South African tycoon Adrian Gore’s Discovery stake slumps by nearly $40 million

Mfonobong Nsehe -

South African billionaire Adrian Gore’s stake in Discovery Limited has declined by nearly $40 million, mirroring the recent slump in the insurer’s share price on the Johannesburg Stock Exchange (JSE).

According to data gathered by Billionaires.Africa, Gore’s stake in Discovery Limited has slumped by R749.06 million ($39.46 million) since April 6, as investors on the local bourse reduce their stakes in the integrated financial services group.

This latest decline follows a $43.19-million decline recorded between March 19 and April 6, when the market value of Gore’s stake dropped from R11.17 billion ($597.80 million) to R10.37 billion ($554.61 million).

Discovery shares slump 7.2 percent on JSE

Discovery, headquartered in Sandton, South Africa, is a leading financial services group co-founded in 1992 by Gore and Barry Swartzberg. The company began as a medical insurer and has since expanded into long- and short-term insurance, asset management, savings, investment, and employee benefits.

Over the past nine days, Discovery shares on the JSE have plunged 7.2 percent. The share price fell from R118.78 ($6.256) on April 6 to R110.23 ($5.81) today, leading to millions of dollars in losses for shareholders.

Gore’s stake in Discovery declines amid share price drop

The decline hits close to home for Discovery co-founder and CEO Adrian Gore, who holds a 12.96-percent stake in the company, equivalent to 87,267,598 ordinary shares. The Sandton-based insurer has been instrumental in Gore’s recent financial success.

Due to the recent share price movement, Gore’s stake in Discovery has declined by R749.06 million ($39.46 million), falling from R10.41 billion ($548.15 million) on April 6 to R9.66 billion ($508.69 million) at the time of writing.

Despite the recent plunge, Gore remains a prominent figure on the JSE and one of South Africa’s wealthiest businessmen. Under his visionary leadership and focus on innovation, Discovery has established itself as a top global insurance brand.