South African tycoon Adrian Gore’s Discovery stake surges $22.1 million

Mfonobong Nsehe -

Key Points:

  • Adrian Gore, Discovery’s co-founder and CEO, saw a $22 million rise in his stake value due to a recent share price increase.
  • The South African insurer secured funding and its share price climbed over 4% in the last two weeks.
  • Discovery’s strong performance benefits shareholders like Gore, highlighting potential in the financial services sector.

South African billionaire Adrian Gore has seen the market value of his stake in Discovery rise by over $22 million in the past thirteen days, buoyed by a recent rebound in the share price of the Johannesburg Stock Exchange (JSE)-listed insurer.

According to market data tracked by Billionaires.Africa, Gore’s investment in Discovery has risen by R404.05 million ($22.07 million) over the past 13 days. This follows a $14 million loss recorded between April 30 and May 14, when his stake dropped from R10.49 billion ($571.56 million) to R10.24 billion ($557.54 million).

Discovery lists bonds, share price up

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.

Recently, the group secured approval to list two new bonds worth R1.5 billion ($81.67 million) on the JSE under its domestic medium-term note program, marking a significant advancement in its financing strategy.

Discovery shares on the JSE have climbed by 4.14 percent over the past thirteen days, rising from R111.96 ($6.091) on May 15 to R116.59 ($6.403) at the time of drafting this report, thereby increasing its market capitalization to over $4.3 billion and delivering substantial gains to shareholders, including Gore.

Adrian Gore stake rises on Discovery gain

South African business mogul Adrian Gore, co-founder and CEO of Discovery, owns a 12.96-percent interest in the company, comprising 87,267,598 ordinary shares. The insurer, headquartered in Sandton, has played a crucial role in Gore’s recent financial achievements

The single-digit percent uptick in Discovery shares has raised the market value of Gore’s stake by R404.05 million ($22.07 million) in the past 13 days, climbing from R9.78 billion ($533.65 million) on May 15 to R10.17 billion ($555.71 million) at the time of this update.