Google's ex-CEO Eric Schmidt tapped for federal biotech commission that allows members to keep biotech investments
Publishing timestamp: 2023-01-31 09:00:01
Summary
Eric Schmidt, former Google CEO, was appointed to a new federal commission on biotechnology tasked with reviewing the industry and suggesting investments that would benefit U.S. security. Schmidt holds stakes in several biotech companies through his venture capital firm, First Spark Ventures, and is in position to potentially profit if those companies are beneficiaries of new wave of federal biotech spending. Schmidt has agreed to donate 100% of "net profits" from his investment in First Spark to charity, and other members of the commission are expected to follow government ethics rules.
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Keywords: biotechnology, eric schmidt, breaking news: politics, technology, defense, business, health care industry, biotech and pharmaceuticals, politics, business news, alphabet class a,