South African businessman Adrian Gore, co-founder of the financial services group Discovery Limited, experienced a significant setback in early 2024. The market value of his stake in the Sandton-based insurance giant has declined by nearly $52 million since the year began.
Gore, who enjoyed a notable surge in fortunes in November 2023, has now seen his stake in Discovery Limited, decline by R989.61 million ($51.95 million) since the start of the year. This reflects a growing bearish sentiment among investors on the Johannesburg Stock Exchange (JSE) who have been trimming down their stakes in the group.
Gore’s financial rollercoaster ride with Discovery in the heart of Sandton
Headquartered in Sandton and co-founded in 1992 as a medical insurer by Gore and Barry Swartzberg, Discovery is one of South Africa’s leading 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 in recent years. As the founder of the leading financial services group, Gore owns a 12.96-percent stake in Discovery, which amounts to 87,267,598 ordinary shares.
The recent decline in the market value of his stake comes on the heels of a $51.76-million gain recorded between Oct. 27 and Nov. 27, 2023 when the market value of his stake in Discovery soared from R11.08 billion ($589.36 million) to R12.06 billion ($641.12-million).
Gore’s stake in Discovery dips below $610 million
Since the start of the year, the share price of Discovery on the JSE has declined by 7.89 percent, falling from R143.68 ($7.543) to R132.34 ($6.947), returning losses amounting to millions of dollars to its shareholders, including Gore, who owns a significant stake in the behemoth.
The recent decline in Discovery shares has caused Gore’s stake in the leading group to decline by R989.61 million ($51.95 million), from R12.54 billion ($658.23 million) on Jan. 1 to R11.55 billion ($606.28 million) at the time of reporting.
Despite this setback, Gore maintains his status as a top figure among the richest investors on the JSE. He also ranks as one of South Africa’s most affluent individuals and leading business executives.