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South African technology tycoon Zak Calisto has seen a remarkable surge in his wealth with a substantial increase in his stake in Karooooo Limited, a prominent global mobility firm headquartered in Singapore.
According to data tracked by Billionaires.Africa, the market value of Calisto’s stake in Karooooo has surged by $33.59 million in the past six days, fueled by the recent uptick in the group’s shares on the Nasdaq Stock Exchange.
This surge adds to Calisto’s previous gains, where between April 3 and April 12, his holdings surged by $55.6 million.
Nasdaq rally elevates Karooooo’s market cap
Karooooo, a South African-founded company that began in 2001 with stolen vehicle recovery services, has transformed into a global mobility platform with over 2 million active subscribers across 23 countries.
Dual-listed on the Nasdaq and Johannesburg Stock Exchanges, Karooooo has solidified its position as a leader in the mobility sector.
The company’s share price on the tech-heavy Nasdaq Stock Exchange has surged 5.52 percent over the past six days, climbing from $26.25 on April 17 to $27.70. This surge has pushed Karooooo’s market capitalization past $835 million.
Zak Calisto’s stake rises
Zak Calisto, who holds a 74.7-percent stake in Karooooo worth more than $640 million, ranks as one of Africa’s leading tech entrepreneurs. Under his leadership, Karooooo has become a global leader in smart transportation solutions.
The recent upswing in Karooooo’s share price since April 17 has bolstered Calisto’s stake by $33.59 million. The value has climbed from $608.18 million on April 17 to $641.77 million at the time of drafting this report.
Calisto’s growing wealth affirms his status as one of Africa’s richest tech entrepreneurs. It also underscores Karooooo’s prominence as a prime example of the dynamism of the tech industry and the vast growth potential within the global mobility sector.
