South African tech mogul Zak Calisto gains $93 million from Karooooo shares

Timilehin Adejumobi -

Key Point

  • South African tech mogul Zak Calisto’s wealth surges as Karooooo’s Nasdaq-listed shares rise, boosting his stake by $93.14 million in 11 days.
  • Calisto, owning 74.73% of Karooooo, has seen his stake’s value rise from $648.73 million to $741.87 million amid the stock’s recent gains.
  • Karooooo, originally a vehicle recovery service, now serves 2 million users across 23 countries and has seen its Nasdaq shares grow 31.77% year-to-date.

South African tech mogul Zak Calisto has experienced a significant boost in his fortune, driven by the soaring 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 surged by $93.14 million over the past eleven days. This increase is a result of the sustained rise in the share price of the leading global mobility company on the Nasdaq Stock Exchange.

This follows a significant surge of $162.9 million in Calisto’s wealth between June 7 and 14, when the market value of his stake in Karooooo rose from $671.9 million to $834.8 million.

Zak Calisto owns 74.7 percent stake in Karooooo 

Founded in 2001 initially as a vehicle recovery service in South Africa, Karooooo has expanded into a global platform serving more than 2 million active users across 23 countries.

Zak Calisto, who holds a majority 74.73-percent stake in the company, equivalent to 23,168,811 shares, has been instrumental in steering Karooooo’s growth trajectory.

Karooooo’s shares propel Calisto’s wealth by $93.14 million 

Karooooo’s shares on the Nasdaq Stock Exchange have risen by 14.36 percent from $28 on June 27 to $32.02, propelling the company’s market capitalization close to $1 billion and delivering substantial gains for investors.

The strong performance of Karooooo shares has boosted Zak Calisto’s stake in the company by $93.14 million over the past 11 days, increasing from $648.73 million on June 27 to $741.87 million.

Your Money and Your Life

Karooooo shares on Nasdaq have shown a robust year-to-date performance of 31.77 percent, translating into significant returns for investors.

A $100,000 investment at the beginning of 2024 would now be valued at approximately $131,770, reflecting a gain of $31,770.