The Billionaire Behind the Fight for Lower Drug Prices

Source: The American Prospect
by Rose Adams

“At age 38, Texas billionaire John Arnold decided to step away from high finance. Arnold had quickly climbed the ranks at scandal-ridden Enron, where he scored an $8 million bonus in 2001 — the very year lower-level employees’ pensions and 401(k) plans were obliterated in the wake of the energy trading company’s collapse. He emerged unscathed from the fallout, and used his bonus to start a hedge fund that made him the youngest billionaire in the U.S. By 2012, his net worth had ballooned to $3 billion, but Arnold decided his life needed new meaning. ‘I started thinking more about giving the money away than making more of it, that was really the signal to me that I want to be spending my time on the other side of the table and I’m physically and mentally and emotionally exhausted with trading natural gas,’ he recalled in a podcast interview.” (11/15/21)