Robert F. Smith, the founder, chairman, and CEO of Vista Equity Partners, has become America’s richest Black billionaire. David Steward, the principal shareholder and co-founder of World Wide Technology (WWT), has stepped down after a month in charge.
Smith’s rise corresponds with a $1 billion dip in Steward’s net worth, from $12.3 billion to $11.3 billion. This fall is due to the recent market value decline of Steward’s 59% investment in WWT, an information services and hardware supplier.
Bloomberg values WWT based on the enterprise value-to-sales multiples of three publicly traded peers (Insight Enterprises, Eplus, and CDW). This gives WWT a current market worth of $19.15 billion at the time this article was written.
Although Steward’s wealth has decreased, Smith’s fortune remains stable at $11.4 billion, according to the Bloomberg Billionaires Index. This maintains his position as America’s richest Black billionaire and the world’s second-richest, trailing only Nigerian billionaire Aliko Dangote.
Vista Equity Partners’ ninth flagship fund is nearing completion with almost $20 billion in commitments, strengthening Robert F. Smith’s position. This demonstrates a considerable investor interest in large-scale technology acquisitions.
Smith has led Vista Equity Partners to $101 billion in assets and a remarkable reputation, with a 31 percent average return since its creation. Vista is well-positioned to flourish in the dynamic technology investment sector, having completed over 610 transactions totaling $302 billion.
Smith’s recent return to the top rank among Black billionaires demonstrates his financial resiliency and Vista’s long-term success under his leadership. As he navigates the ever-changing digital investment market, Smith’s impact continues to shape the industry’s future.
Robert F. Smith, who founded Vista Equity Partners in 2000 and has a net worth of $11.4 billion, has been instrumental in the company’s development. The firm has established itself as a premier private equity investor in software, data, and technology-enabled firms. Vista’s portfolio includes more than 85 firms, which employ approximately 95,000 people worldwide.