Barry Swartzbergs Discovery stake fell by 13.7 million in nine days, dropping from 320.11 million to 306.24 million.
Discovery shares slid 4.33 since July 21, trimming its market value to under 8 billion on the Johannesburg Stock Exchange.
Despite recent losses, Discovery stock remains up 8.15 year-to-date, turning 100,000 into 108,150 by late July.
South African tycoon Barry Swartzberg , co-founder of Discovery Limited, has seen the value of his stake in the financial services group fall by 13.7 million in just over a week. The dip reflects a broader wave of investor caution sweeping across the Johannesburg Stock Exchange , where financial stocks have come under pressure.
Swartzberg's stake slides with DiscoverySwartzberg, who played a key role in shaping Discoverys early strategy, marketing, and expansion, holds a 3.92-percent stake in the Sandton-based insurer. That stake has lost some ground recently, dropping in value from R5.71 billion 320.11 million to R5.47 billion 306.24 million over the past nine days, as Discoverys share price slipped by 4.33 percent.
The decline follows a short-lived rebound between June 24 and July 9, when Discovery shares climbed after the company posted better-than-expected interim results. At the time, Swartzbergs stake briefly rose by about 12 million , up from 307.7 million to 320.1 million, as investors warmed up to the stock once again.
Nine-day drop hits Discovery stockDiscovery Limited started out in 1992 as a health insurer but has since grown into a broader financial services group, offering everything from life insurance and asset management to investment products and employee benefits. Today, it operates not only in South Africa but also in the UK and parts of Asia.
Still, the past couple of weeks havent been easy for the company on the Johannesburg Stock Exchange. Its shares have fallen 4.33 percent over the last nine trading days, knocking its market value below 8 billion. The stock has dropped from R220.19 12.33 on July 21 to R210.65 11.80 at the time of writing.