South African IT magnate Zak Calisto’s wealth has dropped significantly as a result of the recent reduction in the market value of his shares in Karooooo Limited, a Singapore-based global mobility Software as a Service (SaaS) platform.
Calisto’s holding in Karooooo has fallen by $34.52 million in the last 12 days, mirroring the Nasdaq-listed group’s recent share price decline.
Calisto’s investment in Karooooo Limited increased by $25.5 million between March 15 and 21, bringing the market value to $605.17 million from $579.68 million.
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.
Karooooo’s Nasdaq stock exchange share price has decreased by 5.66 percent in the last 12 days, from $26.31 to $24.82. This has reduced the company’s market valuation to below $770 million, resulting in significant losses for stockholders, including founder Calisto.
Calisto, who launched Karooooo in 2001 to provide stolen car recovery services in South Africa, has a 74.73 percent interest in the company, or 23,168,811 shares.
During the recent market volatility, the market value of Calisto’s shareholding fell by $34.52 million, from $609.57 million on March 21 to $575.05 million at the time of this report.
Despite a decrease in his stake in Karooooo, Zak Calisto remains one of Africa’s top digital entrepreneurs, highlighting the company’s position as a leader in smart transportation management systems.
