South African-born billionaire Patrick Soon-Shiong gains $180 million

Yusuf Abdulfatai -

Patrick Soon-Shiong, the South African-born billionaire renowned for his contributions to cancer treatment, has witnessed a resurgence in his financial standing, recovering $180 million in just eight days. This turnaround follows a downturn that saw his fortune slump by $770 million between July 19 and August 28.

According to data tracked by the Bloomberg Billionaires Index, which tracks the fortunes of the world’s wealthiest individuals, Patrick Soon-Shiong’s net worth has experienced a significant upswing in recent times, rising from $8.68 billion on August 28 to an impressive $8.86 billion at the time of this report.

This resurgence has pushed him beyond the $8.8 billion threshold and solidified his position as one of Africa’s wealthiest billionaires, cementing his role as a key player in the global healthcare sector. His substantial investments in the healthcare industry have significantly contributed to this renewed financial vigor.

Earlier, Soon-Shiong faced a challenging period, witnessing a dip of $770 million in his net worth. During this period, his wealth dwindled from $9.45 billion to $8.68 billion, reflecting the inherent volatility of financial markets.

However, with the recent surge, Patrick Soon-Shiong’s year-to-date wealth loss has been trimmed to $92 million.

At the time of writing this report, he ranks as the 249th richest person globally, trailing behind fellow South African billionaire Nicky Oppenheimer, whose net worth currently stands at $9.28 billion.

The resurgence in Soon-Shiong’s fortune can be attributed primarily to the robust performance of his private investments, which constitute a substantial portion of his wealth.

These private investments were initiated after he led the sale of two pharmaceutical companies, APP Pharmaceuticals and Abraxis BioScience, to Fresenius Medical Care and Celgene, respectively, in landmark deals worth $4.6 billion in 2008 and $2.8 billion in 2010.

The South African-born billionaire retains an 80-percent majority stake in ImmunityBio, a late-stage immunotherapy company at the forefront of developing cutting-edge cell and immunotherapy products. Presently, his stake in the company carries a market value of $908 million, contributing significantly to his billion-dollar fortune.