South African IT billionaire Zak Calisto’s fortune has skyrocketed, growing by more than $65 million in the last 13 days, because to the surging market value of his shares in Karooooo, a top worldwide mobility services provider.
The company, located in Singapore, has seen its stock price soar on the Nasdaq and the Johannesburg Stock Exchange, bringing its market capitalization close to $1.2 billion.
Calisto’s stake in Karooooo has increased by $65.34 million over this time. From July 25 to August 5, his investment in the company increased from $667.26 million to $843 million, resulting in an amazing $175.62 million gain.
Karooooo began in 2001 as a vehicle recovery business in South Africa and has now grown into a worldwide mobility platform with over 2 million active customers in 23 countries.Over the previous 13 days, its Nasdaq shares have risen by over 8%, from $35.47 on August 20 to $38.29, bringing its market capitalization closer to $1.2 billion.
Zak Calisto, who owns a majority 74.73 percent of Karooooo, or 23,168,811 shares, has been instrumental in the company’s recent growth. The recent spike in Karooooo shares increased the value of his holding by $65.34 million in the last 13 days, from $821.8 million on August 20 to $887.13 million at the time of writing.
Karooooo’s creative approach to global mobility solutions has spurred the company’s expansion while also providing significant returns to its stockholders.
Karooooo’s Nasdaq shares are up 57.4 percent year to date, offering big rewards for investors. A $100,000 investment in Karooooo at the start of 2024 would today be worth $157,400, representing a $57,400 return.
