David Steward, a prominent figure in the tech industry and the second-wealthiest Black individual in America, has encountered a substantial setback in his wealth, with a decline totaling $200 million over the past 12 days.
According to the Bloomberg Billionaires Index, Steward’s net worth, which recently surged to $10.5 billion, has now dipped to $10.3 billion, reflecting an average daily loss of $16.7 million since March 14.
The recent decline marks a significant reversal from the remarkable surge witnessed earlier this month, when Steward’s net worth soared by $300 million between February 19 and March 14, reaching $10.5 billion.
Steward’s net worth takes a hit on WWT valuation slide
The recent decline in David Steward’s net worth is primarily attributable to the performance of his significant stake in World Wide Technology (WWT). Steward holds a 59 percent interest in WWT, a leading provider of information services and hardware.
While WWT boasts a strong presence in cloud computing, security services, and digital consulting, fluctuations in its valuation have a direct impact on Steward’s net worth.
Steward remains the second-wealthiest Black individual in America
Despite this setback, Steward retains his position as the second-richest Black man in America, following closely behind Robert F. Smith, CEO of Vista Equity Partners, with a net worth of $11.4 billion. Steward remains a prominent figure among the world’s wealthiest Black individuals.
The fluctuations in his net worth mirror broader trends in the share prices of technology companies, highlighting the dynamic nature of wealth accumulation and the inherent risks associated with tech stocks and companies.