Epstein Profited from Non-Public Biotech and M&A Tips
Newly reviewed documents from Jeffrey Epstein's files detail how he leveraged his network to make profitable investments based on non-public information. In one instance, JPMorgan Chase executive Jes Staley forwarded Epstein an email from Thomas Pritzker on April 10, 2010, discussing a plan to sell a 51% stake in TransUnion to a private-equity firm. Less than three weeks later, on April 29, the deal was publicly announced. Staley also shared internal JPMorgan compensation data with Epstein, who held at least $5.7 million worth of the bank's preferred stock by early 2019.
The most significant financial gains appear to have come from tips on biotech startups. Boris Nikolic, a longtime science adviser to Bill Gates, sent Epstein documents in 2013 regarding Foundation Medicine, a company where Gates was a major investor. On January 13, 2014, Epstein purchased 25,000 shares at $27.51 each. In January 2015, Swiss pharmaceutical giant Roche acquired a 56% stake in the company for $50 a share—a 109% premium over its prior trading price. By July 2015, records showed Epstein held 50,000 shares. Roche later bought all remaining shares in June 2018 for $137 each.
Powerful Network Shared Confidential Corporate Data
Epstein's access to privileged information extended to the private equity world through his relationship with Leon Black, then-CEO of Apollo. In March 2015, the finance chief of Black's family office sent Epstein an email marked "Confidential. Material non-public info" that accurately projected Apollo's upcoming quarterly cash distribution at 34 cents per share; the firm officially announced a 33-cent distribution two months later. By February 2019, Epstein's stake in Apollo showed an unrealized gain of approximately $2.7 million.
Epstein also obtained insider details by being a direct financial backer. He loaned $1 million to an entity formed by former Israeli politician Ehud Barak to invest in a tech startup called Reporty. Subsequently, in January 2016, Barak forwarded Epstein the company's board minutes. The company, later renamed Carbyne, was eventually acquired for $625 million in November 2025. This pattern demonstrates how Epstein's role as a capital provider entitled him to information he could potentially exploit.
Island and Influence Forged a Compromised Network
The flow of confidential information was a direct result of the influential network Epstein cultivated, often using his private island, Little St. James, as a venue to host powerful figures. This secluded and glamorous setting provided the backdrop for building relationships with individuals like Staley, Barak, and Nikolic, all of whom were guests or in close contact. The environment fostered a willingness among his associates to share private material, blurring the lines between social networking and securities law.
The nature of these relationships is underscored by jarring communications found within the files. In a 2013 email, Boris Nikolic wrote to Epstein, "Please send me few pics of your island… Include also a picture (or) two of hot girls (preferably nude or semi nude)." This exchange illustrates the compromised and transactional dynamics within Epstein's circle, which facilitated not only social impropriety but also the transfer of valuable, non-public financial intelligence.
Edgen Stock·Mar 19 2026, 02:08