Home » America’s second-richest Black man David Steward faces $380-million loss

America’s second-richest Black man David Steward faces $380-million loss

by Feyisayo Ajayi
David Steward

After reaching the pinnacle of his financial success earlier this September, David Steward, America’s second-richest Black individual, has experienced a substantial setback in his fortune.

His net worth, which had soared past the $8.5-billion mark, recently plummeted to $8.2 billion, according to data compiled by the Bloomberg Billionaires Index, a global tracker of the world’s wealthiest individuals.

In just 23 days, Steward’s fortune took a hit of $380 million, reducing his standing among the world’s 500 richest billionaires. Presently, Steward ranks among the world’s Black billionaires, trailing Africa’s richest man Aliko Dangote and America’s wealthiest Black billionaire Robert F. Smith.

Data tracked by Billionaires.Africa reveals a noticeable decline in Steward’s net worth, dropping by $380 million from $8.58 billion on Sept. 11 to $8.2 billion. This dip has pared down his year-to-date wealth gains from $3.56 billion 23 days ago to the present $3.18 billion.

This reversal of fortune follows an extraordinary rise in Steward’s wealth, with his figures surging by a staggering $2.74 billion between July 12 and Sept. 11, elevating his net worth from $5.84 billion to $8.58 billion.

The recent decline in Steward’s wealth can be primarily attributed to the decline in the valuation of his 59-percent stake in World Wide Technology (WWT), a St. Louis-based company specializing in information services and hardware solutions.

WWT is renowned for its expertise in cloud computing, security services, and digital consulting. Despite this setback, Steward maintains his position as America’s second-richest Black man, trailing behind Smith, the founder of Vista Equity Partners.

In addition to his substantial stake in WWT, Steward diversifies his portfolio with a $14-million stake in Centene Corporation, a prominent healthcare services provider operating across the United States. These diverse investments underscore his financial acumen and strategic vision.

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