South African-born billionaire Patrick Soon-Shiong’s fortune plunges by $1.1 billion in 16 days

 

South African-born billionaire Patrick Soon-Shiong, renowned for his groundbreaking work in the medical field and his role in developing the cancer treatment Abraxane, has experienced a significant decline in his net worth.

According to the Bloomberg Billionaires Index, Soon-Shiong’s fortune has plunged by a staggering $1.1 billion over the past 16 days, leaving him with a net worth of $8.83 billion at the time of this report.

This downturn comes after an impressive surge in Soon-Shiong’s net worth earlier this year. Between March 16 and May 8, his wealth soared by $2.05 billion, reaching a peak of $9.93 billion.

Due to recent market fluctuations, primarily influenced by a drop in the market value of his 76-percent stake in ImmunityBio, Soon-Shiong has experienced a substantial loss.

As a majority stakeholder in ImmunityBio, the late-stage immunotherapy company, Soon-Shiong’s net worth has been heavily impacted by the declining value of its shares. 

Over the past 16 days alone, the company’s shares on the Nasdaq Stock Exchange have plummeted by more than 58 percent, falling from $6.41 on May 8 to $2.63, resulting in billions of dollars in value losses for shareholders.

This recent setback has contributed to a $99.5 million decline in Soon-Shiong’s net worth since the beginning of the year, placing him among a growing number of African billionaires experiencing a decline in 2023.

Despite this decline, Soon-Shiong’s contributions to the medical field and his entrepreneurial endeavors remain highly regarded, and his wealth fluctuations continue to capture the attention of global financial markets.

Earlier this year, ImmunityBio completed a $50-million equity financing round to bolster its ongoing business operations and provide additional working capital.

The company’s efforts to manufacture cutting-edge cell and immunotherapy products were further supported by entering into a securities purchase agreement with institutional investors, which involved the issuance of common stock and warrants.