The South African billionaire and pioneer in oncology, Patrick Soon Shiong, sees its net worth approaching $10 billion, boosted by the success of its investment in ImmunityBio, an advanced immunotherapy company. According to recent data from The Bloomberg Billionaires index, his fortune has seen a dramatic increase of more than a billion dollars in the past two weeks, cementing his position as one of the richest people in Africa. This remarkable economic benefit boosted Soon Shiong beyond $9 billion, cementing his status as a South African tycoon.
Known for his innovative contributions to cancer treatment, Soon Shiong sees his financial situation improve considerably. His net worth, which stood at $8.36 billion on October 21, has reached $9.38 billion, generating an impressive average daily gain of $72.86 million. This recent increase demonstrates the stability of his investments and reaffirms his place among the most influential billionaires on the African continent. At the time of writing, the billionaire’s worth has fallen to $9.25 billion.
Over the past ten months, Soon-Shiong has fallen on hard times, racking up losses of nearly $600 million since the beginning of the year. However, the recent gain of $1.02 billion more than made up for these losses, creating a cumulative gain of $446 million. This financial resilience is mainly explained by the significant growth in the market value of its majority stake of 76% in ImmunityBio, a company dedicated to the development of cutting-edge therapies and vaccines to strengthen the immune system against cancers and infectious diseases.
According to data provided by Billionaires.Africa, Soon-Shiong’s stake in ImmunityBio has increased by $1.21 billion since October 21, from $694.13 million to $1.9 billion at the time of writing article Investors on the Nasdaq Stock Exchange also showed growing interest in the California-based clinical-stage company, leading to a remarkable 173.72% rise in the company’s shares, from 1 .37 to $3.75 per share. This upward trend in the stock market confirms the continued confidence of investors in ImmunityBio’s promising prospects, thus strengthening Soon-Shiong’s net worth.