Karooooo shares decline, costing Zak Calisto $60.5 million

Omokolade Ajayi -
Key Points
  • Zak Calisto’s wealth drops $60.47 million as Karooooo shares fall 6.16% in eight days
  • Karooooo's stock dropped by 6.16%, dragging the group’s market cap below $1.25 billion and adding to investor losses. 
  • Karooooo shares have surged 63.74 percent on Nasdaq this year, with a $100,000 investment now valued at approximately $163,745.

South African tech tycoon Zak Calisto has experienced a substantial decrease in his wealth following a sharp drop in the market value of his shares in Karooooo Limited, a Singapore-based global mobility Software as a Service (SaaS) platform.

Calisto, who owns a 74.97 percent stake in Karooooo, has seen his shares drop by $60.47 million in the past eight days, deepening earlier losses.

This follows a $107.76 million decline recorded between Oct. 14 and Nov. 6, pushing his stake further below the $1 billion mark.

Karooooo stock fell 6.16% in 8 days

Karooooo, founded by Zak Calisto in 2001 as a South African vehicle recovery service, has evolved into a global mobility SaaS provider with over 2.1 million users across 23 countries. Its Cartrack unit offers real-time analytics to help companies manage fleets and operations. 

In recent times, its shares have fallen 6.16 percent from $42.4 on Nov. 13 to $39.79, cutting market capitalization to under $1.25 billion. Zak Calisto’s stake dropped from $982.36 million to $921.89 million, erasing $60.47 million.

Despite the decline, Calisto remains a top African tech entrepreneur, with Karooooo leading in smart transportation management.

Resilient investment amidst market storms

Despite recent volatility, CEO Zak Calisto’s commitment to mobility innovation has fueled Karooooo's impressive 63.74 percent surge on Nasdaq this year, delivering strong returns.

A $100,000 investment at the start of 2024 would now be worth $163,745, reflecting a $63,745 gain for investors.