Adrian Gore, a South African businessman, has seen the market value of his holding in Discovery Limited fall by more than $25 million in the last 44 days, mirroring the recent slide in the insurance giant’s share price on the Johannesburg Stock Exchange.
Gore’s share in has fallen by R481.72 million ($25.67 million) since Feb. 1, 2024, as investors on the JSE trimmed their stakes in Discovery.
This current loss comes after a $52 million drop between January 1 and 21, 2024, when the market value of Gore’s stock fell from R12.54 billion ($658.23 million) to R11.55 billion ($606.28 million).
Discovery is headquartered in Sandton and was created as a medical insurer by Gore and Barry Swartzberg in 1992. It is one of South Africa’s largest financial services firms, focusing in long and short-term insurance, asset management, savings, investment, and employee benefits.
The Sandton-based insurance company has been critical to Gore’s recent financial success. Gore, the founder of the major financial services business, owns a 12.96 percent stake in Discovery, equivalent to 87,267,598 ordinary shares.
Discovery’s share price on the JSE fell by 3.97% from R138.88 ($7.402) to R133.36 ($7.108), resulting in a market capitalization below $5 billion. This has resulted in significant losses for shareholders, including Gore, who owns a significant stake in the company.
The recent slump in Discovery shares has caused Gore’s investment in the leading group to shrink by R481.71 million ($25.67 million), from R12.12 billion ($645.96 million) on February 1 to R11.64 billion ($620.28 million) at the time of writing this article.
Despite the setback, Gore remains a major figure on the JSE and continues to be one of South Africa’s wealthiest individuals and leading corporate executives.