Zak Calisto gains nearly $35 million in 18 days

Zak Calisto who is a South African tech tycoon has experienced a great surge in his net worth due to the increase in the market value of his stake in Karooooo Limited, a Singapore-based global mobility Software as a Service (SaaS) platform.

The market value of Zak Calisto’s stake in the tech companies shot up by $34.8 million in just 18 days because of the recent surge in the company’s shares on the Nasdaq Stock Exchange, according to reports and data tracked by Billionaires.Africa.

Initially, Karooooo initially started as a stolen car recovery services provider in South Africa when it was founded in 2001, but it has become a leading mobility platform. The company’s shares are dual-listed on the Nasdaq Stock Exchange and the Johannesburg Stock Exchange.

The company was founded by Calisto, and he holds a 74.73-percent stake in the company. In the past 18 days, Karooooo’s share price on the Nasdaq Stock Exchange has increased by more than six percent, rising from $22.80 to $4.30. Due to that, there has been a significant returns to shareholders, including Calisto, who owns a majority stake in the Singapore-based company.

This resulted in the market value of Calisto’s stake skyrocketing by $34.8 million, from $528.96 million on the 21^st of August to $563.76 million at the time of writing, pushing its market capitalization above the $750-million mark.

The recent surge in Calisto’s stake is particularly noteworthy, considering he suffered a substantial loss of $18.71 million from his investment between Aug. 1 and 21.