Kenneth Frazier, the pioneering Black executive and former CEO and executive chairman of Merck & Co., suffered a huge financial blow when the market value of his stake in the pharmaceutical firm fell below $90 million.
Kenneth Frazier’s stake in Merck & Co. has dropped by $4.72 million in the last twenty-five days. This reduction comes after his stake rose above $90 million between May 30 and June 24, from $87.82 million to $92.18 million.
Merck is a leading pharmaceutical company with a diversified portfolio of prescription medications, vaccines, biological treatments, animal health products, and consumer healthcare solutions. The company operates in three segments: pharmaceuticals, animal health, and others.
Merck’s share price on the New York Stock Exchange has decreased by 5.03 percent in the past 25 days, from $132.96 on June 24 to $126.27 at the time of writing. This decrease has reduced the company’s market capitalization to below $320 billion, resulting in severe losses for investors.
Frazier, a renowned figure among America’s top Black CEOs, owns a 0.028 percent ownership in Merck & Co., which equates to 705,220 shares valued at $89 million.
Because of the recent single-digit percentage drop in the pharmaceutical group’s shares, Kenneth Frazier’s stake’s market value fell from $93.77 million on June 24 to $89.05 million, a $4.72 million decrease in 25 days. Despite the drop, Frazier remains a high-value investor on the NYSE.
Merck & Co., a leading pharmaceutical company, has provided significant returns to investors since the beginning of the year. Its NYSE shares are up 15.82 percent year to far in 2024.
A $100,000 investment in Merck at the start of the year would now be worth $115,820, representing a $15,820 return.