Moderna CEO will sell stock options, donate to charity

Article content

(Bloomberg) – Moderna Inc. Chief executive officer Stephen Bansell said Tuesday he plans to sell some of his stock options and donate the money. He warned investors not to speculate about his motivation.

Bansel plans to practice and sell 4.59 million alternatives at a rate of 80,000 per week – a process that will be completed by June 2023. He said in a blog post that he once wanted to avoid a significant number of shares in the market, which could hurt Moderna’s share price. He expects all post-tax earnings to contribute to charity, which he estimates is about $ 355 million, with the stock trading at about $ 140 per share.

Article content

According to the blog post, the CEO’s family is investing proceeds from stock sales in closely held healthcare and climate companies. The family investment entity sells 10,000 shares per week under a plan that runs until the end of this year.

Moderna, one of the makers of the mRNA vaccine that has helped greatly reduce the global impact of Covid-19, increased its stock during the epidemic but recently reduced those gains. As shares soared to nearly 500 in August, concerns over the speed of government vaccine orders and future revenue flows have dampened enthusiasm on Wall Street.

“In the coming months, there may be anonymous comments about my motivation for these sales, but I wanted to share this news now and clarify our plans,” Bansel said in a blog post. “I believe the best days of modern are ahead.”

Article content

Shares of Cambridge, Massachusetts-based company fell 7.2% to 7 127.70 in New York at 11:12 a.m.

According to the Bloomberg Billionaires Index, Bansel’s net worth is over $ 4 billion. On the blog, he said he wanted to use his personal resources to “improve the world.” Speaking at a panel on climate change at the World Economic Forum in Davos, Switzerland, on Monday, he advocated being a vegetarian and saying he did not own a car.

He told reporters at an event in Boston on April 4 that he was an investor in the Commonwealth Fusion System, a local startup whose goal is to develop nuclear fusion power. As of Dec. 1, the company had raised $ 2.06 billion, according to data from PitchBook.

“Fusion is crazy, but if it works, it will change the energy equation,” Bansell said last month. He said at the time that he was also investing in geothermal energy.

A spokesman for Commonwealth Fusion Systems declined to comment further on Bansel’s investment.

© 2022 Bloomberg LP

Bloomberg.com

Leave a Reply

Your email address will not be published.