Discovery stake dips, South African tycoon Barry Swartzberg sees $7.9-million loss
South African businessman Barry Swartzberg has experienced a significant downturn in the value of his holdings in Discovery Limited, as shares in the financial services conglomerate plunged on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, Swartzberg’s stake in Discovery has decreased by R144.1 million ($7.91 million) over the past sixteen days. This decline aligns with the recent downturn in the leading insurer’s share price on the JSE.
Prior to this, Swartzberg had experienced gains, with his stake in Discovery rising by $11 million between April 19 and 29, pushing its market value from R2.81 billion ($150.66 million) to R3.01 billion ($161.72 million).
Discovery’s share price falls 4.65 percent, market cap sinks below $4.2 billion
Founded in 1992 as a medical insurer, Discovery Limited has grown into a financial services giant in South Africa. Offering a range of insurance products, the company has expanded globally with subsidiaries in the UK, U.S., China, Singapore, and Australia.
Over the past 16 days, Discovery’s shares on the JSE have dropped by 4.65 percent, falling from R120.24 ($6.59) on April 30 to R114.65 ($6.29). This decline has brought the company’s market capitalization below $4.2 billion, resulting in significant losses for shareholders
Swartzberg’s Discovery shares decrease
Barry Swartzberg, who is also one of the co-founders of Discovery Limited, owns a 3.92-percent stake in the Sandton-based financial services behemoth. This equates to 25,778,420 ordinary shares, presently valued at $162.24 million.
The recent drop in Discovery’s share price has caused Swartzberg’s stake to fall by R144.1 million ($7.91 million) over the last 16 days, decreasing from R3.1 billion ($170.15 million) to R2.96 billion ($162.24 million) at the time of drafting this report.
Despite this setback, Swartzberg remains one of South Africa’s wealthiest businessmen and a top investor on the JSE.