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David Steward, one of the world’s richest Black billionaires, has experienced a significant increase in his net worth in the past 28 days thanks to the recent revaluation of his privately held tech firm, World Wide Technology.
According to Forbes, Steward’s wealth figures have increased by $400 million, from $5.6 billion on April 13 to $6 billion.
Steward, who ranks as America’s second-richest Black billionaire, saw his net worth slump earlier this year due to the pullback in tech stocks, causing a wealth loss of $570 million.
Thanks to the recent surge in the valuation of his holdings in his closely held information technology services provider, World Wide Technology, Steward has made up for the loss and then some.
World Wide Technology’s valuation 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 $6 billion fortune.
The $400-million bump in his net worth makes Steward one of the few Black billionaires to experience a significant increase in wealth in 2023.
Steward’s net worth has risen by $984 million since the beginning of this year, putting him in the exclusive club of Black billionaires who have experienced over $900 million bump in their wealth.
Steward continues to hold the position of America’s second-richest Black individual, with a net worth of $5.6 billion, trailing behind Robert F. Smith, who is not only America’s wealthiest Black billionaire but also the world’s second-richest Black billionaire.
In addition to his stake in St. Louis-based World Wide Technology, which provides cloud computing and security services, and digital consulting, Steward also holds a $14-million stake in Centene Corporation, a healthcare services provider operating across the United States.
To expand their presence in the film and television industries, Steward’s family is seeking funding to support the production of inclusive content through their Oscar-winning studio, Lion Forge Animation. David Steward II, Steward’s son, is spearheading this effort.
Lion Forge Animation aims to secure up to $50 million in funding from wealthy family investment companies and institutional firms. T
he animation studio intends to use the funds to expand its media library, increase staffing levels, and pursue strategic acquisitions.
