South African businessman Adrian Gore has suffered a significant setback in his net worth in recent times, with the market value of his stake in the Sandton-headquartered insurance behemoth, Discovery Limited, plummeting by over $37 million in recent weeks.
Data gathered by Billionaires.Africa revealed that Gore’s stake in Discovery has declined by R714.42 million ($37.29 million) since Sept. 12. The decline underscores a growing bearish sentiment as investors on the Johannesburg Stock Exchange (JSE) trim down their stakes in the group.
Headquartered in Sandton and co-founded in 1992 as a medical insurer by Gore and Barry Swartzberg, Discovery is one of South Africa’s largest and most diverse financial services groups, specializing in long- and short-term insurance, asset management, savings, investment, and employee benefits.
The Sandton-based insurance giant has played a pivotal role in Gore’s recent financial success. As the founder of the leading financial services group, Gore holds an impressive 7.48-percent stake in Discovery, which amounts to 48,599,758 ordinary shares.
Since Sept. 12, the share price of Discovery on the JSE has slumped by 9.83 percent, declining from R149.50 ($7.802) to R134.80 ($7.035) 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 R714.42 million ($37.29 million) in the market value of Gore’s stake, from R7.27 billion ($379.20 million) on Sept. 12 to R6.55 billion ($341.92 million) at the time of writing.
Notwithstanding the recent decline in the market value of his stake, Gore remains a top figure in the South African business scene and ranks as one of the richest investors on the JSE.