Mark Zuckerberg passes Michael Dell on the billionaire rankings
Michael Dell added $4.3 billion to reach $241.3 billion on Monday.
The short version
- Meta shares fell 1.1% to bring Mark Zuckerberg down to $240.7 billion.
- Dell Technologies shares rose 2% as tech stocks rallied after a slump.
Michael Dell's wealth grew by $4.3 billion on Monday after tech stocks rallied following last week's slump. The surge allowed him to overtake Meta CEO Mark Zuckerberg to become the fifth-wealthiest person in the world again, according to Forbes. Dell is worth approximately $241.3 billion as of 1:15 p.m. EDT on Monday, after shares in Dell Technologies rose 2% as tech stocks made a resurgence following a week of anxiety over concerns about spending at artificial intelligence companies.
Dell also owns a significant stake in chipmaker Broadcom, which rose about 2.4% on Monday. However, Meta shares fell on Monday by about 1.1%, impacting Zuckerberg's net worth and bringing him down to about $240.7 billion. Dell has had a remarkable year, as share prices for the tech company he founded in the 1980s have surged on high demand for servers for artificial intelligence data centers.
He was worth $141 billion when the Forbes 400 was published earlier this year, meaning he added over $100 billion to his net worth in a few months. He was briefly the second-wealthiest person in the world in September, but his fortune has fallen significantly in recent weeks as the markets reflect anxieties over the artificial intelligence trade.
Investors are watching closely before Meta's third quarter earnings call on Wednesday. The social media company's stock fell in July after their second quarter earnings showed a significant drop in cash flow due to costs related to artificial intelligence. However, the company introduced a major artificial intelligence assistant tool in September, which was downloaded millions of times in the following weeks and largely outpaced the early growth of chatbots like ChatGPT and Claude.
Figures as reported by Forbes.
