South African tycoon Adrian Gore makes $32 million from Discovery stake

Timilehin Adejumobi -

Key Points:

  • South African tycoon Adrian Gore’s stake in Discovery surged over $32 million in the past week, fueled by a rising share price.
  • The insurer’s share price surged 6.26%, pushing its market cap above $4 billion and benefiting shareholders like Gore.
  • Despite Gore’s gains, Discovery’s stock is down 19% year-to-date.

South African billionaire Adrian Gore has seen the market value of his stake in Discovery surge by over $32 million in the past six days. This uptick is attributed to the sustained rise in the share price of the Johannesburg Stock Exchange (JSE)-listed insurer.

According to market data tracked by Billionaires.Africa, Gore’s stake in Discovery has increased by R596.9 million ($32.38 million) over the past six days. This uptick follows a period of steady gains for Gore, with his Discovery stake growing by $22 million between May 15 and 29.

Discovery shares surge 6.26 percent

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.

Discovery’s share price has risen by 6.26 percent, from R109.33 ($5.93) on June 6 to R116.17 ($6.30) at the time of writing. This increase has pushed the company’s market cap above $4 billion, yielding substantial gains for its shareholders, including Adrian Gore.

Adrian Gore’s Discovery stake jumps by over $32 million

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 has played a key role in Gore’s recent financial achievements.

The recent share price spike has caused the market value of Gore’s stake to increase by R596.91 million ($32.38 million), from R9.54 billion ($517.51 million) on June 6 to R10.14 billion ($549.89 million) at the time of drafting this report.

Your Money and Your Life

Despite Gore’s recent financial gains, investors should be cautious and conduct due diligence before buying Discovery shares. The stock price is down 19.15 percent year-to-date.

Investors who bought Discovery on Jan. 1 are sitting on a 19.15 percent loss. A $100,000 investment would now be worth $80,850, a decline of $19,150.