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South African billionaire Patrick Soon-Shiong’s fortune has seen a remarkable surge in the past 72 hours, surpassing the $10-billion mark. This boost is attributed to the impressive performance of his investment in ImmunityBio, a late-stage immunotherapy company.
Bloomberg Billionaires Index data reveals a substantial $320-million increase in Soon-Shiong’s net worth in under three days, reinforcing his position as one of Africa’s wealthiest individuals. His net worth, which stood at $9.78 billion on Feb. 2, has now reached $10.1 billion.
From $1 billion loss to under $400-million deficit
In the early weeks of January 2024, Soon-Shiong, renowned for his groundbreaking contributions to cancer treatment, faced challenges as year-to-date losses approached $1 billion. However, a recent gain of $320 million has reduced these losses to under $400 million.
This financial turnaround, pushing Soon-Shiong’s fortune beyond the $10-billion milestone, reaffirms his position among Africa’s wealthiest billionaires. The key factor behind this success is the notable increase in the market value of his 76-percent stake in ImmunityBio.
Soon-Shiong’s ImmunityBio stake soars: A $260-million surge since Feb. 2
Soon-Shiong’s stake in ImmunityBio — a company dedicated to developing advanced therapies and vaccines to combat cancers and infectious diseases — has grown by $260 million since Feb. 2, reaching $2.20 billion at the time of drafting this report.
Investors on the Nasdaq Stock Exchange have consistently increased their positions in the California-based clinical-stage company. This trend has propelled the company’s shares up by an impressive 15 percent, climbing from $3.60 to $4.14 per share.
Soon-Shiong currently ranks as the 223rd wealthiest individual on the global list of the world’s wealthiest individuals. He trails behind Johann Rupert and has outpaced fellow South African billionaire Nicky Oppenheimer, whose net worth currently stands at $10 billion.
