The fortune of Andrew Dudum, cofounder and chief executive of the San Francisco based telehealth company Hims and Hers, fell by more than 400 million dollars on Monday.
Dudum dropped out of the Forbes billionaire ranks on Monday, less than two months after joining them in May. The 36 year old lost more than 400 million dollars in wealth in a single trading day after shares of his telehealth firm, which is known for its hair loss treatments, fell by 35 percent. Forbes now estimates Dudum’s net worth at approximately 950 million dollars.
The sharp decline followed an announcement by drugmaker Novo Nordisk early Monday that it was ending a brief partnership with Hims and Hers to sell Wegovy, its popular weight loss drug. That partnership, announced on April 29, had triggered a surge in the company’s stock price and was the development that initially made Dudum a billionaire. In the weeks that followed, Hims and Hers’ market capitalization more than doubled, and the company ended last week valued near a record high of 14.4 billion dollars. On Monday, its market capitalization dropped to 9.4 billion dollars. Dudum owns more than 8 percent of the company, along with options to acquire an additional 1 percent.
In a press release, Novo Nordisk accused Hims and Hers of using deceptive marketing to sell knockoff versions of Wegovy. The Food and Drug Administration had temporarily allowed companies, including Hims and Hers, to manufacture and sell compounded versions of the drug starting early last year because of a shortage of the key ingredient, semaglutide. However, the agency moved in February to end the sale of copycat versions.
Novo Nordisk stated that Hims and Hers failed to comply with laws that prohibit the mass sale of compounded drugs under the false claim of personalization. Compounded drugs are custom made versions that do not have FDA approval. The pharmaceutical company also accused the startup of putting public safety at risk and said its own investigation found that manufacturers of compounded weight loss drugs were importing ingredients from China.
When asked to respond to these allegations, Hims and Hers director of corporate communications Abigail Reisinger Moley directed Forbes to a post Dudum shared on X on Monday afternoon. In the post, Dudum accused Novo Nordisk of misleading the public and making anticompetitive demands that interfere with the independent decision making of healthcare providers. Reisinger Moley also said in an email that responsible compounding in the United States, when conducted in accordance with US law, plays an important role in expanding access to care, particularly for personalized weight loss treatments when individual patient needs require tailored solutions.
Hims and Hers maintains that it still has the right to produce compounded versions of weight loss drugs even in the absence of shortages, citing the clinical necessity of its offerings. Dudum made this argument in a post in February following the FDA’s crackdown, saying the company enables personalized treatment when commercially available options do not meet individual patient needs, whether in dosage, method of administration, or the need for additional ingredients.
The FDA did not immediately respond to a request for comment on this claim. The agency has previously warned against unapproved treatments, saying they can be risky for patients, and reported that it had received 1,000 adverse event reports associated with compounded weight loss drugs as of April 2025.
On Monday, Dudum announced on X that his company would continue to sell Wegovy, though it remains unclear how this would occur now that Hims and Hers no longer has a relationship with Novo Nordisk. Reisinger Moley did not respond to a later question about how the company plans to sell the brand product.
Nearly all of Dudum’s wealth is tied to his stake in Hims and Hers. Forbes estimates that he also has about 100 million dollars from selling company shares, with more than half of those sales occurring since May 2024. That was when Hims and Hers began selling weight loss drugs under the temporary FDA allowance and the company’s stock price started to rise sharply. Dudum and a company spokesperson did not respond to questions regarding his net worth.
Dudum is a serial entrepreneur who cofounded Hims in 2017 with partners at his startup studio, Atomic Ventures. The company initially launched as a men’s wellness platform offering simplified access to prescriptions for conditions such as hair loss. In 2018, it expanded into birth control and other products for women. The business rebranded as Hims and Hers in 2021, the same year it went public on the New York Stock Exchange.
