South African tech mogul Zak Calisto has recorded a significant uptick in his wealth as the market value of his stake in the Singapore-based mobility platform, Karooooo Limited, surged above $605 million. This mirrors a recent surge in the group’s shares on the Nasdaq Stock Exchange.
According to data tracked by Billionaires.Africa, Calisto’s stake in Karooooo has witnessed a remarkable increase of $25.5 million over the last five days. This surge can be attributed to various factors, including investors’ reaction to Karooooo’s board decision to initiate a buyback of up to 10 percent (up to 1,000,000) of its shares.
From local service to global leader: Calisto’s journey with Karooooo
Calisto, who founded Karooooo in 2001 with a vision of providing stolen car recovery services in South Africa, has seen his company evolve into a global mobility software-as-a-service (SaaS) platform.
With operations spanning South Africa, Africa, Europe, Asia-Pacific, the Middle East, and the United States, Karooooo under Calisto’s leadership has become a key player in smart transportation management solutions.
Deriving over $600 million from his 74.73-percent stake in Karooooo, Calisto now stands among Africa’s wealthiest technology entrepreneurs. Under his leadership, Karooooo has evolved into an international provider of intelligent transportation management solutions.
Zak Calisto’s Karooooo’s stake soars, solidifying tech leadership in Africa
In the past five days alone, Karooooo’s shares on the Nasdaq Stock Exchange have surged by 4.40 percent, climbing from $25.02 on March 15 to $26.12 at the time of reporting. This solidifies Karooooo’s position as one of the most valuable stocks on the Nasdaq, boasting a market capitalization of $808.29 million.
The recent upswing in Karooooo’s stock has translated into a substantial increase in Calisto’s stake, which has increased by $25.49 million from $579.68 million on March 15 to $605.17 million at the time of drafting this report.
Zak Calisto’s burgeoning wealth reinforces his standing as one of Africa’s leading tech entrepreneurs. The success of Karooooo underscores the agility of the tech industry and the boundless opportunities within the global mobility sector, positioning Calisto and his company as key players in the evolving landscape of technology-driven solutions.
