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South African Mogul Patrick Soon-Shiong’s Wealth Drops by $400 Million

South African billionaire Patrick Soon-Shiong’s net worth has dropped $400 million in the last nine days, bringing it to $11.2 billion at the time of writing.

Soon-Shiong is recognized for his contributions to medicine, particularly his work in creating the cancer drug Abraxane. According to the Bloomberg Billionaires Index, he has a net worth of $11.2 billion, down from $11.6 billion on March 25. This amounts into an average daily loss of $44 million.

This drop is a dramatic contrast to the beginning of the year, when Soon-Shiong experienced a large wealth increase. Between January 1 and March 21, his fortune increased by $1.04 billion, from $10.5 billion to $11.5 billion.

Patrick Soon-Shiong’s fortune has declined by $400 million as a result of a loss in his investment in ImmunityBio. The late-stage immunotherapy business, which focuses on creating next-generation cancer and infectious disease therapies, has seen its share price fall.

According to Bloomberg, the market value of Soon-Shiong’s 76 percent interest in ImmunityBio has decreased by $380 million, from $3.19 billion to $2.81 billion. However, his monetary assets are currently worth $8.33 billion.

As a result of this wealth fall, Soon-Shiong now ranks 208th among global billionaires, slightly behind Johann Rupert and ahead of fellow South African billionaire Nicky Oppenheimer. This fall reflects setbacks from strategic investments, particularly in immunotherapy.

Despite these hurdles, Soon-Shiong remains a prominent figure among Africa’s wealthiest billionaires. He is best known for his pioneering work as a transplant surgeon, but he has also made substantial contributions to health and business.

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