South African-born billionaire Patrick Soon-Shiong's wealth drops by $1 billion

Omokolade Ajayi -

Key Points:

  • Patrick Soon-Shiong’s net worth peaked at $13 billion in May but has since dropped by $1 billion due to declines in ImmunityBio’s stock.
  • His stake in ImmunityBio fell by $900 million as the company’s market cap dipped below $5 billion amid a Nasdaq selloff.
  • Despite setbacks, Soon-Shiong remains among the world’s 200 wealthiest, with year-to-date gains totaling $1.56 billion.

Patrick Soon-Shiong, the South African-born billionaire, reached a peak of $13 billion in early May, but has since seen his net worth drop by $1 billion. Despite this, he continues to rank among the world’s 200 wealthiest individuals.

According to the Bloomberg Billionaires Index, Soon-Shiong, celebrated for his pioneering advancements in medicine and pivotal role in Abraxane’s development, has experienced a $1 billion decline in net worth. His wealth decreased from $13 billion on May 14 to $12 billion.

Nasdaq selloff hits ImmunityBio stake

The recent slump in his net worth is linked to the market value of his 76 percent stake in ImmunityBio, a firm specializing in advanced therapies and vaccines for cancer and infectious diseases.

Investors on the Nasdaq Stock Exchange have reduced their holdings in ImmunityBio, causing its share price to drop 26.7 percent from $8.63 as of the close of trading on May 13 to $6.32. This decline has pushed the company’s market capitalization below $5 billion.

As a result, Soon-Shiong’s stake in ImmunityBio has decreased by $900 million since May 14, falling from $4.27 billion to $3.37 billion. Despite this setback, his year-to-date wealth gains total $1.56 billion as of the time of writing.

Patrick Soon-Shiong drops in billionaires ranking

Due to the recent decline in his fortune, Patrick Soon-Shiong now ranks 186th among global billionaires, down from 166th, placing him below South Africa’s richest man Johann Rupert. This drop reflects setbacks in his investments in ImmunityBio.

However, Soon-Shiong remains a key figure among Africa’s wealthiest billionaires. Renowned for his groundbreaking work as a transplant surgeon, he has made significant contributions to medicine and business alike.

In addition to his stake in ImmunityBio and $8.55 billion in cash holdings, Soon-Shiong holds a $330 million stake in the Los Angeles Lakers and a $500 million stake in the Los Angeles Times. His miscellaneous liabilities amount to $735 million according to Bloomberg.