The discovery of the Omicron coronavirus variant caused the wealth of eight top Pfizer and Moderna shareholders to skyrocket by a combined €9 billion ($10.31 billion) in one week, according to campaigners.
The campaigners from Global Justice Now said pharmaceutical executives are “making a killing from a crisis they helped to create”, with vaccine inequality helping to create the conditions for the Omicron variant to emerge.
Moderna’s shares skyrocketed after the announcement of the variant and settled at $310.61 per share on December 1st, up 13.61 per cent from the previous Wednesday. Pfizer’s shares rose by 7.41 per cent from $50.91 per share to $54.68 per share.
Moderna CEO Stephane Bancel personally became more than $824 million richer in the week after the announcement of the variant, Global Justice Now said.
With the value of his shares rising from $6,052,522,978 to $6,876,528,630, he sold off 10,000 shares for $319 each on November 26th, the day after the variant was announced, cashing out $3.19 million.