Jan 4, 2024 - Politics & Policy

Vivek Ramaswamy sells $33 million in Roivant stock to boost campaign

Photo: Christian Monterrosa/Bloomberg via Getty Images.

Vivek Ramaswamy sold $33 million worth of shares in the biotech company he founded, as he fights to stay competitive in the GOP presidential primary race.

Why it matters: Ramaswamy will use some of the proceeds to make a "significant investment" in his campaign, a spokesperson confirmed to Axios.

  • The stock sale comes less than two weeks before the first Republican presidential nominating contest in Iowa.
  • The campaign has increased its budget in Iowa and New Hampshire for targeted digital and radio advertising among other investments, although has stopped TV spending.

Details: Ramaswamy sold three million shares in Roivant Sciences at $11.05 per share on Jan. 2, per an SEC filing.

  • He founded the biotech company and used to serve as its CEO, but no longer is considered a company insider.
  • He previously sold $32 million of stock last February, timed to his presidential bid kickoff. The company's stock price increased by nearly 29% between the two sales.
  • A source says Ramaswamy has told associates that he doesn't foresee another major sale of Roivant stock in the near future. He still holds over 50 million shares.

The big picture: Ramaswamy has been heavily self-financing his campaign.

  • He currently is polling in fourth place in Iowa, behind former president Trump, Florida Gov. Ron DeSantis, and former UN ambassador Nikki Haley.
  • He didn't qualify for the Jan. 10 CNN debate in Des Moines, but has kept up a grueling campaign schedule, and is continuing to receive endorsements.
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