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South African tech mogul Zak Calisto saw a notable drop in his fortune, mainly because of a significant dip in the market value of his shares in Karooooo Limited, a global mobility software firm headquartered in Singapore.
According to stock market data tracked by Billionaires.Africa, Calisto’s stake in Karooooo has decreased by $79.24 million in just 12 days, as local investors trimmed their holdings in the top global mobility provider.
Karooooo shares slide after recent sell-off
Karooooo, a South African company founded in 2001, started with vehicle recovery services and has grown into a global mobility platform with over 2 million active users in 23 countries. Listed on both Nasdaq and the Johannesburg Stock Exchange, Karooooo is a top player in the mobility sector.
Recent selling pressures have impacted Karooooo’s performance, with its share price dropping by 10.94 percent from $31.25 on April 24 to $27.83. This decline has reduced the company’s market value to under $880 million, leading to notable losses for investors.
Zak Calisto’s Karooooo stake dips below $650 million
Zak Calisto, who founded Karooooo in 2001 to provide stolen car recovery services in South Africa, holds a 74.73-percent stake in the company, representing a total of 23,168,811 shares.
As a result of the recent decline in Karooooo share price, the market value of Calisto’s stake in Karooooo has declined by $79.24 million over the past 12 days, declining from $724.03 million on April 24 to $644.79 million as of the time of this report.
Despite the decrease in his stake in Karooooo, Calisto remains one of Africa’s top tech entrepreneurs, reaffirming Karooooo’s stature as a leader in smart transportation management.
