Renowned for his groundbreaking work in the medical field and his pivotal role in the development of the cancer treatment Abraxane, South African-born billionaire Patrick Soon-Shiong has recently experienced significant 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 recently plunged by $250 million.
The decline has seen his net worth drop from $8.86 billion on Sept. 5 to $8.61 billion at the time of drafting this report.
The recent $250-million downturn in Patrick Soon-Shiong’s net worth has extended his year-to-date loss to $321 million.
This financial setback can be primarily attributed to the recent decline in the market value of his 76-percent stake in ImmunityBio, a late-stage immunotherapy company focused on developing next-generation therapies and vaccines that bolster the natural immune system to combat cancer and infectious diseases.
This decline has caused Soon-Shiong to slip below the $8.7 billion threshold, placing him in the 250th spot among the world’s richest individuals. Just 21 days ago, he held the 249th position, underscoring the volatile nature of the global wealth rankings.
Despite this recent setback, Soon-Shiong still retains his status as one of the richest African billionaires. With his current net worth of $8.61 billion, he ranks as the 249th richest individual globally and the second-richest doctor in the world, trailing Thomas Frist.
Soon-Shiong, a South African-American transplant surgeon, remains a top figure in the medical and business fields. His contributions to medicine and entrepreneurial endeavors have garnered global attention from financial markets. Notable achievements include the sale of APP Pharmaceuticals and Abraxis BioScience, which propelled his wealth to new heights.
Despite the recent financial setback, Soon-Shiong’s influence in the medical field and his entrepreneurial spirit remain undiminished. As financial markets fluctuate, his wealth and investments will continue to be closely monitored by global financial analysts and observers.
