South African businessman Adrian Gore has suffered a significant setback in his net worth, as the market value of his stake in the Sandton-based insurance giant, Discovery Limited, slump by more than $13 million in recent times.
According to the data tracked by Billionaires.Africa, Gore’s stake in Discovery has declined by R258.1 million ($13.6 million) over the past 17 days.
The decrease underscores a growing bearish sentiment as investors on the Johannesburg Stock Exchange (JSE) trim down their stakes in the group.
Discovery, which was founded as a medical insurer in 1992, is one of South Africa’s largest and most diverse global financial services firms, specializing in long- and short-term insurance, asset management, savings, investment, and employee benefits.
Gore, who founded the financial services firm and ranks as one of South Africa’s richest businessmen, owns a sizable 7.48-percent stake, which amounts to 48,599,758 ordinary shares in the Sandton-based insurance giant.
Since July 28, the share price of Discovery on the JSE has slumped by 3.34 percent, declining from R158.78 ($8.3405) to R153.47 ($8.0616) at the time of writing, thereby resulting in multimillion-dollar losses for shareholders, including Gore, who owns a significant stake in the insurance giant.
The single-digit percent slump in Discovery shares, has resulted in a decrease of R258.1 million ($13.6 million) in the market value of Gore’s stake, from R7.72 billion ($405.35 million) on July 28 to R7.46 billion ($391.79 million) at the time of writing.
Notwithstanding the recent depreciation in the market value of his stake, Adrian Gore remains a preeminent figure among the most prosperous investors listed on the JSE. His enduring status as one of South Africa’s most affluent business magnates persists.