South African businessman Barry Swartzberg has experienced a dramatic upturn in the value of his holdings in Discovery Limited, as shares in the financial services conglomerate soared on the Johannesburg Stock Exchange (JSE).
According to data from Billionaires.Africa, Swartzberg’s stake in Discovery has increased by R205.97 million ($11.06 million) in just ten days. The recent spike in Discovery’s share price is attributed to renewed interest from investors, who have been eagerly snapping up shares in the leading insurer.
This positive turn comes on the heels of a $10.7-million loss recorded between March 28 and April 12, when the market value of Swartzberg’s stake in Discovery declined from $165.7 million to $155.02 million at the time of drafting this report.
Discovery: A leading financial services conglomerate
South African financial services provider Discovery Group has seen its share price surge in recent days, highlighting the company’s resilience thanks to its diverse offerings across long-term and short-term insurance, asset management, savings, and employee benefits.
Discovery’s stock jumped more than seven percent on the JSE, closing at R116.84 ($6.27) on April 29, up from R108.85 ($5.84) on April 19. This rise has pushed the company’s market capitalization above $4 billion.
Discovery co-founder’s stake rises as share price gains
Adrian Swartzberg, co-founder of Discovery with a 3.92-percent stake (25,778,420 shares), has seen the market value of his holding climb alongside the group’s share price. The recent gains translate to a rise from R2.81 billion ($150.66 million) on April 19 to R3.01 billion ($161.72 million) as of today’s close.
This upswing reaffirms Swartzberg’s position as a prominent figure among South Africa’s wealthiest businesspeople and leading investors on the JSE. As Discovery continues to thrive, Swartzberg’s wealth and influence are likely to solidify further within the financial landscape.
