Home » America’s second-richest Black man David Steward loses $380 million in 8 days

America’s second-richest Black man David Steward loses $380 million in 8 days

The $380-million slump in Steward's wealth follows a remarkable surge earlier this month

by Feyisayo Ajayi
David Steward

Following a remarkable surge to $8.48 billion earlier this month, David Steward, America’s second-wealthiest Black individual, has seen his net worth decline by $380 million over the past eight days, retracting some of the impressive gains he had accumulated earlier this year.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s richest individuals, Steward’s net worth has dipped by $380 million in recent times, from $8.48 billion on Nov. 5 to $8.1 billion as of the drafting of this report.

The $380-million slump in David Steward’s wealth follows a remarkable surge earlier this month, where his net worth witnessed an impressive $470 million increase, soaring from $8.01 billion to $8.48 billion between Oct. 30 and Nov. 5.

David Steward’s WWT stake takes Hit, contributing to the recent setback

The recent slump in his net worth is attributed to the performance of his substantial 59 percent stake in World Wide Technology (WWT), a closely held information services and hardware provider.

WWT, a key player in the tech industry renowned for its expertise in cloud computing, security services, and digital consulting, constitutes the majority of Steward’s fortune. His 59-percent stake in the company is valued at $8.09 billion, reflecting a decline from $8.47 billion on Nov. 5.

Centene stake bucks trend with notable surge in market value

Despite the recent setback, Steward maintains his position as the second-richest Black man in America and continues to hold a prominent spot among the world’s wealthiest Black individuals.

In addition to his significant holdings in WWT, Steward’s diversified portfolio includes a $14-million stake in Centene Corporation, a leading healthcare services provider in the United States.

Interestingly, amidst the market fluctuations affecting his overall net worth, Steward’s investment in Centene Corporation has seen a remarkable surge, rising from $14 million to $15.8 million between Nov. 5 and 13.

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