The pullback in tech stocks in recent times has resulted in a significant decline in the net worth of David Steward, America’s second-richest Black individual and the majority shareholder and co-founder of World Wide Technology (WWT).
According to the Bloomberg Billionaires Index, which tracks the assets of the world’s wealthiest individuals, Steward has witnessed his wealth plummet by $300 million over the past eight days, marking a notable setback amid market volatility.
The Bloomberg Billionaires Index reported that Steward’s net worth surged to an impressive $10.5 billion last week, only to witness a sharp decline to $10.2 billion at the time of drafting this report.
Inside the $300-million decline: How Steward’s wealth dwindled by $42.85 million per day since March 13
The recent $300-million decline in Steward’s net worth, averaging $42.85 million per day since March 13, is primarily attributed to the performance of his substantial 59-percent stake in WWT, a leading information services and hardware provider.
WWT, distinguished as one of the largest African-American-owned businesses in the United States, specializes in cloud computing, security services, and digital consulting, boasting an annual revenue stream of $17 billion. However, Steward’s stake in the company has experienced a downturn from $10.5 billion on March 13 to $10.2 billion amid the recent market turbulence.
Despite this setback, Steward retains his position as the second-richest Black billionaire in the United States, trailing behind Robert F. Smith, the founder and CEO of Vista Equity Partners, who is worth $11.4 billion.
Steward’s wealth takes hit: Downturn slashes year-to-date gains to $667 million
The recent downturn has also impacted Steward’s year-to-date wealth gains, which have now decreased to $667 million, according to data retrieved from the Bloomberg Billionaires Index.
He also maintains his position as one of the world’s wealthiest individuals, although his global ranking has slightly slipped to 235th, down from the 233rd spot just seven days ago.
As Steward navigates through the fluctuations in the market, industry experts and investors continue to closely monitor his financial trajectory, anticipating his efforts to regain momentum and stabilize his wealth in the coming days.
