Prognosis
Billionaires for a 'Hot Minute': Biotech Slump Whipsaws Boston Founders
Shaky shares can’t stop proliferation of labs, startups around the industry hub
Jason Kelly, co-founder of Ginkgo Bioworks, was a billionaire — “for a hot minute.”
Photographer: Adam Glanzman/BloombergThis article is for subscribers only.
In late 2021, bioengineer Jason Kelly became a billionaire for, as he put it, “a hot minute.”
Investors in Ginkgo Bioworks Holdings Inc., the Boston company he co-founded, had driven its market value above $29 billion. Since then, amid the broad biotech slump, Ginkgo shares have lost 87% of their value.