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’s net worth has taken a hit, dropping by nearly $500 million.
This adds to the $520-million loss he experienced in the first week of 2024 when his net worth plunged from $10.5 billion to $9.98 billion.
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 $460 million.
This decline has seen his net worth drop from $9.98 billion on Jan. 8 to $9.52 billion at the time of drafting this report — extending his year-to-date wealth loss to $931 million in 2024.
Soon-Shiong’s ImmunityBio stake declines by $630 million, while cash holdings rise
This financial setback is attributed to the sustained sell-offs that affected the market value of his 76-percent stake in ImmunityBio, a late-stage immunotherapy company focused on developing next-generation therapies and vaccines to combat cancers and infectious diseases.
In recent times, the market value of Soon-Shiong’s stake in ImmunityBio has nosedived by $630 million, falling from $2.35 billion on Jan. 8 to $1.72 billion. However, the leading businessman has seen his cash holdings increase from $7.58 billion to $7.75 billion over the same period.
Soon-Shiong’s steadfast influence among Africa’s elite billionaires
Despite recent challenges, Soon-Shiong remains a formidable presence among Africa’s wealthiest billionaires. Renowned as a leading transplant surgeon, he has made a lasting impact in both the medical field and the business sphere.
Noteworthy accomplishments, such as the strategic sale of APP Pharmaceuticals and Abraxis BioScience, have not only transformed industries but have also attracted significant attention from global financial markets, elevating his wealth to unprecedented levels.