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Key Point
- Kenneth Frazier’s stake in Merck dropped $4.72 million, falling below $90 million.
- Merck & Co’s stock falls 5.03% on the NYSE, reducing its market cap below $320 billion.
- Despite recent losses, Merck shares are up 15.82% YTD in 2024, turning a $100,000 investment into $115,820.
Kenneth Frazier, the pioneering Black executive and former CEO and executive chairman of Merck & Co., has encountered a significant financial setback as the market value of his stake in the pharmaceutical giant dropped below $90 million.
According to data gathered by Billionaires.Africa, Kenneth Frazier’s shareholding in Merck & Co. has decreased by $4.72 million over the past twenty-five days. This decline follows a period when his holding rebounded above $90 million between May 30 and June 24, from $87.82 million to $92.18 million.
Merck shares drop 5.03%, market cap falls below $320 billion
Merck remains a top player 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 segments.
Merck’s share price on the New York Stock Exchange has slumped by 5.03 percent over the past twenty-five days, dropping from $132.96 on June 24 to $126.27 at the time of writing. This decline has pushed the company’s market capitalization below $320 billion, resulting in significant losses for investors.
Frazier’s Merck stake dips $4.7 million amid market slump
Frazier, a prominent figure among America’s top Black executives, owns a 0.028-percent stake in Merck & Co., equivalent to 705,220 shares, valued at $89 million.
As a result of the recent single-digit percentage slump in the pharmaceutical group’s shares, the market value of Kenneth Frazier’s stake declined from $93.77 million on June 24 to $89.05 million, marking a $4.72 million reduction over 25 days. Despite this decline, Frazier remains a high-value investor on the NYSE.
Your Money and Your Life
Merck & Co., a leading pharmaceutical giant, has delivered substantial gains to investors since the start of the year. Its shares on the NYSE have surged by 15.82 percent year-to-date in 2024.
A $100,000 investment in Merck at the start of the year would now be valued at $115,820, reflecting a gain of $15,820.
