Donald Trump has made a surprising move by naming Elon Musk and Vivek Ramaswamy as co-heads of a new Department of Government Efficiency, known as DOGE. This department is responsible for cutting wasteful expenditures, slashing regulations, and restructuring federal agencies. Ramaswamy, a biotech investor and “anti-woke” warrior, has built his fortune through his drug development company, Roivant Sciences. His net worth was over $1 billion before a recent market downturn pulled him just under that threshold, according to Forbes. Despite this, he remains one of the 20 youngest billionaires in the country.
Ramaswamy’s success story begins with Roivant Sciences, which went public in 2021. His 10% stake in the company is now worth approximately $600 million. He has also diversified his wealth through investments in a standard portfolio of stocks and bonds, as well as Bitcoin, Ethereum, YouTube competitor Rumble, and a stake in crypto payments firm MoonPay. In addition to his business ventures, Ramaswamy has delved into politics, authoring a book called “Woke, Inc.” and founding an “anti-woke” index fund provider named Strive Asset Management, valued at around $300 million.
Coming from a background of Indian immigrants, Ramaswamy attended Harvard and started a website for student founders before joining the hedge fund QVT. He later founded Roivant Sciences, focusing on abandoned drugs that could be valuable. One of Roivant’s spinoffs, Axovant, went public in 2015 with a $2.2 billion valuation, but faced disappointment when its Alzheimer’s drug candidate failed a clinical trial. However, Ramaswamy’s success continued, with Japanese pharma giant Sumitomo Dainippon acquiring five of his drugs and a stake in Roivant for $3 billion in 2020.
Flush with wealth, Ramaswamy stepped down from his company in 2021 to focus on public engagement, publishing his book and starting Strive Asset Management. His approach to capitalism, which he terms “excellence capitalism,” focuses on delivering excellent products and services to customers above all else. Investors in Strive include Peter Thiel, Bill Ackman, and Joe Lonsdale. Despite his financial success, Ramaswamy maintains a modest lifestyle, owning two Ohio homes valued at $2.5 million and emphasizing time spent with his family through private air travel.
While voters in New Hampshire appreciate Ramaswamy’s down-to-earth politicking style, they also recognize his status as a billionaire. Ramaswamy’s appeal lies in his success story as an immigrant entrepreneur who has achieved significant wealth through his business ventures and investments. As he takes on the role of co-head of the Department of Government Efficiency alongside Elon Musk, the public will be watching to see how his experience and perspective shape government efficiency and regulation in the coming years.
