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