South African CEO Zak Calisto Quietly Joins Billionaire Club

• Karooooo founder Zak Calisto crossed the dollar-billionaire threshold again as his stake in the company surpassed $1 billion
• Calisto's billionaire status comes after he sold shares worth R1.3 billion in 2025, which temporarily pushed his holdings below the mark
• He now joins only 10 dollar billionaires in South Africa, a list dominated by household names like Johann Rupert and Patrice Motsepe

Zak Calisto, the founder and chief executive of Karooooo, has quietly rejoined South Africa's dollar-billionaire club. His direct stake in the company is now valued at $1.05 billion. Calisto holds 58% of Karooooo's shares directly, making him its largest individual shareholder. On 16 July, the company's market capitalisation stood at $1.81 billion, which pushed his personal holding back above the billion-dollar mark.

A sale That briefly changed everything

According to Business Tech, he had previously held 64% of the group's shares, but reduced that position in June 2025 when Karooooo launched an SEC-registered underwritten secondary public offering. Calisto sold 1,500,000 ordinary shares during that process, netting R1.3 billion, though the transaction also trimmed his stake and, at the time, pulled the value of his holdings below $1 billion.

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The recovery of his billionaire status is tied directly to the company's market performance, which means the figure remains subject to change as valuations shift. Beyond his direct shareholding, Calisto also holds access to an additional 10% of the company under a standing agreement. That portion, however, carries beneficial voting rights rather than a direct financial benefit.

Karooooo's rise from Cartrack to Global SaaS player

Karooooo, which was originally known as Cartrack, was founded in 2001 and listed on the Johannesburg Stock Exchange in 2014. The company started as a vehicle tracking and stolen-vehicle recovery business in South Africa before expanding into fleet management and mobility software-as-a-service platforms. Its footprint now spans 24 countries across Africa, Europe, Asia and the Americas, with its headquarters based in Singapore.

3 Other Briefly News stories about billionaires

• Dis-Chem founder Ivan Saltzman and his family have officially joined the ranks of the world's dollar billionaires, with an estimated fortune of R23 billion after decades of building one of South Africa's biggest pharmacy groups.
• Johann Rupert’s business empire continued to grow in 2026, with Reinet reporting assets of over R127 billion.
• The African National Congress campaign for billionaire Patrice Motsepe to become the party’s president has been amplified.

Source: Briefly News