South African tech mogul Zak Calisto has seen a significant drop in his wealth lately, attributed to the recent decline in the market value of his shares 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 global mobility company has dropped by $26.41 million over the last 11 days. This decrease is linked to the recent fall in Karooooo’s shares on the Nasdaq Stock Exchange.
Karooooo’s shares drop 4.4 percent, pushing market cap below $770 million
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.
In recent weeks, Karooooo’s shares on the Nasdaq Stock Exchange have declined by 4.43 percent, falling from $25.76 on Feb. 12 to $24.62. This decline has brought the company’s market capitalization below $770 million, resulting in significant losses for shareholders, including Zak Calisto.
Zak Calisto’s Karooooo stake slumps below $600 million amid recent share slump
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.
As a result of the recent 4.43-percent decline in the company’s shares, the market value of his stake has declined by $26.41 million, from $596.83 million on Feb. 12 to $570.42 million at the time of writing.
Despite a recent decrease in his ownership of Karooooo, Zak Calisto continues to rank among Africa’s most affluent tech entrepreneurs. This reaffirms Karooooo’s standing as a leader in intelligent transportation management solutions.
