Vivek Ramaswamy broke his silence amid the ongoing racial attacks on him and chose to counter the fraud allegations against him which resurfaced as he is facing stiff resistance in Ohio. An old clip of journalist Mehdi Hasan asking Ramaswamy about his ‘pump and dump’ scheme to become a billionaire is going viral. Ramaswamy’s campaign issued a long explanation on how Ramaswamy became rich and clarified that it was not by any fraud. “The truth is that Vivek achieved success by improving people’s lives. He led Roivant, one of the few biotech companies founded in the 21st century with currently a $10+ billion market cap. They developed life-saving & life-changing therapies, 5 of which are FDA approved (for diseases from congenital athymia to endometriosis to prostate cancer), and continue to develop more,” his campaign manager Jonathan Ewing said. “Roivant spun off multiple other companies. Immunovant, Myovant, and Urovant were very successful. One of them, Axovant, was not. It developed an Alzheimer’s drug. Many experts & top drug developers believed it deserved to be developed. So they did. But 99% of Alzheimer’s drugs have failed. So did theirs.””And btw, Vivek has also founded multiple other successful companies. Now go achieve success in life yourself, instead of slandering someone else’s. It’s lame & un-American,” the statement added.
Why is Vivek Ramaswamy often called a fraud?
Ramaswamy critics widely share a 2023 Newsweek article, an opinion piece by Sam Nunberg, titled ‘Vivek Ramaswamy is a fraud — and always has been’ to hammer home their point of objecting to Ramaswamy. The opinion piece analyzed how all Vivek’s companies performed sordidly but Vivek sold his shares and became richer. They say Vivek’s company went public, building expectations surrounding a drug that was touted as a breakthrough, only to increase share prices, but the drug was never successful. Ramaswamy’s mother Dr Geetha Ramaswamy, was also part of a trial which claimed that the drug showed sufficient improvement — all to pump money to the company. Investors suffered when nothing came out but Ramaswamy profited from IPO payouts, sale of shares.
