Home » South African tech mogul Zak Calisto gains $56 million from Karooooo shares

South African tech mogul Zak Calisto gains $56 million from Karooooo shares

by Omokolade Ajayi
Zak Calisto

Key Points:

  • Zak Calisto’s stake in Karooooo, a global mobility platform, jumped $56 million in just 6 days due to a stock price rebound.
  • The mobility platform’s stock is up over 9% in the last week, pushing its market cap above $890 million.
  • Karooooo’s strong financials and share price growth make it a prime example for investors seeking high returns in innovative tech companies.

South African tech magnate Zak Calisto has experienced a significant increase in wealth, thanks to a recent surge in the market value of his shares in Karooooo, a global mobility software as a service (SaaS) platform headquartered in Singapore.

According to data tracked by Billionaires.Africa, Calisto’s stake in Karooooo has risen by $56.4 million over the past six days. This boost follows a rebound in Karooooo shares on the Nasdaq Stock Exchange, which had previously faced a downturn.

Calisto’s investment had previously faced a substantial decline, with his stake in Karooooo dropping by $79.24 million from April 24 to May 6. The value of his holdings fell from $724.03 million to $644.79 million during this period.

Karooooo reports strong financials, share price jumps

Founded in 2001, Karooooo started as a vehicle recovery service in South Africa. It has since transformed into a global mobility platform with over 2 million active users in 23 countries. The company is listed on both Nasdaq and the Johannesburg Stock Exchange, establishing itself as a leader in the mobility sector.

For the fiscal year ending February 29, 2024, Karooooo reported strong financial results, with revenue growing by 19.92 percent to R4.21 billion ($229.96 million) from R3.51 billion ($191.68 million) in the previous year. This growth solidifies Karooooo’s position as a leading global mobility platform and a significant player in the sector.

Karooooo’s recent market performance has been positive, with its share price on Nasdaq climbing 9.15 percent since May 15, increasing from $26.63 to $29.06. This has pushed the company’s market capitalization above $890 million, providing substantial returns for shareholders, including Calisto.

Zak Calisto’s stake jumps $56 million

Zak 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.

Fueled by a recent surge in share price, the market value of Calisto’s holding has climbed $56.42 million over the past six days, rising from $616.87 million on May 15 to $673.28 million (as of this writing).

This strengthens Calisto’s position as one of Africa’s most prominent tech entrepreneurs. It also underscores Karooooo’s story as a prime example of the dynamism in the tech sector and the significant growth potential within global mobility.

Your Money and Your Life: Karooooo investors see impressive gains

Karooooo’s shares have been a standout performer for individual investors in 2024, delivering impressive returns. Investors seeking to emulate the wealth-building strategies of billionaires have witnessed significant gains by holding stakes in innovative companies like Karooooo. 

Year-to-date, Karooooo’s shares on the Nasdaq Stock Exchange have surged over 19 percent. Consequently, a $100,000 investment at the start of the year would now be valued at $119,590, reflecting a profit of $19,590.

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