Key Points
- Pioneering Black CEO Kenneth Frazier sees a $3.7 million decline in his Merck holdings due to a recent stock price drop.
- The pharmaceutical giant’s stock fell 4% on the NYSE, pushing its market cap below $320 billion.
- Despite the short-term loss for Frazier, Merck remains a strong year-to-date performer, up over 15% for investors.
Kenneth Frazier, the pioneering Black executive who formerly helmed Merck & Co. as its CEO and executive chairman, has experienced a notable setback in his financial stake in the pharmaceutical giant. The market value of his holdings has declined by millions of dollars, reflecting a broader dip in Merck’s share price.
According to data from Billionaires.Africa, Frazier’s equity in Merck & Co. saw a $3.70 million decrease over the past week. This follows a recent period of growth where his stake increased by $4 million between April 18 and May 17, ascending from $88.31 million to $92.3 million.
Merck & Co., a leading entity in the pharmaceutical sector, continues to offer an extensive range of prescription medications, vaccines, biological therapies, and animal health products. The company operates through three main segments: Pharmaceutical, Animal Health, and Other.
Frazier’s Merck stake falls as stock price drops
In recent times, the share price of Merck has suffered a significant pullback. On the New York Stock Exchange (NYSE), the stock has fallen by 4 percent since May 22, dropping from $131.1 to $125.85. This has pushed Merck’s market capitalization below $320 billion, impacting shareholders significantly.
Frazier, a top figure among America’s top Black executives, owns a 0.028-percent stake in Merck & Co., equivalent to 705,220 shares. The valuation of his stake stands at over $88 million, down from $92.45 million on May 22, marking a $3.70 million decline over the past week.
The recent drop in Merck’s shares has caused the market value of Frazier’s stake to decline by $3.7 million over the past seven days, falling from $92.45 million on May 22 to $88.75 million at the time of this report. Despite this decline, Frazier remains a top Black executive.
Your Money and Your LifeÂ
Despite the recent dip in stock value, Kenneth Frazier’s legacy as a trailblazing executive remains intact. His tenure at Merck & Co. is marked by significant advancements and achievements, solidifying his position as a key figure in corporate America.
Merck & Co. has delivered substantial returns to investors this year. The company’s shares have surged by 15.44 percent year-to-date in 2024. A $100,000 investment in Merck at the start of the year would now be valued at $115,440, reflecting a gain of $15,440.
