Patrick Soon-Shiong, a South African billionaire, has seen his net worth increase by $800 million in just 29 days. This is due to the success of his investment in ImmunityBio, a late-stage immunotherapy startup.
Soon-Shiong’s net worth has lately increased by $800 million, as per the Bloomberg Billionaires Index, which analyzes the fortunes of the world’s top 500 billionaires. It increased from $10.1 billion on February 5 to $10.9 billion today.
This rise indicates that his fortune has grown at a rate of $27.58 million each day since February 5, making his net worth close to $11 billion. This solidifies his position as not only one of South Africa’s wealthiest persons, but also one of Africa’s leading billionaires.
Soon-Shiong’s fortune has increased by $800 million in the last 29 days, owing primarily to a significant increase in the market value of his 76% ownership in ImmunityBio. The company, situated in California, specializes in cancer and infectious disease treatments and vaccines.
Investors on the Nasdaq Stock Exchange have shown trust in ImmunityBio, constantly expanding their stakes and driving the company’s shares up 25.05 percent, from $4.04 to $5.07 per share. Since February 5, Soon-Shiong’s stake has increased by $500 million, totaling $2.7 billion.
Soon-Shiong is currently rated as the 211th richest person in the world, trailing only Johann Rupert and surpassing South African billionaire Nicky Oppenheimer, who has a net worth of $10.4 billion.
The increase in Soon-Shiong’s wealth reflects the significant returns on his investments, particularly in immunotherapy, cementing his position as one of the world’s wealthiest people.