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South African businessman Barry Swartzberg’s multimillion-dollar stake in Discovery Limited has experienced a remarkable surge of $10 million over the last four weeks as shares in the leading financial services group surged by single-digit percent on the Johannesburg Stock Exchange.
The sustained surge in the share price of Discovery on the Johannesburg Stock Exchange has seen the market value of Barry Swartzberg’s stake in the leading financial services group increase by R185.3 million ($10.04 million) over the past four weeks.
This remarkable rebound follows a previous increase that saw Swartzberg’s fortune surge by $18 million. Notably, Swartzberg experienced an increase of R340.28 million ($18.13 million) between May 26 and July 5, magnifying the significance of the recent rebound.
Discovery is a global financial services firm based in South Africa that specializes in long- and short-term insurance, asset management, savings, investment, and employee benefits.
Since Swartzberg and Adrian Gore founded Discovery in 1992, the South African group has grown into a leading brand in the financial services industry, with active operations in South Africa and subsidiaries in the United Kingdom, the United States, China, Singapore, and Australia.
In recent times, its share price on the Johannesburg Stock Exchange has increased from R146.79 ($7.95) on July 5 to R153.98 ($8.34) at the time of writing, representing a 4.90-percent gain for shareholders over the last four weeks.
Barry Swartzberg, who owns 3.92 percent of Discovery, has seen the market value of his stake surge by R185.3 billion ($10.04 million) over the past four weeks, further cementing his position as one of the richest investors on the local bourse.
Recently, his stake in the group has increased from R3.78 billion ($205.01 million) on July 5 to R3.97 billion ($215.05 million) at the time of writing this report as a result of the sustained surge in Discovery’s shares.
