This Biotech's Thrifty CEO Is Serious About Investing for the Future
It's rare for the public to get insight into a leader's relationship with money. When they do, it can hint at how they will approach the company's finances. It's hard to forget Aubrey McClendon's $12 million map collection and Elon Musk's 640 horsepower supercar. McClendon sold his collection to the company when he needed money and Musk spent a good portion of his early wealth on a car he totaled while uninsured. Those seem like red flags. Then there are the penny pinchers.
BioNTech's (NASDAQ: BNTX) CEO Dr. Ugur Sahin and his wife and cofounder Dr. Ozlem Tureci are at the other end of the spectrum. Despite being billionaires, they reportedly live in a modest apartment, do not own a car, and ride bicycles to work. In contrast to the seeming frugality at home, they are not afraid of splurging to advance the company's pipeline of drug candidates. BioNTech projects it will generate about 12.4 billion euros in revenue this year thanks to the COVID-19 vaccine it developed with Pfizer. In Sahin's own words, they "are well-prepared to spend the money." That could be good news for shareholders and humanity at large.
Image source: Getty Images.
Source Fool.com
