South African tech billionaire Zak Calisto has reinforced his place as one of Africa’s wealthiest people, raking in more than $40 million from the recent jump in the market value of his stock in Karooooo, a Singapore-based global mobility Software as a Service (SaaS) platform.
According to Nasdaq Stock Exchange data, Calisto’s stake in the global mobility company has increased by $41.70 million in the last 13 days. This increase is due to the recent strong performance of Karooooo shares.
This increase follows a big setback, when Calisto lost $26.41 million between February 12 and February 23. During this time, the market value of his stock in Karooooo fell from $596.83 million to $570.42 million.
Karooooo, founded in 2001 as a stolen automobile recovery service provider in South Africa, has grown into a leading mobility platform with dual listings on the Nasdaq and Johannesburg stock exchanges.
Karooooo’s Nasdaq share price has risen 7.30 percent in the last 13 days, from $24.65 on February 26 to $26.45. This spike has pushed the company’s market valuation to $810 million, resulting in significant rewards for stakeholders, including Calisto.
Zak Calisto, who has a dominant 74.73 percent ownership in the company, equivalent to 23,168,811 shares, has seen the market value of his position rise by $41.70 million in the last 13 days. This surge increased the value of his shareholding from $571.11 million on February 26 to $612.82 million as of this writing.
Calisto’s rising earnings cement his position as one of Africa’s wealthiest digital entrepreneurs, highlighting Karooooo as a good example of the tech industry’s dynamism and limitless growth potential in the global mobility sector.
