South African billionaire Patrick Soon-Shiong’s net worth has increased by $1.8 billion in the last 26 days, according to the Bloomberg Billionaires Index. This is following a minor setback in April.
Soon-Shiong’s fortune now totals $12.6 billion, up from $10.8 billion on April 22.The increase follows a $800 million drop between April 9 and 22.
This recovery demonstrates the tenacity of the medical pioneer, who developed the cancer medication Abraxane.
The latest increases result in an average daily increase of $69.23 million. Soon-Shiong’s wealth has increased by $2.1 billion year to date, firmly establishing him as one of the world’s top billionaires.
The success of ImmunityBio, a California-based biotech firm in which Soon-Shiong owns a 76% share, is the key engine of his wealth boom. The company focuses on creating novel cancer and infectious disease medicines and vaccines.
ImmunityBio’s Nasdaq stock price has increased by nearly 54% in the last 26 days, attracting investor interest.
The share price increased from $4.94 on April 22 to $7.65, bringing the company’s market capitalization above $5 billion.
As a result, Soon-Shiong’s investment in ImmunityBio has increased by $1.37 billion, from $2.51 billion to $3.88 billion, since late April.
This jump has also increased his position in the global billionaire rankings, from 207th to 171st. He now ranks slightly below South Africa’s richest man, Johann Rupert, and ahead of fellow billionaire Nicky Oppenheimer.
