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Key Points
- Barry Swartzberg’s stake in Discovery Limited has risen by $43.3 million, pushing its value above $260 million in just 46 days.
- Discovery’s shares surged 19.85% on the JSE, driving the group’s market cap closer to $7 billion and benefiting shareholders.
- The company has achieved a year-to-date gain of 28.9%, turning a $100,000 investment into $128,897.
South African businessman, Barry Swartzberg, has strengthened his position among the country’s top businessmen with his 3.92 percent stake in the Sandton-based insurer, Discovery Limited, surging above $260 million, driven by stock gains on the Johannesburg Stock Exchange (JSE).
Recent rally elevates Swartzberg’s fortune
Discovery’s stock has climbed 19.85 percent on the JSE over the past 46 days, rising from R148.46 ($8.4) on Sept. 11 to R177.93 ($10.1). This surge has dragged the company’s market capitalization near to the $7 billion milestone.
Swartzberg, the co-founder of the Sandton-based financial services giant, holds a 3.92 percent stake in Discovery, amounting to 25,954,540 shares.
In the last 46 days, the value of his stake has increased by R764.9 million ($43.3 million), rising from R3.85 billion ($218.12 million) on Sept.11 to R4.62 billion ($261.41 million).
This follows an earlier $15 million gain between July 23 and August 16, when the market value of his holdings increased from R3.49 billion ($193.7 million) to R3.76 billion ($208.7 million).
Discovery’s stock surges 28.9% YTD
Founded by Swartzberg alongside Adrian Gore, Discovery has grown into one of South Africa’s largest and most diversified financial services providers. It operates in various sectors, including long- and short-term insurance, asset management, savings, investment, and employee benefits.
Discovery’s shares are up 28.9 percent this year, outpacing peers and strengthening its position in South Africa’s insurance sector. A $100,000 investment at the start of 2024 would now be valued at $128,897 delivering a profit of $28,897.
Discovery’s growth reflects Barry Swartzberg’s impact
Barry Swartzberg’s stake highlights his long-term commitment and impact on Discovery’s growth since co-founding it in 1992 as a medical insurer. Alongside Adrian Gore, he helped transform it into a global leader in health and financial services.
With Discovery’s market cap nearing $7 billion, Swartzberg’s rising wealth signals investor confidence, cementing his role in building one of South Africa’s top companies.
