South African tech tycoon Zak Calisto suffers $18.7-million loss

Renowned South African tech magnate Zak Calisto has suffered a substantial decline of over $18 million from his stake in Karooooo Limited, a Singapore-based global mobility Software as a Service (SaaS) platform, dual-listed on the Nasdaq Stock Exchange and the Johannesburg Stock Exchange.

Calisto, who had amassed significant gains from his investment in the company between June and July, has now suffered significant losses amounting to millions of dollars from his stake in the company.

According to data tracked by Billionaires.Africa, the market value of Calisto’s stake in Karooooo has dropped by $18.71 million in just 20 days.

Karooooo, founded in 2001, initially started as a stolen car recovery services provider in South Africa but has since transformed into a leading mobility platform.

Calisto, who founded Karooooo in 2001, with the primary goal of providing stolen car recovery services in South Africa, holds a 74.73-percent stake in the company.

Since the start of August, shares in the Singapore-based technology firm have fallen by 3.43 percent, sliding from $23.59 to $22.78 on Aug. 21, owing to profit-taking activities as market participants sold off their stakes in the company to capture profits.

As a result of this single-digit drop in the shares of Karooooo on the NASDAQ Stock Exchange, the market value of Calisto’s stake has dropped by $18.71 million, from $544.9 million on Aug. 1 to $526.2 million at the time of writing this report, pushing its market capitalization below the $710-million mark.

Despite the recent dip in the market value of his stake, Calisto maintains an unwavering influence as a pivotal figure among South Africa’s prominent tech entrepreneurs. His business acumen and visionary leadership will continue to shape the trajectory of Karooooo, and solidify its position as a leading provider of intelligent transportation management solutions.