frazier’s stake slumps below $90 million
Kenneth Frazier, a prominent Black American executive, holds a 0.028-percent stake in Merck & Co., currently valued at $89.01 million. This makes him one of the most affluent Black executives in the U.S.
According to data tracked by Billionaires.Africa, the market value of Frazier’s Merck stake has fallen by $3.64 million, sliding from $92.38 million on Apr. 1 to $89.01 million at the time of drafting this report. Despite the recent decline, Frazier remains a top Black executive.