David Steward, an African-American billionaire and America’s second-richest Black individual, has experienced a substantial decrease in his net worth since mid-February, after an outstanding increase of $1.16 billion in the first 36 days of 2023.
Bloomberg Billionaires Index, a platform that tracks and compares the fortunes of the world’s top 500 wealthiest individuals, shows that Steward, who ranks as one of the world’s richest black businessmen, has experienced a $570-million reduction in his net worth over the past 56 days.
The co-founder and majority owner of World Wide Technology, a closely held information technology services provider, watched his net worth decline by $570 million, which dropped his fortune to $5.6 billion from $6.17 billion since Feb 16.
The drop in his fortune can be linked to the recent pullback in several tech company shares, as the valuation of his company is based on the enterprise value-to-sales multiple of three publicly traded peer companies – Insight Enterprises, Eplus, and CDW. Steward’s stake in World Wide Technology accounts for almost the entirety of his wealth.
Despite the decline, Steward continues to hold the position of America’s second-richest Black individual, with a net worth of $5.6 billion. He trails behind Robert F. Smith, who is not only America’s wealthiest Black billionaire but also the world’s second-richest Black billionaire.
Stewar net worth has risen by $584 million since the beginning of 2023, making him one of the few Black billionaires who have experienced a significant increase in their wealth in 2023.
Steward holds a $14-million stake in Centene Corporation, a healthcare services provider operating across the United States, in addition to his stake in St. Louis-based World Wide Technology, which provides cloud computing and security services, and digital consulting.
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