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South African Tech Mogul Zak Calisto Targets a Billion-Dollar Fortune

South African IT magnate Zak Calisto is on the verge of joining Africa’s exclusive billionaire club, after his stock in Singapore-based global mobility provider Karooooo climbed past $830 million, fueled by a recent spike in investor confidence and market performance.

Calisto, a prominent person in Africa’s technology business, just received a huge cash boost. Data shows that his stake increased by $162.88 million in just six days. This increase raised the value of his interest in Karooooo to $830 million, pushing him closer to the billion-dollar mark.

This increase in his fortune comes after increased investor interest in Karooooo shares on the Nasdaq Stock Exchange. Calisto’s shareholding in Karooooo decreased by $16.68 million between May 24 and June 4, from $682.55 million to $665.87 million.

Karooooo was founded in 2001 as a vehicle recovery service in South Africa and has now grown to become a global platform with over 2 million active members in 23 countries. Calisto, who owns a dominant 74.73 percent of the company, or 23,168,811 shares, has been essential in driving Karooooo’s upward trajectory.

Karooooo’s recent market performance has been favorable, with its Nasdaq share price increasing by 24.24 percent since June 7, from $29 to $36. This has increased the company’s market value above $1.1 billion, resulting in huge gains for owners.

The rise in Karooooo’s share price has increased the value of Calisto’s investment by $162.9 million in the last six days, from $671.9 million on June 7 to $834.8 million today, putting him closer to joining the ranks of African billionaires.

Karooooo’s shares have been a favored pick with individual investors in 2024, delivering outstanding performance and significant returns. Shareholders in the Singapore-based global mobility provider have experienced significant profits since January.

Karooooo’s Nasdaq shares have increased by 49.42% since the beginning of the year. A $100,000 investment on January 1 is now worth $149,420, resulting in a $49,420 profit.

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