BUSINESS
Michael Dell Overtakes Larry Ellison As World’s Fifth-Richest Person Amid Dell Stock Surge
Dell Technologies stock jumped nearly 4% on Wednesday, closing up at one of its highest points of the year.
By Vannessa Viljoen ·
Topline
Dell Technologies chief Michael Dell overtook Oracle co-founder Larry Ellison as the world’s fifth-wealthiest person Wednesday, benefiting from Dell’s positive day of trading as Oracle shares tumbled.
Key Facts
Dell’s estimated net worth increased 3.3% on Wednesday to $234 billion, according to Forbes’ real-time billionaires list, as Dell Technologies shares closed up 3.7% on the day.
Dell is now positioned behind Amazon co-founder Jeff Bezos ($248 billion) on the billionaires list.
Ellison’s estimated net worth dropped 2.5% on Wednesday to $230.8 billion as Oracle’s stock closed down 2.6% at $183.48.
Oracle shares have plummeted since they reached their highest point of the year ($248.15) on June 1.
Dell’s shares have traded positively since it crushed expectations in its late May earnings report.
WHO’S STILL WEALTHIER THAN DELL?
In addition to Bezos, Google co-founders Sergey Brin and Larry Page, as well as Tesla chief Elon Musk remain ahead of Dell. Brin’s estimated net worth fell to $274.1 billion as Page’s dropped to $297.2 billion. Musk’s wealth has skyrocketed to unprecedented highs following a historic IPO for his aerospace firm, SpaceX, which has since sent his net worth to an estimated $1.3 trillion.
Key Background
Dell’s roughly 40% stake in his company has propelled his surge in net worth. Dell Technologies’ stock has climbed well over 200% since the start of the year, when shares traded around the $127 mark. Dell has benefited from explosive AI server demand during the AI boom. The company reported 88% year-over-year revenue growth in its latest quarter, logging a 757% increase in AI server revenue from the year prior. Dell expects AI revenue to reach $60 billion this year, up from its previous estimate in February of $50 billion.