Sandton-based financial services group Discovery Limited has propelled South African businessman Barry Swartzberg’s fortune to new heights, as the market value of his stake in the company surged by $18 million in just 40 days.
According to data tracked by Billionaires.Africa, the recent surge in the shares of Discovery contributed to the impressive gain. Over the past 40 days, the market value of his stake in the renowned financial services group has increased by R340.28 million ($18.13 million).
This remarkable rebound follows a previous setback that saw Swartzberg’s wealth plummet by $20.6 million. Notably, Swartzberg experienced a decline of R403.4 million ($20.6 million) between Feb. 28 and May 26, further magnifying the significance of his recent rebound.
Founded as a medical insurer in 1992, Discovery has transformed into a global financial services giant. The company boasts an extensive portfolio that includes long- and short-term insurance, asset management, savings, investment, and employee benefits.
Swartzberg, an executive director of Discovery, owns an esteemed 3.92-percent stake in the company, solidifying his position among South Africa’s most influential executives.
As of the time of this report, Discovery’s shares were trading at R147.27 ($7.85) on the Johannesburg Stock Exchange (JSE), marking a 36-basis-point increase from their morning opening price. With a market capitalization of R98.8 billion ($5.26 billion), Discovery holds 27th position in the JSE’s ranking of most valuable companies.
Since May 26, the company’s share price has experienced a remarkable surge of nearly 10 percent, surging from R134.1 ($7.15) to R147.27 ($7.85) on July 5. The surge has also propelled the market value of Barry Swartzberg’s stake in Discovery beyond the $200 million mark.
In the past 40 days, Swartzberg’s stake has increased by R340.28 million ($18.13 million), rising from R3.46 billion ($184.65 million) on May 26 to R3.81 billion ($202.8 million) at the time of this report.Â
Swartzberg’s recent gain demonstrates his astute investment strategy and resilience in the face of market fluctuations. His success story mirrors Discovery’s continuous growth and solidifies the company’s position as a leader in the financial services industry.
With a track record of adaptability and innovation, Discovery remains a prominent player in South Africa and globally.
