Clover Health Investments Corp (NASDAQ: CLOV) jumped 20% on Friday after the company added Demetrios Kousoukas to its board.
Kouzoukas, a former Trump official, was a Centre for Medicare director and served as the Centres for Medicare and Medicaid Services principal deputy administrator of Centers for Medicare & Medicaid Services (CMS) in the Trump Administration. Vivek Garipalli, the company’s CEO, said that Kouzoukas understand the challenge and opportunities of operating at scale. Garipalli said that he has vast Medicare regulations and rules knowledge combined with astute strategy and business acumen.
The addition of Kouzoukas to the board is a massive step since Clover Health’s growth plans depend on CMS’s direct contacting program. According to a pitch to investors ahead of the $3.7 billion agreement with Chamath Palihapitiya’s SPACs at the beginning of January. Despite the recent price surge, Clover Health shares are still trading below $15.30, which is why investors should keep an eye on the stock in the coming weeks.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.