South African IT billionaire Zak Calisto’s fortune has skyrocketed, thanks to the rising market value of his shares in Karooooo, a worldwide mobility Software as a Service (SaaS) platform based in Singapore.
Calisto’s stake in Karooooo has increased by $93.14 million in the last eleven days. This gain is due to the steady rise in the share price of the Nasdaq Stock Exchange’s leading global mobility company.
Calisto’s fortune increased by $162.9 million between June 7 and 14, as the market value of his Karooooo share grew from $671.9 million to $834.8 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.
Zak Calisto, who owns 74.73 percent of the company, or 23,168,811 shares, has been essential in driving Karooooo’s expansion.
Karooooo’s Nasdaq Stock Exchange shares increased by 14.36% from $28 on June 27 to $32.02, bringing the company’s market capitalization to nearly $1 billion and providing significant returns for investors.
Zak Calisto’s investment in Karooooo has increased by $93.14 million in the last 11 days, rising from $648.73 million on June 27 to $741.87 million today.
Karooooo shares on Nasdaq have had a strong year-to-date performance of 31.77 percent, turning into large gains for investors.
A $100,000 investment made at the beginning of 2024 is now worth around $131,770, representing a $31,770 increase.
