David Steward, America’s second-richest Black individual and majority shareholder and co-founder of World Wide Technology (WWT), has seen a huge decrease in his net worth due to recent tech stock declines.
Steward’s fortune has decreased by $300 million in the last eight days due to market volatility, as tracked by the Bloomberg Billionaires Index.
According to the Bloomberg Billionaires Index, Steward’s net worth increased to $10.5 billion last week before falling sharply to $10.2 billion at the time of writing.
Steward’s recent $300-million net worth fall, which has averaged $42.85 million per day since March 13, is mostly due to the performance of his substantial 59% investment in WWT, a leading provider of information services and hardware.
WWT, recognized as one of the largest African-American-owned enterprises in the United States, specializes in cloud computing, security services, and digital consulting, with an annual turnover of $17 billion. However, due to recent market volatility, Steward’s stake in the company has decreased from $10.5 billion on March 13 to $10.2 billion.
Despite the setback, Steward remains the second-richest black billionaire in the United States, trailing only Robert F. Smith, founder and CEO of Vista Equity Partners, who is worth $11.4 billion.
The latest slump has also had an influence on Steward’s year-to-date wealth gains, which have dropped to $667 million, according to Bloomberg Billionaires Index statistics.
He also retains his status as one of the world’s wealthiest people, however, his global rating has dipped to 235th, down from 233rd just seven days ago.
As Steward navigates market volatility, industry analysts and investors keep a careful eye on his financial trajectory, anticipating his efforts to regain momentum and stabilize his wealth in the days ahead.