South African businessman Barry Swartzberg has recorded losses amounting to millions of dollars from his stake in Discovery Limited this year, driven by the recent decline in the shares of the financial services group on the Johannesburg Stock Exchange (JSE).
Swartzberg, one of the richest investors on the JSE, has seen the market value of his stake in Discovery Limited decline by R239.48 million ($12.57 million) over the past 23 days, as investors continue to sell down stakes in the leading group.
Discovery shares plummet 6.47 percent, sending market cap below $4.8 billion
Discovery Limited, 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.
Co-founded by Swartzberg and Adrian Gore, the company has grown into a prominent brand with active operations in South Africa and subsidiaries in the United Kingdom, United States, China, Singapore, and Australia.
Since the start of the year, Discovery shares on the JSE have decreased from R143.68 ($7.539) to R134.39 ($7.052) at the time of writing this report, representing a 6.47-percent loss for shareholders and pushing the group’s market capitalization below the $4.8-billion mark.
Swartzberg’s stake in Discovery Limited dips below $185 million
As one of the co-founders of the leading group, Swartzberg owns a 3.92-percent stake in the Sandton-based financial services group — this stake amounts to a total of 25,778,420 ordinary shares in the leading financial services group.
According to the data tracked by Billionaires.Africa the market value of Swartzberg’s stake has declined by R239.48 million ($12.57 million) over the past 23 days, from R3.70 billion ($194.35 million) on Jan. 1 to R3.46 billion ($181.78 million) at the time of writing.
Despite this financial setback, Swartzberg remains a prominent figure among South Africa’s businessmen, retaining his position as one of the most affluent investors on the JSE.