America's Second-Richest Black Man, David Steward's Wealth Soars above $6 Billion
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Billionaires - July 20, 2023

America’s Second-Richest Black Man, David Steward’s Wealth Soars above $6 Billion

David Steward, the second-richest Black individual in America, experienced a notable decline in his net worth earlier this year. However, he has made an astonishing comeback, with his wealth now surpassing $6 billion, according to the Bloomberg Billionaires Index.

As of the current moment, David Steward’s net worth is firmly established at $6 billion, reaffirming his position as America’s second-richest Black individual and positioning him at the 434th spot among the world’s wealthiest billionaires.

David Steward’s remarkable comeback

Recently, David Steward’s fortune has experienced a remarkable surge, increasing by over $1.1 billion, from $4.87 billion on May 9 to an impressive $6 billion. This substantial growth can be primarily attributed to the outstanding performance of his holdings in World Wide Technology, an IT services provider based in St. Louis.

However, this resurgence was not without its challenges. Between Feb. 20 and May 9, David Steward faced significant losses, with his wealth dropping from $6.17 billion to $4.87 billion. As a result of this decline, he was temporarily excluded from Bloomberg’s prestigious list of the world’s top 500 billionaires. Nonetheless, his astute investments and the remarkable performance of his assets allowed him to make an impressive recovery and regain his position among the world’s wealthiest individuals.

With his recent gains, David Steward has achieved remarkable year-to-date profits of $990 million, distinguishing him as one of the few Black billionaires to experience significant financial growth this year.

David Steward’s stake in WWT

Aside from his holdings in World Wide Technology, David Steward’s business interests extend further. He holds a substantial stake worth $14 million in Centene Corporation, a prominent healthcare services provider that operates across the United States.

Despite his significant resurgence, David Steward continues to be overshadowed by Robert F. Smith, the founder of Vista Equity Partners, who currently holds the title of America’s richest Black individual with a staggering fortune of $12 billion.

Although Robert F. Smith’s fortune has seen a more modest increase of $100 million since the beginning of the year, he has achieved remarkable milestones in other ventures. Notably, he led his technology investment firm, Vista Equity Partners, to successfully broker a $4 billion deal with International Business Machines Corp. (IBM) for the sale of the software company Apptio. This accomplishment further solidifies his prominent position in the business world.

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