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South African billionaire Adrian Gore has suffered a significant setback in the market value of his investment in Discovery Limited, reflecting a single-digit drop in the insurer’s share price on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, Gore’s stake in Discovery Limited has fallen by R257.44 million ($14.02 million) over the past thirteen (13) days, as investors on the local exchange trim down their holdings in the financial services group.
This follows a surge of over $37 million between April 19 and 29, when the market value of Gore’s stake climbed from R9.5 billion ($509.8 million) to R10.2 billion ($547.22 million).
Discovery’s stock tumbles 2.45 percent as market capitalization falls below $4.4 billion
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.
The recent drop in Discovery’s shares on the JSE has led to a 2.45 percent decline from R120.24 ($6.547) on April 30 to R117.29 ($6.385) at the time of drafting this report, thus pushing the market capitalization below $4.4 billion and returning substantial losses to shareholders.
Adrian Gore’s wealth takes a hit amid share price decline
Gore, who co-founded the financial services giant, holds a 12.96-percent stake in Discovery, representing 87,267,598 ordinary shares. The Sandton-based insurer has been instrumental in Gore’s recent financial success.
In light of the recent decline in Discovery’s share price on the JSE, Gore’s stake in Discovery has declined by R257.44 million ($14.02 million), falling from R10.49 billion ($571.56 million) on Apr. 30 to R10.24 billion ($557.54 million) at the time of drafting this report.
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.
