Michael Dell loses nearly $10B as Mark Zuckerberg gains $3B
Dell Technologies's billionaire CEO Michael Dell just took a massive nearly $10 billion hit to his net worth after the company's stock plunged more than 9% on Wednesday, November 4.
His fortune fell 5.5%, while, interestingly, Meta CEO Mark Zuckerberg gained around $3 billion the same day.
US midterms spur data center uncertainty
The stock slide came right after US midterm elections sparked new political uncertainty, especially around data center projects.
With newly elected Ohio Democratic Governor-elect Amy Acton and Texas Democratic Governor-elect Gina Hinojosa calling for a pause on these projects, investors are worried about tougher regulations and higher costs for tech companies like Dell.
Its shares have fallen and are now trading far below earlier peaks, reflecting bigger challenges facing tech stocks recently.