Zak Calisto, a South African IT magnate, has recently seen his wealth increase significantly due to the market value of his shares in Karooooo, a worldwide mobility Software as a Service (SaaS) platform based in Singapore.
Zak Calisto’s stake in Karooooo has increased by $55.6 million in the last nine days. This jump is mostly due to the recent increase in the share price of the major global mobility company.
Calisto’s Karooooo holding fell from $609.57 million to $575.05 million on March 21 and April 2, resulting in a $34.52 million loss.
Karooooo, founded in 2001, began as a stolen automobile recovery service provider in South Africa and has subsequently evolved into a major mobility platform. The company’s shares are listed on both the Nasdaq and the Johannesburg stock exchanges.
The group’s share price on the Nasdaq Stock Exchange has risen by 9.91 percent in recent times, from $24.21 on April 3 to $26.61 at the time of writing. This spike increased the company’s market capitalization to $827 million.
Calisto is one of Africa’s greatest tech entrepreneurs, owning a 74.7 percent share in Karooooo valued at more than $580 million. Under his leadership, Karooooo has emerged as a global leader in smart mobility systems.
The recent spike in Karooooo’s share price since April 3 has increased Calisto’s stake by $55.6 million, with the market value of his investment in the group rising from $560.92 million on April 3 to $616.52 million as of the time of writing.
This increase demonstrates Calisto’s prominence in South Africa’s IT sector, emphasizing his role in establishing Karooooo’s future as a leading provider of intelligent transportation solutions.
