South African businessman Swartzberg nets $36 million from Discovery stake

Key Points

• Barry Swartzberg’s stake in Discovery Limited has gained $37.81 million over the past month as shares surged on the Johannesburg Stock Exchange.
• Swartzberg’s 3.92% stake in Discovery, 25.95 million shares, increased by R690.39 million ($37.81 million) as the company’s stock rebounded.
• Discovery’s share price climbed 6.25% this year, outperforming peers, and rewarding early investors like Swartzberg amid renewed market confidence.

South African businessman Barry Swartzberg, co-founder of financial services giant Discovery Limited, has seen a strong comeback in the value of his stake, gaining $37.81 million over the past month as Discovery’s shares surged on the Johannesburg Stock Exchange (JSE).

Swartzberg, a top figure in South Africa’s financial services industry, owns a 3.92-percent stake in Discovery, about 25.95 million shares. As of May 7, the value of his stake has risen by R690.39 million ($37.81 million), lifted by a steady rise in the company’s share price.

This rebound comes after a rough patch in April, when Swartzberg saw the value of his stake drop by $40.1 million during a period of broader market weakness. His recovery mirrors a wider lift in South African stocks, helped by strong earnings reports, a stronger rand, and renewed investor confidence in the country’s financial services sector.

Discovery crosses $7.5 billion market cap as shares outperform peers

Swartzberg co-founded Discovery with Adrian Gore, and together they built one of South Africa’s largest and most diversified financial services groups. Discovery now operates across insurance, asset management, savings, investment, and employee benefits.

Over the past 28 days, Discovery’s share price has climbed from R180.34 ($9.88) on April 9 to R206.94 ($11.33), pushing its market capitalization past the $7.5 billion mark. The rally has rewarded shareholders handsomely, with Swartzberg’s stake alone growing from R4.68 billion ($256.32 million) to R5.37 billion ($294.13 million).

Swartzberg gains as Discovery shares rise

Swartzberg’s growing wealth is part of a broader pattern playing out across African stock markets, where company founders and early investors are seeing strong gains. His increasing stake in Discovery shows that confidence in South Africa’s financial sector remains solid as the company pushes into new areas.

Discovery’s shares have risen 6.25 percent so far this year, outpacing much of Africa’s insurance and investment industries. To put that into perspective, a $100,000 investment at the start of 2025 would have grown to about $106,250 in just four months, a better return than what many investors are seeing in more developed markets.