However, the African-American billionaire’s net worth has risen by $584 million since the beginning of this year, making him one of the few Black billionaires who have experienced a significant increase in their wealth in 2023. ![]() Smith, who is not only America’s wealthiest Black billionaire but also the world’s second-richest Black billionaire. Steward’s stake in World Wide Technology accounts for almost the entirety of his wealth.ĭespite experiencing a decline of $570 million since mid-February, Steward continues to hold the position of America’s second-richest Black individual, with a net worth of $5.6 billion. The decline in his wealth figures can be attributed to the recent pullback in tech company shares, as the valuation of World Wide Technology is based on the enterprise value-to-sales multiple of three publicly traded peer companies – Insight Enterprises, Eplus, and CDW. 16, the African-American billionaire who is the co-founder and majority owner of closely held information technology services provider, World Wide Technology, has seen his net worth decline by $570 million, reducing his fortune to $5.6 billion from $6.17 billion. This move is expected to solidify their commitment to promoting inclusivity and representation in media.David Steward, one of the wealthiest Black businessmen globally and America’s second-richest Black individual, has experienced a substantial decrease in his net worth since mid-February, after a remarkable increase of $1.16 billion in the first 36 days of 2023.Īccording to data tracked by the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s top 500 wealthiest individuals, reveals that Steward, who ranks as one of the world’s richest black businessmen, has endured a $570-million reduction in his net worth over the past 56 days. The family’s efforts to create racially diverse film and television content are commendable and necessary in an industry that has long-faced criticism for its lack of diversity. The animation studio intends to use the funds to expand its media library, increase staffing levels, and pursue strategic acquisitions. Lion Forge Animation aims to secure up to $50 million in funding from wealthy family investment companies and institutional firms. David Steward II, Steward’s son, is spearheading this effort. To expand their presence in the film and television industry, Steward’s family is seeking funding to support the production of inclusive content through their Oscar-winning studio, Lion Forge Animation. This stake is currently valued at $5.66 billion, accounting for the majority of his wealth.Īdditionally, Steward holds a $14-million stake in Centene Corporation, a healthcare services provider operating across the United States. ![]() The $664-million surge in his net worth can be attributed to the increased value of his stake in World Wide Technology, a privately-held company that provides information technology services.Īs of the time of this report, Steward’s net worth was primarily derived from his 59-percent stake in World Wide Technology, a company that provides information technology services. This development has further cemented his position as the second-richest Black person in America.Īccording to data tracked by the Bloomberg Billionaires Index, which monitors and compares the fortunes of the world’s 500 wealthiest people, Steward’s net worth has risen by $664 million this year, reaching $5.68 billion from $5.01 billion at the start of the year. ![]() David Steward, one of America’s wealthiest Black individuals, has experienced a notable increase in his net worth due to the recent surge in the valuation of tech companies.
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