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South African tech tycoon Zak Calisto has cemented his position among Africa’s richest individuals, amassing over $40 million in gains from the recent surge in the market value of his stake in Karooooo, a Singapore-based global mobility Software as a Service (SaaS) platform.
According to data retrieved from the Nasdaq Stock Exchange, Calisto’s stake in the global mobility company has seen a notable increase of $41.70 million over the past 13 days. This surge is linked to the recent positive performance of Karooooo shares.
This rise comes on the heels of a significant setback, where Calisto experienced a $26.41-million loss between Feb. 12 and Feb. 23. During this period, the market value of his stake in Karooooo declined from $596.83 million to $570.42 million.
Karooooo shares surge by 7.3 percent in 13 days, crossing $810-million market cap
Karooooo, initially established in 2001 as a stolen car recovery services provider in South Africa, has evolved into a leading mobility platform with dual listings on the Nasdaq Stock Exchange and the Johannesburg Stock Exchange.
Over the last 13 days, Karooooo shares on Nasdaq have surged by 7.30 percent, climbing from $24.65 on Feb. 26 to $26.45. This surge has propelled the company’s market capitalization beyond $810 million, resulting in substantial profits for stakeholders, including Calisto.
Zak Calisto’s 74.7-perpcent stake in Karooooo grows by $41.7 million in 13 days
Calisto, holding a commanding 74.73-percent stake in the company, equivalent to 23,168,811 shares, has seen the market value of his stake increase by $41.70 million over the last 13 days. This surge pushed his stake’s value from $571.11 million on Feb. 26 to $612.82 million at the time of writing.
Calisto’s expanding fortunes solidify his status as one of Africa’s most affluent tech entrepreneurs, showcasing Karooooo as a prime example of the tech industry’s dynamism and the boundless growth opportunities within the global mobility sector.
