David Steward, the second-richest Black person in America, has recently faced a significant setback in his financial standing. The market value of his privately held assets has been going down, causing his net worth to decline to below $5.5 billion. This represents a considerable drop from the $6-billion mark he had reached earlier this year. While it is not uncommon for billionaires to experience fluctuations in their net worth, this decline may impact Steward’s business ventures and overall financial stability. It will be interesting to see how he moves forward and navigates this setback.
According to the latest data from the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest billionaires,Steward has suffered a staggering $900-million loss in wealth over the past 98 days alone.
The decrease in David Steward’s net worth can be attributed to the depreciation of his holdings in World Wide Technology, an information technology services provider that he owns. As of the time of writing, Steward’s net worth is estimated to be around $5.27 billion, putting him at the 476th position among the world’s wealthiest individuals according to Bloomberg’s calculations. It is worth noting that his fortune has decreased from $6.17 billion since Feb. 20, marking a significant downturn in a relatively short period. World Wide Technology, which has an annual revenue of $14.5 billion, accounts for almost all of Steward’s wealth estimate.
The worth of the company is calculated based on the enterprise value-to-sales multiple of three publicly traded companies, which are Insight Enterprises, Eplus, and CDW. It is noteworthy that Steward’s stake in World Wide Technology accounts for almost all of his $6-billion fortune, which is quite impressive. However, despite the notable loss, Steward’s net worth has experienced a modest increase of over $258 million since the beginning of this year, which is a sign of the company’s growth. This indicates that the company is performing well and has a bright future ahead.
With his ownership in World Wide Technology and a $14-million stake in Centene Corporation, David Steward has solidified his position as one of the wealthiest Black billionaires globally. He is now the second-richest Black individual in the United States, standing alongside influential businessmen such as Africa’s richest man Aliko Dangote, Robert F. Smith, and Africa’s first Black billionaire Patrice Motsepe. Steward’s success in the technology and healthcare industries is a testament to his business prowess and is an inspiration to aspiring Black entrepreneurs.