South African tech tycoon Zak Calisto makes over $30 million in 23 days

Yusuf Abdulfatai -

South African tech tycoon Zak Calisto continues to record a substantial increase in his fortune, thanks to the sustained surge 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 Calisto’s stake in the tech companies has increased by $30.12 million in the past 23 days due to the recent upswing in the company’s shares on the Nasdaq Stock Exchange.

This recent surge follows an impressive $140 million gain that he recorded between Oct. 3 and  Nov. 3, when his stake in Karooooo surged from $430.7 million on Oct. 3 to $567.6 million.

Karooooo shares climb by 5.45 percent, market cap soars above $800 million

Calisto founded Karooooo, a global mobility SaaS platform, in 2001 with the primary aim of providing stolen car recovery services in South Africa. The company currently operates a mobility SaaS platform for connected vehicles in Africa, Europe, Asia-Pacific, the Middle East, and the United States.

In recent times, Karooooo’s shares on the Nasdaq Stock Exchange have increased by 5.45 percent — from $23.85 on Nov. 7 to $25.15 — at the time of drafting this report, thus pushing the company’s market capitalization above $800 million and returning substantial gains to shareholders, including Calisto.

Zak Calisto’s stakes in Karooooo nears $600-million mark

With a whopping $580 million fortune derived from his 74.73-percent stake in Karooooo, Calisto is one of Africa’s wealthiest technology entrepreneurs. Under his leadership, Karooooo has developed into an international provider of smart transportation management solutions.

As a result of the recent 5.45 percent surge in the company’s shares, the market value of Calisto’s stake has increased by $30.12 million, surging from $522.58 million on Nov. 7 to $582.69 million at the time of drafting this report.

This reaffirms his position as one of Africa’s wealthiest technology entrepreneurs — it also highlights Karooooo’s position as a front-runner in the field of intelligent transportation management solutions.