Michael Dell’s net worth saw its steepest single-day decline after the company he established released results that fell short of investor expectations. On Friday, shares of Dell Technologies Inc. plummeted 18% in New York trading—the largest drop on record—leading to an $11.7 billion reduction in Dell’s wealth, bringing his net worth down to $107.1 billion.
Nearly half of Dell’s fortune is derived from the Texas-based computer company he founded four decades ago while attending the University of Texas. Another significant portion of his wealth comes from his stake in Broadcom Inc., whose shares also experienced a decline on Friday.
In early March, he joined the exclusive group of individuals with fortunes exceeding $100 billion, driven by the increasing demand for AI computing equipment, which pushed Dell’s shares to a record high. Over the past year, the stock has tripled in value. Similarly, other tech billionaires have seen a remarkable surge in their wealth due to the rapid rise of AI-related stocks. For example, Nvidia Corp. co-founder Jensen Huang briefly saw his net worth exceed $100 billion earlier this week following another exceptional quarter for the chipmaker.
The rapid growth in AI-related stocks has also boosted the fortunes of other tech billionaires. For instance, Nvidia Corp. co-founder Jensen Huang’s net worth briefly crossed the $100 billion mark earlier this week following another stellar quarter for the chipmaker. He now ranks 16th on Bloomberg’s wealth list with a net worth of $96.3 billion.