South African tech tycoon Zak Calisto’s Karooooo stake rebounds above $1 billion

South African tech tycoon Zak Calisto’s stake in Karooooo has rebounded above $1 billion after a recovery in the Nasdaq-listed company’s shares. The gain followed stronger earnings and growth in the subscription-based business, lifting both the stock and Calisto’s net worth.

Calisto, who founded Karooooo and serves as its chief executive, owns 58 percent of the company, representing 17,692,593 shares. Over the past nine weeks, the value of his holding has grown by $284.5 million, driven by a sharp increase in Karooooo’s share price.

A return to the billionaire ranks

This is the second time this year Calisto’s stake has crossed $1 billion. Between April 23 and May 19, the value of his holding rose from $833.6 million to $1.09 billion. The consecutive gains have strengthened his position as one of South Africa’s most visible tech founders.

Karooooo’s growth has played a key role in Calisto’s rise. The company began as Cartrack, a business designed to help people recover stolen vehicles. Today Karooooo serves more than 2.6 million users across 23 countries and its platform offers organizations tools to track fleets in real time, make data-driven decisions, and improve logistics.

In May, Bloomberg reported that Calisto quietly joined the global billionaire ranks after his controlling stake crossed $1 billion, a milestone first noted by Billionaires.Africa.

Market gains and investor confidence

Karooooo’s stock has climbed 35.8 percent over the past two months, rising from $44.92 on Aug. 1 to $61 by late September. That surge propelled the company’s market capitalization above $1.87 billion rewarding shareholders with significant gains.

Calisto’s stake is now worth $1.08 billion up from $794.75 million, highlighting both his success as a founder and growing investor confidence in the company’s future. Year-to-date Karooooo shares are up 35.11 percent.

A $100,000 investment in Karooooo shares at the start of 2025 would now be worth $135,110, underscoring a rebound in demand for technology stocks with exposure to emerging markets.