South African-born billionaire and cancer treatment innovator Patrick Soon-Shiong has experienced a remarkable surge in his net worth, which is now approaching the $10-billion mark, propelled by the performance of his investment in ImmunityBio, a late-stage immunotherapy company.
According to data from the Bloomberg Billionaires Index, Soon-Shiong’s net worth increased by an impressive $1.02 billion within the past two weeks, solidifying his status as one of Africa’s wealthiest individuals.
Soon-Shiong, renowned for his groundbreaking contributions to cancer treatment, has witnessed a significant upturn in his fortunes. His net worth, which stood at $8.36 billion on Oct. 21, has now reached $9.38 billion, representing an average daily gain of $72.86 million.
This surge has propelled him above the $9-billion milestone and reaffirmed his position among Africa’s wealthiest billionaires.
Over the last ten months, Soon-Shiong faced a challenging period with year-to-date losses nearing $600 million. However, the recent gain of $1.02 billion has reversed these losses, resulting in a year-to-date gain of $446 million.
This financial turnaround can be primarily attributed to the remarkable increase in the market value of his 76-percent stake in ImmunityBio, a company focused on developing cutting-edge therapies and vaccines to enhance the natural immune system’s ability to combat cancers and infectious diseases.
According to data tracked by Billionaires.Africa, Soon-Shiong’s stake in ImmunityBio has increased by $1.21 billion since Oct. 21, from $694.13 million on Oct. 21 to $1.90 billion at the time of writing.
Recently, investors on the Nasdaq Stock Exchange have been consistently increasing their positions in the California-based clinical-stage company. This has driven the company’s shares to rise by an astounding 173.72 percent, from $1.37 to $3.75 per share.
Soon-Shiong presently ranks as the 220th wealthiest individual on the global list of the world’s wealthiest individuals. He trails behind fellow South African billionaire Johann Rupert and has outpaced his compatriot, Nicky Oppenheimer, whose net worth currently stands at $8.85 billion.
