Patrick Soon-Shiong, a South African-born millionaire, has seen his net worth skyrocket, approaching $10 billion, thanks to the performance of his investment in ImmunityBio, a late-stage immunotherapy startup.
According to the Bloomberg Billionaires Index, Soon-Shiong’s net worth has climbed by $1.02 billion in the last two weeks, cementing his position as one of Africa’s wealthiest people.
Soon-Shiong’s finances have improved significantly as a result of his innovative contributions to cancer treatment. His net worth has increased from $8.36 billion on Oct. 21 to $9.38 billion, marking a daily gain of $72.86 million.
This spike has driven him above the $9 billion mark, reaffirming his place among Africa’s wealthiest billionaires.
Soon-Shiong has had a difficult 10 months, with year-to-date losses approaching $600 million. However, the recent gain of $1.02 billion has offset these losses, resulting in a $446 million year-to-date gain.
This financial reversal may be traced mostly to the astonishing increase in the market value of his 76 percent investment in ImmunityBio, a firm dedicated to creating cutting-edge medicines and vaccines to improve the natural immune system’s ability to combat cancer and infectious diseases.
Investors on the Nasdaq Stock Exchange have recently increased their positions in the clinical-stage startup situated in California. This has resulted in a 173.72 percent increase in the company’s stock price, from $1.37 to $3.75 per share.
Soon-Shiong is now the 220th wealthiest person on the global list of the world’s wealthiest people. He is second only to fellow South African billionaire Johann Rupert and has surpassed his countryman, Nicky Oppenheimer, whose net worth is currently $8.85 billion.