Biography Of Zak Calisto (Net Worth , Age , Wife) - He is the creator and worldwide CEO of Cartrack, a growing South African car tech firm. Calisto comes from an entrepreneurial family and has worked in the telematics business since 1994.
He has a wide range of technical and operational talents in business concepts and information technology, having founded and managed multiple businesses. Calisto, who increased his net worth by $159 million last year, is one of South Africa’s quiet billionaires.
Calisto’s ascension to the top is quite astonishing. During an interview with Biznews, he stated,
“I went to Wits and majored in actuarial science, but I dropped out.” I wanted to go. It was pretty uninteresting to me.
We had a relatively tiny actuarial science class. At the time, I discovered that I didn’t mesh well with my coworkers or lecturers.”
Calisto wanted to join the military after graduating from high school. He then joined Standard Bank’s accelerated training program and launched into business.
Calisto has established an extremely successful IT company over the years. These are the businesses that bear his name.
Cartrack
Cartrack, founded in South Africa, has grown to become a leading global Software-as-a-Service (SaaS) platform provider for small, medium, and large businesses, as well as consumers, who require a data analytics software platform to optimize fleets, driver behavior, insurance risk, safety, and asset recovery. Cartrack’s primary product is data analytics, but the business is growing its artificial intelligence and value-added services to provide a higher return on investment to its consumers. Cartrack has increased its influence across Africa, Europe, North America, Asia Pacific, and the Middle East since its beginning in 2004.
Karooooo Limited
It is a leading global mobility SaaS platform based in Singapore that enables over 1.3 million connected cars maximize the value of their data by providing real-time data analytics solutions for smart transportation. It was created in 2014 and is Cartrack’s parent business. Karooooo offers unique insights and data analytics to clients to help them optimize their organization and workforce, decrease costs, enhance safety, monitor environmental impact, aid with regulatory compliance, and manage risk.
Zak Calistoi just suffered a $285 million loss. However, as with most billionaires, the stock market’s rise and collapse will continue to have dynamic and unforeseen consequences.
Calisto is known for making large profits, so we’ll have to wait and see how the swap plays out for the billionaire.
South African business magnate Zak Calisto has watched the market value of his share interests in Singapore-based mobility platform Karooooo Limited plummet by more than $360 million since the beginning of the year, as investors abandoned dozens of NASDAQ-listed businesses between 2020 and 2021.
Calisto established Karooooo in 2001 and has since expanded the mobility platform into a significant global provider of smart transportation management and analytics, serving customers in 23 countries across five continents and supporting over 1.4 million users worldwide.
Calisto’s 66 percent interest in the platform, which also controls Cartrack, has declined by $363 million since the start of the year, according to statistics collected by Billionaires.Africa.
The loss in the market value of his holding may be ascribed to a dip in the business’s share price, as investors continue to divest interests in the Singapore-based corporation in order to conserve wealth and channel investment into less hazardous asset classes.
Investors are reacting to consistently rising inflation and gas costs, as well as aggressive Fed rises, which have fueled worries of a recession among analysts, traders, and other market players.
Karooooo shares have gone from $40.78 at the start of the year to $23 at the time of writing, representing a 43.6 percent loss for owners.
Calisto’s stake’s market value has declined by $363.1 million as a result of the dramatic decline in the company’s valuation, from $832.7 million before the year began to $470 million at the time of writing this report.
Despite his recent net worth decline, Calisto remains one of South Africa’s richest businesses. He will also earn $11.68 million in dividends from his controlling interest in Karooooo on September 12.
The dividend will be paid from the company’s R1.28 billion ($79.1 million) in retained earnings at the end of its fiscal quarter in 2022.
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