Republican presidential candidate Vivek Ramaswamy has publicly addressed the escalating racial attacks and resurfaced fraud allegations against him as he faces tough political competition in Ohio. The controversy was reignited by a viral old clip featuring journalist Mehdi Hasan questioning Ramaswamy about a so-called 'pump and dump' scheme linked to his wealth.
Campaign's Detailed Rebuttal on Wealth Creation
In a lengthy statement, Ramaswamy's campaign forcefully countered the accusations, asserting that his financial success stems from legitimate business achievements, not fraud. Campaign manager Jonathan Ewing outlined the entrepreneur's track record, emphasizing his leadership at Roivant Sciences.
"The truth is that Vivek achieved success by improving people’s lives," Ewing stated. He highlighted that Roivant, founded in the 21st century, now boasts a market capitalization exceeding $10 billion. Under Ramaswamy's guidance, the company developed critical therapies, with five receiving FDA approval for conditions ranging from congenital athymia and endometriosis to prostate cancer.
The Roivant Spin-Offs: Successes and One Notable Failure
The campaign explained Roivant's strategy of spinning off separate companies, noting that Immunovant, Myovant, and Urovant proved highly successful. However, they acknowledged that one venture, Axovant, which focused on an Alzheimer's drug, did not succeed.
"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," the statement clarified, framing the failure as a common risk in high-stakes biotech innovation rather than evidence of malfeasance.
The rebuttal concluded with a pointed remark: "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."
Root of the 'Fraud' Allegations
The persistent fraud label often attached to Ramaswamy is heavily fueled by his critics circulating a 2023 Newsweek opinion piece by Sam Nunberg titled 'Vivek Ramaswamy is a fraud -- and always has been'. This article scrutinizes the performance of Ramaswamy's companies, arguing that he profited by selling his shares despite the ventures' struggles, implying a 'pump and dump' pattern.
As the Ohio primary race intensifies, these old allegations have found new life, creating a significant communications challenge for the Ramaswamy campaign, which is now dedicating resources to set the record straight on his business career and source of wealth.
