South African-born billionaire Patrick Soon-Shiong has seen his net worth surge by $1.8 billion over the past 26 days, according to the Bloomberg Billionaires Index. This follows a brief setback in April.
Soon-Shiong’s fortune now stands at $12.6 billion, up from $10.8 billion on April 22. The increase comes after an $800-million dip between April 9 and 22.
This recovery underscores the resilience of the medical pioneer, known for developing the cancer treatment, Abraxane.
ImmunityBio drives wealth surge
The recent gains translate to an average daily increase of $69.23 million. Year-to-date, Soon-Shiong’s wealth has grown by $2.1 billion, solidifying his position among the world’s top billionaires.
The primary driver behind Soon-Shiong’s wealth surge is the success of ImmunityBio, a California-based biotech firm where he holds a 76 percent stake. The company specializes in developing innovative cancer and infectious disease therapies and vaccines.
Soon-Shiong’s ImmunityBio stake grows $1.37 billion
ImmunityBio has captured investor attention, with its shares rising over 54 percent on the Nasdaq Stock Exchange in the past 26 days.
The share price climbed from $4.94 on April 22 to $7.65, propelling the company’s market capitalization above $5 billion.
As a result, Soon-Shiong’s stake in ImmunityBio has grown by $1.37 billion, from $2.51 billion to $3.88 billion since late April.
This surge has also elevated his position on the global billionaire rankings, moving him from 207th to 171st. He now sits just below South Africa’s richest man Johann Rupert and ahead of fellow billionaire Nicky Oppenheimer.
