South African-born billionaire Patrick Soon-Shiong has experienced a substantial rebound in his net worth, surpassing the $9-billion mark following a tumultuous period that saw his net worth plunge $1.1 billion.
Renowned for his work in the medical field, particularly his contributions to cancer treatment through the development of Abraxane, Soon-Shiong has once again solidified his position as one of the wealthiest individuals in the world.
According to the Bloomberg Billionaires Index, which closely monitors the wealth of the top 500 billionaires globally, Patrick Soon-Shiong’s net worth has soared by a staggering $180 million in just 18 days.
With the latest bump in his fortune, his net worth has now reached $9.01 billion as of June 10, representing a substantial increase from $8.83 billion on May 23.
This resurgence in wealth places Soon-Shiong among the exclusive group of African billionaires who have witnessed remarkable gains in their fortunes since the start of the year.
Year-to-date, his wealth has grown by an impressive $79.3 million, firmly establishing him as a prominent figure with immense financial prowess.
Soon-Shiong’s current net worth is still lower than the $9.93 billion that he held on May 8. On that day, shares in his late-stage immunotherapy company, ImmunityBio, surged above $6.4, propelling its market capitalization on the Nasdaq Stock Exchange to more than $2.5 billion.
Recently, the surge in the company’s shares has also significantly impacted Soon-Shiong’s stake. Over the past 18 days, the market value of his holdings in ImmunityBio has increased by $182 million, rising from $736 million on May 23 to $918 million at present.
The substantial growth in ImmunityBio’s share price, from $2.56 on May 23 to $2.84 on June 10, cements the company’s position as one of the biotech industry’s billion-dollar powerhouses.
Soon-Shiong’s remarkable rebound in net worth showcases not only his influential status as a billionaire but also the potential for wealth fluctuations in the volatile world of business and finance.
As he continues to make groundbreaking contributions to the medical field, his fortune remains one to watch.