Billionaire John Malone added about $353 million to his wealth Wednesday after Discovery Inc.’s class B shares soared in the aftermath of the stock selloff by Archegos Capital Management.
Discovery’s A shares were among the major positions liquidated by family office Archegos on Friday, causing the media company’s stock to drop 27%. The firm’s lightly traded B shares, almost all of which are owned by Malone, typically mirror the A-share price but have since diverged. They climbed 83% on Wednesday and closed at $128 a share in New York.
