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Patrick Soon-Shiong, the South African-born billionaire renowned for his groundbreaking contributions to the medical field and his pivotal role in the development of the cancer treatment Abraxane, has seen his net worth plummet by $800 million in the past 13 days.
The decline marks a continuation of the previous trend for Soon-Shiong, who previously saw his net worth decrease by $400 million earlier this month, between March 25 and April 3.
According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest billionaires, Soon-Shiong’s net worth currently sits at $10.8 billion, down from $11.6 billion on April 9.
This translates to an average daily loss of $61.54 million, despite the recent losses, he retains a year-to-date wealth gain of $383 million at the time of drafting this report.
Soon-Shiong’s stake in ImmunityBio dips by $451 million
The recent $800-million decline in Patrick Soon-Shiong’s net worth is attributed to persistent sell-offs affecting the market value of his 76-percent stake in ImmunityBio, a company focused on developing advanced therapies and vaccines for cancer and infectious diseases.
Investors on the Nasdaq Stock Exchange have been trimming their stakes in ImmunityBio, causing the company’s share price to decline by 14.45 percent, from $6.16 to $5.27. As a result, Soon-Shiong’s stake in ImmunityBio since April 9 has declined by $451.6 million, falling from $3.13 billion to $2.7 billion.
Patrick Soon-Shiong slips in billionaire rankings
This financial setback has reshuffled Patrick Soon-Shiong’s ranking among global billionaires. He now sits at 207th, just behind South Africa’s richest man Johann Rupert, and ahead of Nicky Oppenheimer, another South African billionaire.
Despite setbacks in his strategic investments, particularly immunotherapy, Soon-Shiong’s reputation as a leading transplant surgeon and his significant contributions to medicine and business remain notable. He retains his place as one of Africa’s wealthiest individuals.
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