South African-born billionaire Patrick Soon-Shiong loses $400 million in 9 days

South African billionaire Patrick Soon-Shiong’s net worth has dipped $400 million over the past nine days, bringing his fortune down to $11.2 billion at the time of drafting this report.

Soon-Shiong is lauded for his advancements in medicine, particularly his role in developing the cancer treatment Abraxane. The Bloomberg Billionaires Index, which tracks the world’s 500 wealthiest individuals, shows his net worth decreasing from $11.6 billion on March 25 to $11.2 billion. This translates to an average daily loss of $44 million.

This downturn marks a sharp reversal from the beginning of the year when Soon-Shiong enjoyed a significant wealth surge. Between Jan. 1 and March 21, his fortune rose by $1.04 billion, climbing from $10.5 billion to $11.5 billion.

Soon-Shiong’s wealth drops $400 million

The recent $400-million decline in Patrick Soon-Shiong’s fortune can be attributed to a drop in his stake in ImmunityBio. The late-stage immunotherapy company, focused on developing next-generation cancer and infectious disease treatments, has seen its share price slide.

Going by Bloomberg’s figure, the market value of Soon-Shiong’s 76-percent stake in ImmunityBio has tumbled by $380 million, falling from $3.19 billion to $2.81 billion. However, His cash assets are currently valued at $8.33 billion.

Soon-Shiong’s ranking slips among billionaires

As a result of this wealth downturn, Soon-Shiong now ranks 208th among global billionaires, placing him just below Johann Rupert and ahead of fellow South African billionaire Nicky Oppenheimer. This slip reflects setbacks from strategic investments, notably in immunotherapy.

However, despite recent challenges, Soon-Shiong remains a prominent figure among Africa’s wealthiest billionaires. Known for his pioneering work as a transplant surgeon, he has made significant contributions to both medicine and business.