Michael Dell overtakes Jeff Bezos to become world's 3rd-richest person
What's the story
Michael Dell, the founder of Dell Technologies, has surpassed Amazon's Jeff Bezos to become the world's third-richest person. This is the first time in his career that Dell has entered the top three of global billionaire rankings. The change comes after a months-long rally in his company's shares, which hit a record closing high of $533.88 on Tuesday.
Wealth increase
Dell's wealth surges amid tech stock boom
The surge in Dell Technologies shares has significantly boosted Michael Dell's personal wealth.
The market movement on Tuesday alone added $4.6 billion to his net worth, bringing it to an impressive $267.7 billion, according to Forbes.
He now ranks just behind Google co-founder Larry Page ($277.9 billion) and Tesla CEO Elon Musk ($942 billion).
Bezos's fall
Bezos slips to 4th position
The market shift has pushed Bezos to the fourth position in the global billionaire index.
The Amazon founder lost $1.4 billion as his company's shares fell by 0.6%, bringing his net worth down to $265.2 billion.
Meanwhile, Dell's wealth has skyrocketed by nearly 90% since the beginning of this year, an increase of almost $127 billion.
Business growth
AI driving Dell Technologies' stock surge
The massive jump in wealth is directly linked to Dell Technologies, where Michael Dell owns about a 40% stake.
The company's stock has skyrocketed by 327% year-to-date, thanks to the growing market demand for computing infrastructure needed to build and run artificial intelligence systems.
A part of his wealth is also managed through DFO Management, his private investment firm that manages assets such as corporate credit and hotels.
Entrepreneurial journey
From dorm room to tech titan
Dell's journey to the top three of the billionaire index started in 1984 when he founded his computer company with just $1,000 while studying at the University of Texas at Austin. He was 19 at the time.
He later dropped out to focus on his start-up full-time, transforming it from a dorm-room operation into a global technology giant.