South African tech entrepreneur Zak Calisto eyes billion-dollar fortune

Omokolade Ajayi -

Key Points:

  • Zak Calisto’s stake in Karooooo surged to over $830 million, driven by recent investor confidence and market performance.
  • Karooooo’s Nasdaq-listed shares jumped 24%, pushing its market cap over $1.1 billion and potentially elevating Calisto to Africa’s billionaire ranks.
  • Year-to-date, Karooooo shares are up 48.27%, offering substantial returns to shareholders, exemplifying robust market performance.

South African tech magnate Zak Calisto is on the cusp of joining Africa’s exclusive billionaire club as his stake in Singapore-based global mobility firm Karooooo soared above $830 million, driven by a recent surge in investor confidence and market performance.

Calisto, a top figure in Africa’s tech industry, has seen a significant wealth boost recently. Data tracked by Billionaires.Africa shows his stake surged by $162.88 million in just six days. This rise pushed the value of his stake in Karooooo above $830 million, bringing him closer to the billion-dollar milestone.

This boost in his fortune follows heightened investor interest in Karooooo shares on the Nasdaq Stock Exchange. Earlier, Calisto experienced a downturn as his stake in Karooooo dropped by $16.68 million between May 24 and June 4, falling from $682.55 million to $665.87 million.

Karooooo’s shares jump 24%, Calisto nears billionaire status

Founded in 2001 initially as a vehicle recovery service in South Africa, Karooooo has evolved into a global platform serving over 2 million active users across 23 countries. Calisto, who holds a commanding 74.73-percent stake in the company, equivalent to 23,168,811 shares, has been instrumental in steering Karooooo’s growth trajectory.

Karooooo’s recent market performance has been positive, with its share price on Nasdaq climbing 24.24 percent since June 7, from $29 to $36. This has pushed the company’s market capitalization above $1.1 billion, returning substantial returns to shareholders.

The increase in Karooooo’s share price has boosted the value of Calisto’s stake by $162.9 million in the past six days, growing from $671.9 million on June 7 to $834.8 million currently, bringing him closer to joining the ranks of African billionaires.

Your Money and Your Life

Karooooo’s shares have been a top pick among individual investors in 2024, showing strong performance with notable returns. Shareholders of the Singapore-based global mobility firm have seen substantial gains since January.

Since the start of the year, Karooooo’s shares on the Nasdaq have risen sharply by nearly 50 percent (49.42 percent), meaning a $100,000 investment on January 1 would now be worth $149,420, marking a profit of $49,420.