South African businessman Barry Swartzberg’s multimillion-dollar stake in Discovery Limited has experienced a significant loss of $11 million as shares in the leading financial services group fell by single-digit percent on the Johannesburg Stock Exchange.
According to the data tracked by Billionaires.Africa, Swartzberg has seen his market value in the leading financial services group slump by R209.32 million ($11.2 million) over the past 29 days.
The recent decline in the market value of his stake comes on the heels of a significant R185.3 billion ($10.04 million) surge in the market value of his stake in Discovery between July 5 and Aug. 3.
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.
Swartzberg, one of the co-founders of Discovery, a leading group with active operations in South Africa and subsidiaries in the United Kingdom, United States, China, Singapore, and Australia, owns a 3.92-percent stake in the Sandton-based financial services group. His stake amounts to a total of 25,778,420 ordinary shares.
In recent times, Discovery’s share price on the Johannesburg Stock Exchange has decreased from R154.99 ($8.279) on Aug. 3 to R146.87 ($7.847) at the time of writing, representing a 5.24-percent loss for shareholders over the last 29 days.
As a result of the single-digit decrease in the group’s share price, the market value of Swartzberg’s stake has fallen from R3.99 billion ($213.4 million) on Aug. 3 to R3.79 billion ($202.2 million) at the time of writing this report as a result of the sustained decline in the group’s shares.
This amounts to a total loss of R209.3 billion ($11.2 million) for the South African businessman over the past 29 days. Despite the recent slump in the market value of his stake, Swartzberg remains one of South Africa’s richest businessmen.
