Home » South African-born billionaire Patrick Soon-Shiong loses $520 million in first week of 2024

South African-born billionaire Patrick Soon-Shiong loses $520 million in first week of 2024

Market volatility knocks $520 million off Soon-Shiong's portfolio in the first week of 2024

by Mfonobong Nsehe

Renowned for his groundbreaking work in the medical field and instrumental role in creating the cancer treatment Abraxane, South African billionaire Patrick Soon-Shiong experienced a significant wealth decline, losing over half a billion dollars in the first week of 2024, bringing his net worth below $10 billion.

According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest billionaires, Soon-Shiong’s net worth plunged by $520 million in the first week of 2023 declining from $10.5 billion on Jan. 1 to $9.98 billion.

The $520-million wealth loss can be 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.

Market volatility knocks $520 million off Soon-Shiong’s portfolio in the first week of 2024

Going by Bloomberg’s figure, the market value of his stake in ImmunityBio nosedived by $440 million, declining from $2.79 billion to $2.35 billion. The leading billionaire businessman also saw his cash asset decline from $7.7 billion on Jan. 1 to $7.58 billion.

This decline caused Soon-Shiong’s wealth figures to slip below the $10-billion mark, placing him at the 216th spot among the world’s richest individuals. Just one week ago, he held the 208th position, underscoring the volatile nature of global wealth rankings.

Soon-Shiong’s diverse assets encompass a significant stake in ImmunityBio, a $290-million share in the Los Angeles Lakers, and a $500-million investment in the Los Angeles Times. His estimated liabilities amount to approximately $735 million.

Medical trailblazer, Soon-Shiong holds strong as the world’s second-richest doctor

Despite a recent setback, Soon-Shiong remains a leading figure in both medicine and business. With a current fortune of $9.98 billion, he ranks 216th among the world’s wealthiest individuals and holds the title of the second-richest doctor globally, closely trailing Thomas Frist. 

His impactful contributions to medicine and entrepreneurship have earned him widespread recognition across diverse markets, and 2024 promises further notable business achievements. Notable successes include the sale of APP Pharmaceuticals and Abraxis BioScience, elevating his wealth to new heights.

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