David Steward, a prominent figure in the tech industry who currently ranks as America’s second-wealthiest Black individual, has encountered a substantial setback in his wealth, with a decline totaling $200 million over the past 13 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 $15.38 million since March 22.
The recent downturn marks a stark reversal from the notable surge witnessed earlier this month, when Steward’s net worth soared by $300 million between Feb. 23 and March 14, reaching the $10.5-billion mark.
Steward’s net worth takes a hit on valuation slide
The recent decline in Steward’s net worth is primarily tied to the performance of his majority stake in World Wide Technology (WWT). Steward holds a 59-percent interest in WWT, a leading information technology services and hardware provider specializing in cloud computing, security services, and digital consulting.
While WWT maintains its presence in the tech industry, its valuation, as measured by the enterprise value-to-sales multiple of three publicly traded peers (Insight Enterprises, Eplus, and CDW), has fallen significantly in recent times, directly impacting Steward’s net worth and year-to-date wealth gains.
Steward: Still America’s second-wealthiest Black individual
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. He also retains his spot among the world’s wealthiest Black individuals.
His net worth remains closely tied to broader tech-stock trends, underscoring the dynamic nature of wealth creation and the inherent risks within the technology sector.
