Michael Dell has reportedly joined the exclusive $100 billion club, as shares of Dell Technologies Inc. DELL surged following a strong performance in its fourth-quarter earnings.
Dell’s stock soared to a record high, rising by 32% after surpassing earnings expectations in the just-reported fourth quarter, propelling Michael Dell’s net worth to $104.3 billion, reported Bloomberg.
He now holds the title of the 12th-richest person globally, surpassing India’s Gautam Adani.
Dell exited the fourth quarter with cash and equivalents worth $7.37 billion; the company’s long-term debt stands at $19.01 billion.
Michael Dell’s fortune, originating from his computer-manufacturing venture established four decades ago, has been significantly boosted by the demand for AI-related equipment.
Notably, the company’s high-powered servers, like the H100 and MI300X, have garnered attention for their effectiveness in handling AI workloads, Bloomberg said.
Michael Dell, aged 59, joins a select group of billionaires whose wealth surged amidst the recent rally in AI-related stocks.
Notable figures include NVIDIA Corporation NVDA founder Jensen Huang and Meta Platforms, Inc.META CEO Mark Zuckerberg, whose fortunes have seen substantial increases, the report added.
Michael Dell’s wealth received an additional lift from his stake in chipmaker Broadcom Inc. AVGO, which he acquired following the company’s acquisition of VMWare in 2021. The shares are now valued at over $31 billion.
This surge in Dell Technologies stock reflects the market’s enthusiasm for the company’s performance and its position in the AI sector.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Oracle PR via flickr
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