Quite a shocking revealing that the world’s biggest healthcare company with a market cap of circa $360bn (that’s Tesla x 6) had small amounts of asbestos in its baby powder from 1971 to early 2000s. They also (unsuccessfully) attempted to promote the use of asbestos with the relevant regulators.
The worst thing: they deliberately kept this in secret from the public and the regulators.
10% wiped out off the market cap in a day, following GE’s path of misery (albeit for different reasons), it is more and more apparent that such term as a ‘safe stock’ is becoming vestigial.
Probably this is not the end of the negative trend. Considering that J&J will now be much more scrutinised, one can only assume that even an absolute collapse is a possibility if there will be a significant number of cancer victims going forward.
Do you think this whole thing will end up being forgotten or rather extensively reviewed and investigated?