South African tech mogul Zak Calisto has seen a notable drop in his wealth due 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, Calisto’s stake in Karooooo has decreased by $34.52 million over the past 12 days, reflecting the recent plunge in the share price of the Nasdaq-listed group.
This decline comes after a notable surge of $25.5 million recorded between March 15 to 21, when the market value of Calisto’s stake in Karooooo Limited jumped from $579.68 million to $605.17 million.
Karooooo’s shares dip 5.66 percent
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.
Over the past 12 days, Karooooo’s shares on the Nasdaq Stock Exchange have fallen 5.66 percent, slipping from $26.31 to $24.82. This has pushed the company’s market capitalization below $770 million, resulting in substantial losses for shareholders, including founder Calisto.
Calisto’s stake drops by $34.5 million
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.
Amid the recent market volatility, the market value of Calisto’s stake has dropped significantly by $34.52 million, falling from $609.57 million on Mar. 21 to $575.05 million at the time of this report.
Despite a dip in his stake in Karooooo, Zak Calisto remains one of Africa’s top tech entrepreneurs, underscoring Karooooo’s position as a leader in smart transportation management solutions.