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   .media.latimes.bias   
   From: remailer@domain.invalid   
      
   In article <2a9faaa5-f826-4828-9718-e7b935049daan@googlegroups.com>   
      
   > Another tale of leftist vapor money blowing in the wind.   
      
   As the old saying goes, when it rains, it pours. The adage couldn't   
   be more applicable to biotech billionaire Patrick Soon-Shiong, owner   
   of the Los Angeles Times. With his paper losing an estimated $30   
   million per year and seemingly near imminent collapse, Soon-Shiong   
   is about to face a far costlier issue.   
      
   The labor issues crushing the L.A. Times pale in comparison to the   
   decline in value of Soon-Shiong's biotech company ImmunityBio   
   (IBRX). Since the company's stock began trading publicly on March   
   10, 2021, it has fallen an incredible 91 percent.   
      
   Putting the disaster in perspective makes it look even worse. $23.5   
   billion in IBRX market value — based on the company's current number   
   of shares outstanding — has vanished.   
      
      
   It gets worse.   
      
   While ImmunityBio isn't in the S&P 500 or other major indices, it is   
   held by some ETF (exchange-traded funds) providers, including major   
   players like BlackRock and Vanguard.   
      
   Here's more:   
      
   All told, Vanguard Group owns 14.7 million shares, or 2.2%, of the   
   company. The value of this stake is down $52.8 million since it   
   started trading in March 2021. And BlackRock owns 10.8 million   
   shares, or 1.6%. That means Vanguard and BlackRock are down $515.1   
   million and $379.5 million since March 2021.   
      
   So what's the deal with Patrick Soon-Shiong? Is he one of those   
   people for whom everything eventually turns to crap, terribly   
   unlucky, or someone in between? Dunno — but I do know this:   
      
   As a former CFP (Certified Financial Planner), I know from   
   experience that any investment that can make you rich in a hurry can   
   also make you poor in a hurry.   
      
   As I researched ImmunityBio in preparation for writing this article,   
   here's a bit of what I found out:   
      
   ImmunityBio Inc. is a late-clinical-stage immunotherapy company   
   developing next-generation therapies that drive immunogenic   
   mechanisms for defeating cancers and infectious diseases. The   
   company's immunotherapy platform activates both the innate (natural   
   killer cell and macrophage) and adaptive (T cell) immune systems to   
   create long-term immunological memory.   
      
      
   The company was "hit with a complete response letter (a snub) from   
   the FDA for its bladder cancer prospect" in May 2023, causing its   
   common stock to fall more than 50 percent in overnight trading.   
      
   The Bottom Line   
   As a CFP, I regularly advised my clients not to put all their eggs   
   in one basket. That rationale applies to companies, big and small —   
   or should — as well. Again, I know nothing about late-clinical-stage   
   immunotherapy, but I do know quite a lot about the fundamentals of   
   diversification and minimizing investment risk.   
      
   As for Patrick Soon-Shiong's views on investing — including the   
   capital of other investors — I have no idea what the guy thinks. But   
   I do know he has a knack for losing money on more than one major   
   investment.   
      
   Special thanks to Daniel Guss for bringing the Investor's Business   
   Daily piece to our attention!   
      
   https://redstate.com/mike_miller/2024/01/24/turns-out-biotech-   
   billionaire-owner-of-the-la-times-has-a-lot-more-problems-than-his-   
   collapsing-paper-n2169149   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)