This rise comes on the heels of a significant setback, where Calisto experienced a $26.41-million loss between Feb. 12 and Feb. 23.
Zak Calisto
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Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company.
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The repurchase program is seen as a strategic move to boost shareholder returns while ensuring financial flexibility.
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With a stake of 74.7 percent in Karooooo, valued at more than $580 million, Calisto stands among Africa’s top tech entrepreneurs.
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This reaffirms his position as one of Africa’s wealthiest technology entrepreneurs — it also highlights Karooooo’s position as a top-performing tech firm.
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South African tech magnate Zak Calisto ranks as one of the top figures in Africa’s tech industry.
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South African tech tycoon Zak Calisto gains nearly $140 million as Karooooo surges on Nasdaq
With a market value of more than $600 million from his 74.73-percent shareholding in Karooooo, Calisto is one of Africa’s wealthiest technology …
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Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company.
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Karooooo, which Calisto controls, owns Carzuka, a leading digital marketplace for used vehicles.
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The recent surge in Calisto’s stake is noteworthy, considering he suffered a substantial loss of $18.71 million between Aug. 1 and 21.Â