South African tech tycoon Zak Calisto has witnessed a remarkable surge in his net worth thanks to a substantial increase in the market value of his stake in Karooooo Limited, a Singapore-based global mobility Software as a Service (SaaS) platform.
According to data tracked by Billionaires.Africa, the market value of Zak Calisto’s stake in the tech companies has increased by $34.8 million in just 18 days due to the recent surge in the company’s shares on the Nasdaq Stock Exchange.
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. The company’s shares are dual-listed on the Nasdaq Stock Exchange and the Johannesburg Stock Exchange.
Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company.
In the past 18 days, Karooooo’s share price on the Nasdaq Stock Exchange has increased by more than six percent, rising from $22.80 to $4.30. This has resulted in significant returns to shareholders, including Calisto, who owns a majority stake in the Singapore-based company.
As a result of the recent 6.58 percent surge in the company’s shares, the market value of Calisto’s stake has skyrocketed by $34.8 million, from $528.96 million on Aug. 21 to $563.76 million at the time of writing, pushing its market capitalization above the $750-million mark.
The recent surge in Calisto’s stake is particularly noteworthy, considering he suffered a substantial loss of $18.71 million from his investment between Aug. 1 and 21.
This remarkable rebound reaffirms his status as one of Africa’s wealthiest technology entrepreneurs and showcases Karooooo as a frontrunner in the field of intelligent transportation management solutions.