Home » South African-born billionaire Patrick Soon-Shiong’s net worth slumps by $770 million

South African-born billionaire Patrick Soon-Shiong’s net worth slumps by $770 million

by Omokolade Ajayi
Patrick Soon-Shiong

Renowned for his groundbreaking contributions to the medical field, South African-born billionaire Patrick Soon-Shiong has recently encountered a substantial downturn in his fortune, resulting in losses totaling millions of dollars.

According to the Bloomberg Billionaires Index, which tracks the wealth of the top 500 richest individuals in the world, Patrick Soon-Shiong’s net worth has declined by $770 million in the past 40 days, from $9.45 billion on July 19 to $8.68 billion at the time of writing.

The $770 million slump in his net worth can be partly linked to the sustained decline in the market value of his 80-percent stake in ImmunityBio, a late-stage immunotherapy company.

Data gathered by Billionaires.Africa revealed that Soon-Shiong’s stake in ImmunityBio has decreased by $507.76 million since July 19 as investors on the Nasdaq Stock Exchange continue to reduce their stakes in the California-based clinical-stage company, causing the company’s shares to decline by 46.77 percent from $3.10 to $1.65.

As a result of the double-digit decrease in ImmunityBio shares, the market value of Soon-Shiong’s stake in the company has now fallen by $507.76 million, from $1.09 billion on July 19 to $577.79 million at the time of writing.

Patrick Soon-Shiong’s contributions to the medical field, especially through his role in developing the cancer treatment Abraxane, 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.

Despite his recent decline in fortune, Patrick Soon-Shiong remains among the richest African billionaires. His current net worth, valued at $8.68 billion, places him as the 249th richest person in the world.

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