Moderna’s CEO pledges to give away most of his $4.1 billion fortune

The biotech’s CEO joins list of billionaires donating bulk of their fortune to charitable efforts.

According to Bloomberg, Stephane Bancel, Moderna's CEO, who is worth an estimated $4.1 billion plans to give away the bulk of his fortune towards areas such as healthcare and global food security. He’ll be joining scores of billionaires such as Warren Buffett, Mackenzie Scott and Bill Gates who have donated much of their fortune towards philanthropic initiatives. Announced during an interview in Davos, Bancel said his children would get a good education and the family house, with the rest of the fortune being given away for charitable efforts. "We don't need a lot of money, and we want to use the money to help suffering in the world," said Bancel. According to the Bloomberg Billionaire's Index, he holds a 5.4% stake in the biotech which is worth about $4.1 billion.

Following its $604 million record-breaking initial public offering, the biotech firm rose to prominence at the height of the coronavirus pandemic, with its COVID-19 vaccine amongst one of the most used to fight the virus. As a result, its stock soared to a high of nearly $500 per share in August thanks to its Spikevax vaccine’s success. After scoring original Food & Drug Administration (FDA) authorization in late 2020, the biotech went on to earn an impressive $17.7 billion in sales last year. During 2021, Moderna made and delivered more than 800 million doses last year. It forecasts sales of $21 billion in revenues from its COVID-19 vaccine this year. Since its highs, the Cambridge, Massachusetts based firm has seen a decline in value along with its industry peers.