South African-born Billionaire Patrick Soon-Shiong loses $1.2 billion in a month

Key Points

• Patrick Soon-Shiong’s net worth fell by $1.2 billion in a month, dropping to $10.3 billion after a strong start to 2025.
• ImmunityBio shares tumbled 25% in a month, cutting its market cap to $2.02 billion despite reporting improved financial results.
• Soon-Shiong remains one of Africa’s richest billionaires, ranking 278th on Bloomberg’s list, with continued influence in medicine and biotech.

After a strong start to the year, South African-born billionaire Patrick Soon-Shiong has seen his net worth take a sharp hit, dropping by $1.2 billion in just one month. The decline has wiped out nearly all the gains he made in the first seven weeks of 2025.

Soon-Shiong’s net worth falls to $10.3 billion

Soon-Shiong, widely recognized for his breakthroughs in medicine—including the development of the cancer drug Abraxane—was worth $11.5 billion as of Feb. 20. But since then, his fortune has fallen to $10.3 billion, according to the Bloomberg Billionaires Index.

The recent dip follows a period of impressive growth that saw his net worth climb from $10.3 billion on Jan. 1 to $11.5 billion by mid-February. Despite losing nearly as much as he gained, his overall net worth for the year is still up by $6.52 million at the time of this report.

The $1.2 billion drop is largely tied to a revaluation of Patrick Soon-Shiong’s private investments and cash holdings, as well as the performance of his 76-percent stake in ImmunityBio, a late-stage immunotherapy company focused on cancer and infectious disease treatments.

ImmunityBio stock slides amid market sell-off

ImmunityBio’s stock had a strong run earlier this year, pushing its market capitalization past $3 billion. But in recent weeks, shares have taken a hit, dropping from $3.9 on Feb. 20 to $2.76. That decline has shaved its market cap down to $2.02 billion on the Nasdaq Stock Exchange.

The sell-off, which has dragged the stock down more than 25 percent in the past month, comes despite some positive financial results. It reported a smaller-than-expected quarterly loss of $0.15 per share, an improvement from the $0.19 per share loss a year earlier. Revenue for the quarter ended Dec. 2024 jumped to $7.55 million—an increase from just $140,000 a year ago.

Patrick Soon-Shiong remains among Africa’s richest billionaires

Despite the recent setback, Soon-Shiong remains one of Africa’s wealthiest billionaires and a highly respected figure in both medicine and business. Ranked 278th on the Bloomberg Billionaires Index, his influence in the medical and biotech industries remains strong.