South African tycoon Adrian Gore’s Discovery stake surpasses $660 million

Timilehin Adejumobi -

Key Point

  • South African tycoon Adrian Gore’s Discovery stake surges above $660 million, adding $93 million to his wealth in 26 days.
  • Gore, co-founder of Discovery, holds a 12.96% stake, totaling 87,267,598 shares, contributing to his recent financial gains.
  • Discovery’s recent stock surge has narrowed its year-to-date losses to 3.95%, benefiting shareholders like Gore despite earlier declines.

South African billionaire Adrian Gore has seen a significant boost in his wealth, with the market value of his stake in Discovery surging above $660 million. The Sandton-based insurance giant added a total of $93 million to his fortune, thanks to the recent surge on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, Gore’s stake in Discovery, has surged by R1.69 billion ($93.31 million) over the past 26 days. This increase follows a notable gain of $32.38 million between June 6 and 13, when the market value of his stake rose from R9.54 billion ($517.51 million) to R10.14 billion ($549.89 million).

Adrian Gore’s 12.96 percent stake in Discovery

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.

Gore, who ranks as one of South Africa’s leading business figures, owns a 12.96-percent stake in Discovery. His stake, amounting to a total of 87,267,598 shares, has played a key role in his recent financial achievements.

Discovery stock rises 16.38 percent

Discovery’s share price on the JSE has surged by 16.38 percent, rising from R118.58 ($6.53) on June 13 to R138 ($7.60) at the time of writing. This growth has elevated the company’s market cap above $5 billion, delivering significant gains for shareholders, including Gore.

The recent double-digit uptick in Discovery shares has caused the market value of Gore’s stake to increase by R1.69 billion ($93.31 million) over the past 26 days. His stake has grown from R10.35 billion ($569.75 million) on June 13 to R12.04 billion ($663.06 million), reinforcing his status as one of South Africa’s most successful businessmen.

Your Money and Your Life 

Discovery’s recent share price surge has helped narrow its year-to-date losses. The stock’s 16.38 percent gain has reduced its previously double-digit year-to-date loss to single-digit, bringing it to 3.95 percent.

Investors who purchased Discovery shares on Jan. 1 are now facing a 3.95 percent loss. A $100,000 investment in Discovery shares would now be worth $96,050, representing a loss of $3,950.