David Steward, the main shareholder and co-founder of World Wide Technology (WWT), has surpassed Robert F. Smith as the wealthiest Black billionaire in the United States, with a net worth of more than $12 billion. This is a huge shift in America’s wealthy landscape.
Steward is now America’s richest Black billionaire, with a net worth of $12.3 billion, according to the Bloomberg Billionaires Index.
This astounding increase in fortune surpasses Robert F. Smith, the founder, chairman, and CEO of Vista Equity Partners, who has held the position since 2018 and has a net worth of $11.4 billion.
While Robert F. Smith’s net worth stayed unchanged at $11.4 billion this year, Steward’s financial situation has significantly improved. Steward’s net worth has increased by $2.78 billion since the beginning of the year, averaging an amazing $24.17 million per day, owing mostly to the exceptional performance of his substantial 59 percent ownership in WWT, a famous information services and hardware provider.
Bloomberg stated that WWT’s valuation increased significantly, resulting in a rise in Steward’s fortune, following adjustments to the financials used in its computation on April 22. This increase in valuation lifted the market value of Steward’s WWT stock past $12 billion, boosting his overall net worth.
With a net worth of almost $12 billion, Steward now ranks 172nd on the Bloomberg Billionaires Index, making him the wealthiest Black billionaire in the US. However, he is still the world’s second-richest Black individual, trailing only Nigerian billionaire Aliko Dangote.
Steward’s fast ascension to the top of America’s wealthiest Black billionaires demonstrates his entrepreneurial skill and World Wide Technology’s long-term success in the technology business.
As he navigates the hurdles of wealth growth, Steward’s legacy as a corporate and philanthropic innovator remains intact.
According to Forbes’ conservative value estimate, Stewart’s net worth is $7.6 billion, while Smith’s is $9.2 billion. Regardless of the techniques, Steward’s recent financial achievements strengthen his position as a prominent leader in the tech business.