South African businessman Barry Swartzberg’s stake in Discovery Limited, Africa’s leading insurer, has dropped by more than $10 million. This decline occurs as the company’s share price on the Johannesburg Stock Exchange (JSE) falls significantly amid recent selling pressure on the exchange.
Swartzberg’s position in Discovery has decreased by R200.56 million ($10.69 million) in the last 15 days. This reduction is consistent with the recent drop in the largest insurer’s share price on the JSE.
Discovery Limited, founded in 1992 as a medical insurance, has grown into a financial services behemoth in South Africa. With activities in long- and short-term insurance, the company has a diverse portfolio and a global presence, with subsidiaries in the United Kingdom, the United States, China, Singapore, and Australia.
In the past 15 days, Discovery shares on the JSE have dropped by 6.45%, from R120.63 ($6.398) to R112.85 ($5.986). As a result, the company’s market capitalization has plummeted to $4.16 billion, causing severe financial losses for investors.
Barry Swartzberg, Discovery’s co-founder, owns 3.92 percent of the Sandton-based financial services powerhouse. This translates to 25,778,420 ordinary shares, which are currently valued at $155.02 million.
Swartzberg’s interest in Discovery has decreased by R200.56 million ($10.69 million) in the last 15 days, falling from R3.11 billion ($165.7 million) to R2.91 billion ($155.02 million) at the time of writing.
Despite the recent decline in Swartzberg’s stake, he remains one of South Africa’s wealthiest businessmen and most successful investors on the JSE.
