South African tycoon Adrian Gore loses $25.6 million from Discovery shares

South African businessman Adrian Gore has seen the market value of his stake in Discovery Limited decline by more than $25 million in the past 44 days, mirroring the recent decline in the share price of the insurance giant on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, Gore’s stake in has declined by R481.72 million ($25.67 million) since Feb. 1, 2024, as investors on the JSE trimmed their holdings in Discovery.

This latest decline follows a $52 million decline recorded between Jan. 1 and 21, 2024, when the market value of Gore’s stake dropped from R12.54 billion ($658.23 million) to R11.55 billion ($606.28 million).

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.

Discovery shares sink, taking a $25 million bite out of Adrian Gore’s stake

The recent downturn in Discovery’s share price on the JSE, witnessing a 3.97-percent decrease from R138.88 ($7.402) to R133.36 ($7.108), has resulted in the company’s market capitalization falling below $5 billion, translating into substantial losses for shareholders, including Gore, who owns a significant stake in the company.

The recent decline in Discovery shares has caused Gore’s stake in the leading group to decline by R481.71 million ($25.67 million), falling from R12.12 billion ($645.96 million) on Feb. 1 to R11.64 billion ($620.28 million) at the time of drafting this report.

Despite the setback, Gore remains a prominent figure on the JSE and retains his position as one of South Africa’s wealthiest individuals and leading business executives.