UnitedHealthcare CEO Brian Thompson was tragically gunned down outside the Hilton Hotel in Midtown Manhattan on Wednesday in what authorities have described as a targeted attack. Thompson, 50, was one of several senior executives at the company under investigation by the Department of Justice (DOJ) for alleged antitrust violations.
The Investigation and Stock Sales
Before his untimely death, Thompson exercised stock options and sold shares worth $15.1 million on February 16, just weeks before the DOJ publicly announced its investigation into UnitedHealthcare’s acquisitions. According to Crain’s New York Business, Thompson’s stock sale was his first since assuming leadership of UnitedHealth’s insurance division in 2021. The timing of the sale has raised questions as the company’s stock price plunged following news of the investigation.
Thompson was not alone in these transactions. UnitedHealth Group Chairman Stephen Helmsley, Chief People Officer Erin McSweeney, and Chief Accounting Officer Tom Roos also sold shares, collectively netting $101.5 million. Helmsley alone made nearly $85 million. Corporate governance expert Charles Elson noted that such sales are typically reviewed internally to ensure they comply with market disclosure rules.
The DOJ Antitrust Probe
The DOJ is investigating whether UnitedHealthcare engaged in acquisitions that violated antitrust laws by consolidating its market position unfairly. A source familiar with the investigation suggested that the company’s aggressive expansion strategies may have crossed legal boundaries. This scrutiny adds to a growing list of challenges for UnitedHealthcare, including a massive data breach earlier this year.
A Company Under Pressure
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In one of the largest healthcare data breaches in U.S. history, UnitedHealthcare disclosed that the private data of up to one-third of Americans had been compromised in a ransomware attack. The company reportedly paid a $22 million ransom to hackers and estimated the total financial cost of the breach at $705 million.
The Targeted Shooting
Surveillance footage captured the chilling moment when Thompson was shot at close range outside the Hilton Hotel. The gunman, described as masked, fled the scene on a bicycle and was last seen entering Central Park. Police believe the attack was premeditated, and Thompson’s wife revealed he had been receiving threats prior to the incident. The investigation into the shooting is ongoing.
UnitedHealthcare Mourns
The company’s headquarters in Minnetonka, Minnesota, lowered its flags to half-staff on Wednesday in Thompson’s honor. UnitedHealthcare released a statement mourning the loss of their leader and expressing their commitment to cooperate fully with the DOJ investigation.
A Complex Legacy
Thompson’s tenure at UnitedHealthcare was marked by both achievements and controversies. His leadership saw the company maintain its position as one of the largest healthcare providers in the world, with annual revenues of $372 billion. However, his connection to insider stock sales and the DOJ probe complicates his legacy.
The case leaves many unanswered questions about corporate accountability, executive security, and the wider implications of UnitedHealthcare’s practices. The DOJ investigation continues as authorities work to unravel the circumstances surrounding Thompson’s tragic death.
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Featured image via screengrab
