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Key Points
- Kenneth Frazier’s Merck investment lost $8.91M in 23 days, reflecting a broader decline in Merck’s stock performance.
- Merck shares fell 9.89%, dropping below $300 billion in market cap, impacting Frazier’s stake valued at $81.2 million.
- Merck’s year-to-date gains for 2024 slip to 5.61% amid broader market fluctuations.
Kenneth Frazier, the trailblazing Black executive and former chairman of Merck & Co., has experienced a notable decrease in the market value of his investment in the pharmaceutical company. This decline reflects a broader downturn in Merck’s stock performance.
Recent market data tracked by Billionaires.Africa highlights a significant $8.91 million drop in Frazier’s stake over the past 23 days. Previously, his stake had already fallen by $4.72 million between June 24 and July 20, reducing from $93.7 million to $89.05 million.
Merck shares slump 9.89%, market cap drops below $300 billion
Merck & Co. maintains its position as a leading pharmaceutical company, boasting a diverse portfolio of prescription drugs, vaccines, biological therapies, animal health products, and consumer healthcare solutions. Frazier, a top Black executive, holds a 0.028 percent stake in Merck & Co., comprising 705,220 shares valued at over $80.2 million.
Merck’s shares have experienced a decline of nearly 10 percent on the NYSE over the past 23 days, dropping from $127.78 on July 29 to $115.14. This decline has pushed the company’s market capitalization below $300 billion, affecting investors, including Frazier.
The recent decline in Merck’s shares has resulted in an $8.91 million decrease in the market value of Frazier’s stake, from $90.11 million on July 29 to $81.2 million. Despite this decline, he remains one of the wealthiest Black executives in the U.S.
Your Money and Your life
Merck & Co. has provided modest returns for investors this year, with its NYSE-listed shares increasing 5.61 percent year-to-date. An investment of $100,000 in Merck at the beginning of 2024 would now be valued at $105,610, reflecting a gain of $5,610.
