David Steward, a significant person in the software business who is currently America’s second-wealthiest Black individual, has had his rich decrease by $200 million in the last 13 days.
Steward’s net worth has decreased from $10.5 billion to $10.3 billion, with an average daily loss of $15.38 million since March 22, according to Bloomberg Billionaires Index.
The latest decline is a stark contrast to the huge surge seen earlier this month, when Steward’s net worth increased by $300 million between February 23 and March 14, surpassing $10.5 billion.
The recent drop in Steward’s net worth is mostly due to the performance of his majority share in World Wide Technology. Steward owns 59 percent of WWT, a significant provider of information technology services and hardware with a focus on cloud computing, security services, and digital consulting.
While WWT remains active in the technology industry, its valuation, as measured by the enterprise value-to-sales multiple of three publicly traded peers (Insight Enterprises, Eplus, and CDW), has declined significantly in recent years, affecting Steward’s net worth and year-to-date wealth gains.
Despite the setback, Steward remains the second-richest Black man in America, trailing only Robert F. Smith, CEO of Vista Equity Partners, with a net worth of $11.4 billion. He also maintains his position among the world’s wealthiest Black people.
His net worth remains inextricably linked to broader tech-stock trends, highlighting the volatile nature of wealth creation and the inherent hazards of the technology industry.