Zak Calisto, the billionaire founder and CEO of Karooooo, has just pulled off one of the most significant personal stock sales in South Africa’s tech sector this year—offloading R1.3 billion ($75 million) worth of his shares in the Nasdaq-listed mobility tech company.
But while the transaction makes headlines for its sheer size, Calisto’s move is as much about strategic positioning as it is about personal liquidity.
A Calculated Cash-Out
The sale, executed via a secondary public offering, saw Calisto part with 1.5 million of his privately held shares at $50 apiece—a modest discount to the market price, but one that netted him a windfall as Karooooo’s market cap continues to climb.
The offering, set to close on June 13, 2025, is being managed by a syndicate of underwriters who also have the option to purchase an additional 225,000 shares, potentially increasing the total deal size.
Unlike a typical capital raise, this is a pure cash-out for Calisto—Karooooo itself will not receive any proceeds.
The move comes after a period of robust growth for the company, which reported an 8.6% jump in annual revenue to R4.57 billion, driven by its Cartrack division’s expansion across 25 countries.
News of the sale sent Karooooo’s shares tumbling more than 16% in Johannesburg trading, reflecting investor unease over the CEO’s decision to sell a substantial block of stock.
Yet, for all the market noise, Calisto’s grip on the company remains ironclad.
Post-sale, he will still control a 58% stake (or 57.27% if underwriters exercise their option), and a governance pact with fellow executive Juan Marais ensures Calisto’s continued voting dominance, even if his stake dips below a majority.
Forbes understands that Calisto’s timing is no accident. With Karooooo’s share price near all-time highs and the company’s international ambitions accelerating, the CEO is seizing the opportunity to diversify his wealth—without stepping back from the company he built from scratch.
Industry insiders say the move could also help improve liquidity in Karooooo’s thinly traded stock, attracting a broader base of institutional investors.
Calisto, who recently joined the ranks of Africa’s billionaires, has long been known for his hands-on approach and relentless focus on execution.
This sale, while headline-grabbing, is unlikely to signal any retreat. If anything, it gives Calisto more financial flexibility while reaffirming his commitment to Karooooo’s next phase of growth.
Zak Calisto’s R1.3 billion share sale is a rare move in Africa’s tech landscape—part personal payday, part strategic chess play.
For now, the billionaire founder remains firmly in the driver’s seat, steering Karooooo toward its next destination.
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