Michael Dell has surpassed Amazon founder Jeff Bezos to become the third-wealthiest person in the world, a first for the Dell Technologies CEO, according to Forbes.
Dell's estimated net worth reached $267.7 billion at the close of trading Tuesday, a $4.6 billion gain for the day, putting him ahead of Bezos, whose estimated fortune fell $1.4 billion to $265.2 billion as Amazon shares declined.
Dell trails Alphabet co-founder Larry Page, who was worth an estimated $277.9 billion, and Tesla chief Elon Musk, whose fortune stood at $942 billion, according to Forbes' Real-Time Billionaires ranking.
The jump marks another milestone in Dell's rapid rise among the world's wealthiest people. His fortune has more than doubled since last year as Dell Technologies
has benefited from booming demand for artificial intelligence hardware.
Dell stock reaches record high
Dell Technologies shares rose 1.9% on Tuesday to close at $533.88, an all-time high. The stock traded as high as $538.47 during the day.
Dell Technologies shares have climbed 327% since the beginning of the year, when they were about $128, according to Forbes.
Michael Dell owns roughly 40% of the company. Much of his fortune is also tied to DFO Management, his private investment firm, which invests in hotels and liquid corporate credit.
The gains in Dell Technologies stock have helped Dell move past other technology billionaires in recent months, including Meta co-founder Mark Zuckerberg and Oracle co-founder Larry Ellison.
AI demand boosts Dell Technologies
Dell's rising fortune comes as the company benefits from strong demand for hardware supporting the artificial intelligence boom.
Dell Technologies reported $47 billion in revenue in its second quarter, a 58% increase from the same period a year earlier. Adjusted earnings reached $7.04 per share, three times the figure from the same period last year.
The company's AI server business recorded a record $60.9 billion in orders and generated $16.4 billion in revenue, Forbes reported.
The results prompted Dell Technologies to raise its full-year revenue guidance by $25 billion. The company now expects $192 billion in revenue for the year.
Reporter Anthony Thompson can be reached at ajthompson@usatodayco.com or on X @athompsonUSAT
This article originally appeared on USA TODAY: This billionaire is now worth more than Jeff Bezos
