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South African businessman Barry Swartzberg has seen his stake in Discovery Limited, a top insurer in Africa, drop by more than $10 million. This decline comes as the company’s share price on the Johannesburg Stock Exchange (JSE) takes a significant hit amid the recent selling pressure on the bourse.
According to data tracked by Billionaires.Africa, Swartzberg’s stake in Discovery has declined by R200.56 million ($10.69 million) over the past 15 days. This decline mirrors the recent slump in the leading insurer’s share price on the JSE.
Discovery shares decline 6.45 percent in 15 days
Discovery Limited, established in 1992 as a medical insurer, has evolved into a financial services powerhouse in South Africa. With operations spanning long- and short-term insurance, the company boasts a diversified portfolio and maintains a global presence with subsidiaries in the UK, U.S., China, Singapore, and Australia.
Over the last 15 days, Discovery shares on the JSE have declined by 6.45 percent, falling from R120.63 ($6.398) to R112.85 ($5.986). Consequently, the company’s market capitalization has dwindled to $4.16 billion, resulting in significant financial losses for shareholders.
Swartzberg’s stake plunges amid market decline
Barry Swartzberg, a co-founder of Discovery, possesses a 3.92-percent stake in the Sandton-based financial services behemoth. This equates to 25,778,420 ordinary shares, presently valued at $155.02 million.
The recent 6.45-percent decrease in Discovery’s share price has caused Swartzberg’s stake to decline by R200.56 million ($10.69 million) over the past 15 days, dropping from R3.11 billion ($165.7 million) to R2.91 billion ($155.02 million) at the time of drafting this report.
Despite the recent setback in Swartzberg’s stake, he retains his position as one of South Africa’s wealthiest businessmen and one of the most successful investors on the JSE.
