Renowned for his groundbreaking work in the medical field and his role in developing the cancer treatment Abraxane, South African-born billionaire Patrick Soon-Shiong has recently suffered staggering losses in his fortune.
According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest billionaires, Soon-Shiong’s net worth has declined by $860 million in the past 54 days.
The decline in Soon-Shiong’s fortune can be attributed to the drop in the market value of his 80-percent stake in ImmunityBio, a late-stage immunotherapy company.
Since May 8, exactly 54 days ago, the share price of ImmunityBio on the Nasdaq Stock Exchange has fallen by 56 percent, falling from $6.41 to $2.78 at the time of writing this report.
The slump in Soon-Shiong’s fortune follows a remarkable surge of $1.39 billion in wealth between April 27 and May 8, when ImmunityBio’s shares skyrocketed from $2.62 to $6.41 per share.Â
Despite the decline, Soon-Shiong remains one of the richest African billionaires. His current net worth, valued at $9.07 billion, places him as the 231st richest person in the world. He is closely trailed by fellow South African billionaire Nicky Oppenheimer, who ranks 230th with a net worth of $9.08 billion.
Soon-Shiong’s contributions to the medical field and his entrepreneurial endeavors continue to be highly regarded, attracting global attention from financial markets. His achievements include the sale of APP Pharmaceuticals and Abraxis BioScience, which propelled his wealth to new heights.
Earlier this year, ImmunityBio secured a $50-million equity financing round to enhance its ongoing business operations and provide additional working capital.
The company’s efforts to manufacture cutting-edge cell and immunotherapy products received further support through a securities purchase agreement with institutional investors involving the issuance of common stock and warrants.
Despite the recent financial setback, Soon-Shiong’s influence in the medical field and his entrepreneurial spirit remain undiminished. As the market fluctuates, his wealth and investments will remain a point of interest for global financial analysts and observers.
