Zak Calisto, a South African IT tycoon, has seen a major loss in his fortune recently, owing to the recent decline in the market value of his shares in Karooooo Limited, a Singapore-based worldwide mobility Software as a Service (SaaS).
According to reports, the market value of Calisto’s stake in the global mobility company has decreased by $26.41 million in the last 11 days. This reduction is related to Karooooo’s recent share price decline on the Nasdaq Stock Exchange.
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 shares have fallen 4.43 percent in recent weeks, from $25.76 on February 12 to $24.62 today. This fall has reduced the company’s market capitalization to below $770 million, resulting in huge losses for owners, notably Zak 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.
Because of the recent 4.43 percent loss in the company’s shares, the market value of his interest has dropped by $26.41 million, from $596.83 million on February 12 to $570.42 million at the time of writing.
Despite a recent drop in his shareholding of Karooooo, Zak Calisto remains one of Africa’s most successful internet entrepreneurs. This underlines Karooooo’s position as a leader in intelligent transportation management systems.