Ohio native and former presidential candidate Vivek Ramaswamy is expected to announce a 2026 bid for governor in a campaign that will likely showcase his business background as well as his anti-“woke” and pro-Trump views.
He’s worth somewhere in the neighborhood of $1 billion. So what exactly is Ramaswamy’s business background and how did he get rich so young?
Here’s a quick overview:
Born in 1985 to Indian immigrant parents (his father was a General Electric engineer and attorney, his mother a psychiatrist), Ramaswamy grew up in the Cincinnati suburb of Evendale. He attended St. Xavier High School, graduating as valedictorian in 2003.
Studying biology at Harvard, he also co-founded a business, StudentBusinesses.com, a tech startup that connected budding entrepreneurs with professional resources via the internet. The business was later sold to the Kauffman Foundation, a nonprofit that fosters entrepreneurs and education.
Vivek Ramaswamy (right) pictured in 2003 in The Enquirer with Ryan Fischer, of Holmes High School, when the two won $20,000 scholarships from Coca-Cola.
After graduating from Harvard, Ramaswamy joined QVT Financial, a New York-based investment advisory firm and hedge fund manager. Some QVT investors would later fund his future business ventures.
He also pursued a law degree at Yale University, graduating in 2013 (Vice President JD Vance was a classmate and graduated the same year).
His work at QVT involved investing in biotech companies, which led to his interest in the development of new prescription drugs.
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Ramaswamy’s biotech expertise led to an idea for a new business venture.
Pharmaceutical companies had more patents on developing drugs than they could develop, win regulatory approval for, and bring to market. Large drug companies would fund what they hoped would be their next big blockbuster drug, while other potential medicines would languish.
In 2014, he founded Roivant Sciences to buy or license promising drugs that weren’t a priority for their owners. Roivant would then take over the development process for the potential future medicine. The company organized its developing drugs into subsidiary companies that could be spun off into separate ventures or be sold.
In 2015, Ramaswamy cashed out a piece of his Roivant stake, accounting for the majority of his nearly $37.1 million in capital gains on his tax return.
Former Republican presidential candidate Vivek Ramaswamy endorses former President Donald Trump’s reelection campaign in Atkinson, N.H., on Jan. 16, 2024.
A potential Alzheimer’s Disease drug, called intepirdine, was the main drug under development at Axovant, a Roivant subsidiary that the company spun off in a 2015 initial public offering. The stock nearly doubled in price on the first day of trading, making the company worth nearly $3 billion.
“(Intepirdine) is a unique drug that we actually think could help millions of patients with Alzheimer’s Disease … we’re very excited about this development going forward,” Ramaswamy told Jim Cramer on CNBC’s Mad Money on the day of the IPO.
But two years later, Axovant disclosed intepirdine failed to help patients during late-stage drug testing. The news sent the stock plunging, wiping out three-quarters of its value in one day.
Axovant later changed its name to Sio Gene Therapies. Though it sold off three-quarters of venture, Roivant maintained a 25% stake in the company until it liquidated assets and ceased operations in 2023.
Months before Axovant’s implosion, Roivant raised a $1.1 billion infusion of cash into the company to fuel growth led by venture capital firm SoftBank’s Vision Fund.
Two years later, Roivant cut a $3 billion deal to sell five of its developing drug subsidiaries to Japanese conglomerate Sumitomo, which also acquired an 11% stake in Roivant. In his 2020 tax return, Ramaswamy reported a nearly $175 million windfall from capital gains.
In 2021, Roivant went public via a merger with a special purpose acquisition company, a so-called “blank check” entity that goes public, then shops for an appealing company to buy.
Last year, Roivant’s total revenue was nearly $125 million, but its first-ever annual profit as a publicly-traded company was $4.2 billion. Its eye-popping profit was due to the sale of its subsidiary, Telavant, which is developing drugs for inflammatory bowel diseases, such as ulcerative colitis and Crohn’s disease.
Vivek Ramaswamy, biotech entrepreneur and author from Ohio.
In 2021, Ramaswamy stepped down as CEO and chairman of Roivant as he pursued new ventures.
Later that year, he published “Woke Inc.,” his best-selling book criticizing progressive social advocacy at U.S. corporations, then also known as environmental, social and governance. In 2022, he co-founded Strive Asset Management, an investment firm that embraces Ramaswamy’s “anti-woke” philosophy. Also that year, he published another best-selling book, “Nation of Victims,” decrying identity politics.
In early 2023, Ramaswamy announced his candidacy for president, running on a conservative “anti-woke” platform and also pledging to slash government spending. He quit the race after placing fourth in the Iowa caucuses in January 2024.
Ramaswamy’s net worth is somewhere between $950 million and $1.2 billion, according to various corporate filings with the U.S. Securities and Exchange Commission and his 2023 campaign finance disclosure:
Ramaswamy also reported his stake in Strive was more than $50 million, he also lists between $11 million and $55 million in investments in funds administered by the firm.
Several individual stocks and many more funds worth between at least $30 million and $140 million.
Two money market accounts worth between $6 million and $30 million.
An investment account in treasuries worth between $5 million and $25 million.
A stake in video-sharing platform Rumble worth between $5 million and $25 million.
Bonds issued by Ohio and Ohio cities (including Cincinnati) and counties worth between $4 million and $20 million.
His and his wife have employment and retirement accounts worth between $2.1 million to $8.2 million.
Numerous bank accounts, including two accounts listing between $1 million to $5 million each as well as another under his wife’s name with $500,000 to $1 million.
His personal residence in Columbus is worth between $1 million to $5 million.
Cryptocurrencies worth between $100,000 and $300,000.
Among his liabilities in 2023, Ramaswamy listed between $1.3 million to $8 million in mostly capital commitments (binding investment agreements) and an American Express credit card balance between $15,000 and $50,000, which he reported he “paid in full monthly.”
A photo gallery was added to this story.
This article originally appeared on Cincinnati Enquirer: How Vivek Ramaswamy made his fortune before politics
