America’s second-richest Black billionaire suffers $390-million loss in 10 days

Feyisayo Ajayi -

After emerging as the Black billionaire with the highest wealth gains in 2023, outshining NBA legend Michael Jordan, hip-hop mogul Jay-Z, and other prominent Black billionaires, David Steward, America’s second-wealthiest Black individual, encountered a notable dip in his net worth in 2024, witnessing a decline of nearly $400 million since the start of the new year.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s richest individuals, Steward’s net worth has dipped by $390 million in 2024, declining from $9.52 billion on Jan. 1 to $9.13 billion at the drafting of this report. This translates to a staggering average daily loss of $39 million, based on data tracked by Billionaire.Africa.

Steward faces $390-million net-worth dip amidst market fluctuations

The recent $390-million slump in Steward’s net worth is primarily attributed to the fluctuations in the performance of his substantial 59-percent stake in World Wide Technology (WWT) — a closely held information services and hardware provider.

WWT which ranks as one of the largest African-American-owned businesses in the United States and is a key player in the tech industry. The St. Louis-based company is renowned for its expertise in cloud computing and security services as well as digital consulting, and it has an annual revenue of $17 billion in 2023.

Steward’s stake in the company which constitutes the majority of his fortune is currently valued at $9.13 billion, reflecting a shortfall of $390 million from $9.52 billion on Jan. 1 — in alignment with the movement of the broader tech sector in the first few days of 2024.

Steward secures second spot as America’s second-wealthiest Black individual with $9.13-billion fortune

With his net worth pegged at $9.13 billion, Steward retains his position ranks as America’s second-wealthiest Black individual, trailing Robert F. Smith, the founder and chief executive officer of Vista Equity Partners.

Steward’s entrepreneurial path and financial achievements remain a source of inspiration for emerging Black entrepreneurs and business leaders. His portfolio and strategic investments set the stage for ongoing success in the tech industry, and his net worth is poised for a potential resurgence in the weeks ahead, further solidifying his legacy of resilience and business acumen.