South African businessman Barry Swartzberg has suffered a significant financial setback, with his multimillion-dollar stake in Discovery declining by $20 million in recent times due to the decline in the shares of the financial services group on the Johannesburg Stock Exchange.
According to the data tracked by Billionaires.Africa, Swartzberg has seen the market value of his stake in the leading financial services group decline by R386.68 million ($20.2 million) over the past 48 days as investors reduced their stake in the Sandton-based financial services group.
This recent decline follows the $11-million decline that he suffered between Aug. 3 and Sept. 1, when the market value of his stake in Discovery fell from R3.99 billion ($213.4 million) to R3.79 billion ($202.2 million).Â
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.
As one of the co-founders of the leading group with active operations in South Africa and subsidiaries in the United Kingdom, United States, China, Singapore, and Australia, Swartzberg 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 the leading financial services group.
In recent times, Discovery shares on the Johannesburg Stock Exchange have declined from R146.33 ($7.645) on Sept. 1 to R131.33 ($6.882) at the time of writing this report, representing a 10.25-percent loss for shareholders over the last 48 days, and pushing the group’s market capitalization below $5 billion.
As a result of this double-digit slump in the group’s share price, the market value of Swartzberg’s stake has decreased by R386.68 ($20.20 million), declining from R3.77 billion ($197.08 million) on Sept. 1 to R3.38 billion ($176.88 million) at the time of drafting this report.
