South African-born billionaire Patrick Soon-Shiong loses $200 million in 8 days

Yusuf Abdulfatai -

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 now suffered significant losses in his fortune over the past eight days.

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 $200 million, translating to an average loss of $25 million per day since Oct. 13. This decline has seen his net worth drop from $8.56 billion on Oct. 13 to $8.36 billion.

The recent $200-million downturn in Patrick Soon-Shiong’s net worth has extended his year-to-date loss to $571 million, a financial setback 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 cancers and infectious diseases.

Going by Bloomberg’s figures, Soon-Shiong’ stake in ImmunityBio is presently valued at $420 million, down from $546 million as of Oct. 13. The $126-million decrease in his stake in the immunotherapy company accounts for the majority of the recent $200-million plunge in his net worth.

Patrick Soon-Shiong’s cash holdings declines by $80 million

Consequently, his cash holdings have also declined by $80 million from $7.23 billion on Oct. 13 to $7.15 billion during the same period as the medical billionaire businessman takes on new investments in a strategic move to further strengthen his existing investments and businesses.

Despite this recent setback, Soon-Shiong still retains his status as one of Africa’s leading billionaires. With his current net worth of $8.36 billion, he presently ranks as the 250th richest individual globally, and 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.