Barry Swartzberg loses $40 million as Discovery shares fall

South African businessman Barry Swartzberg, co-founder of Discovery Limited, has watched the value of his stake in the financial services group fall by $40.7 million in the past month. The decline comes as financial stocks on the Johannesburg Stock Exchange face sustained pressure amid investor caution and global market concerns. 

Barry Swartzberg’s Discovery stake drops $40.7 million

Swartzberg, who played a central role in shaping Discovery Health’s marketing, distribution and operations, owns a 3.92-percent stake in the Sandton-based company. His holding amounts to 25,954,540 shares. In the past 30 days, the market value of his stake has slipped by nearly R699 million ($40.7 million), reflecting broader uncertainty that has kept investors on edge.

The latest decline follows a brief rebound earlier this year. Between Aug. 1 and Sept. 1, Discovery’s shares gained about $12 million in value, climbing from $309.73 million to $320 million, as investors showed renewed interest in the stock. But the rally proved short-lived, with the share price losing ground again in September. 

Market cap dips below $8 billion

Discovery started out as a health insurance company in 1992, but it has since grown into a behemoth that offers a wide range of financial services. It offers life insurance, asset management, financial products, and perks for employees. Its broad businesses have also expanded outside of South Africa, including operations in the UK and parts of Asia.

Despite its strong reputation and international footprint, Discovery has faced a difficult few weeks on the JSE. Over the past month, its shares have dropped by more than 9.7 percent, cutting its market value to below $8 billion. The stock slid from R226.50 ($13.20) on Sept. 9 to R204.52 ($11.92) at the time of writing.

That downturn has taken a toll on shareholders—including Swartzberg. His holding has fallen from R5.88 billion ($342.68 million) to R5.31 billion ($309.42 million), erasing R570.48 million ($33.25 million) in paper wealth. Still, he remains one of the wealthiest investors on the exchange and a prominent figure in South African business circles.

Discovery stock up 5.01 percent year-to-date

Discovery’s stock is still up 5.01 percent this year, even though it has declined lately. If you had bought $100,000 worth of Discovery shares at the start of 2025, they would be worth about $105,010 now.