South African tech tycoon Zak Calisto has witnessed a substantial boost 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, Calisto’s stake in the tech company has increased by a staggering $87.6 million in the past 17 days, owing to the recent upswing 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.Â
Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company, representing a total of 23,168,811 shares.
In the past 17 days, Karooooo’s shares on the Nasdaq Stock Exchange have risen by 18.91 percent, rising from $19.99 to $23.77 at the time of drafting this report. This has resulted in significant gains for the company’s shareholders, including Calisto.
As a result of this double-digit percent surge in the company’s shares, the market value of Calisto’s stake has increased by $87.6 million, from $463.14 million on Sept. 29 to $550.72 million at the time of drafting this report.
Calisto’s increasing fortunes showcase the dynamic nature of the tech industry and the growth potential for innovative companies in the global mobility industry. The recent surge follows the $35-million gain that he recorded between Aug. 21 and Sept. 8.
