Stock in an Australian biotech company that was questionably promoted to members of the House by Rep. Chris Collins (R-N.Y.) plummeted from $1.77 a share to just 5 cents on Tuesday, after the company announced its multiple sclerosis drug had failed trials, The Buffalo News reports. "The news is dire for both the company and investors," Australia's Money Morning wrote, as shareholders' hopes had hinged on the promising drug's success.
Collins is the firm's biggest shareholder; he owns about a fifth of the company, Innate Immunotherapeutics, with his two children. He personally lost $17 million Tuesday, Bloomberg reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Book review: 'Miracles and Wonder: The Historical Mystery of Jesus' and 'When the Going Was Good: An Editor's Adventures During the Last Golden Age of Magazines'Feature The college dropout who ruled the magazine era and the mysteries surrounding Jesus Christ
-
Not invincible: Tech burned by tariff warFeature Tariffs on Asian countries are shaking up Silicon Valley, driving up prices and deepening global tensions
-
Fake AI job seekers are flooding U.S. companiesIn the Spotlight It's getting harder for hiring managers to screen out bogus AI-generated applicants
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
