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Michael Dell, the founder, chairman and CEO of Dell Technologies, added an estimated $14 billion to his valuation between Friday and Monday thanks to a sharp rise in Broadcom stock, making him the world’s first He was one of the 10 richest people in the world.
Michael Dell at SXSW on March 14, 2024 in Austin, Texas.
SXSW Conference and Festival (via Getty Images)
important facts
Dell’s net worth on Monday was $120.3 billion, higher than its estimated net worth of $106.3 billion as of Thursday’s close and $115.4 billion on Friday.
His increasing wealth has placed him at No. 10 on Forbes’ list of billionaires, with a net worth ahead of fashion retailer Amancio Ortega ($119.4 billion) and Nvidia co-founder Jensen Huang ($114.4 billion), ahead of Wal-Mart’s Rob Walton and Jim Walton. ($113.7 billion and $112.4 billion, respectively) and Bill Gates ($107 billion).
The gains came as Broadcom’s stock rose 24% on Friday, pushing its market capitalization above $1 trillion for the first time, and rising another 10% on Monday following reports of a 51% year-over-year increase in revenue. I woke up after receiving it. For the fourth quarter.
Dell owns an estimated 210 million shares of Broadcom stock, acquired last year when VMware, spun off from Dell’s cloud software division in 2021, was sold to Broadcom for $69 billion ( Dell will exchange 39% of its stake for an estimated $33 billion in cash, while Broadcom will trade (stock).
About half of Dell’s VMware stock was converted into Broadcom stock, and he received cash for the remaining value of the deal.
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big number
1.5 trillion dollars. That’s the market capitalization of Broadcom, a technology company that develops and produces semiconductor products and infrastructure software, as of Monday afternoon.
amazing facts
The highest place Dell ever reached on Forbes magazine’s annual list of the richest people was 12th place in 2006. It ranked 16th in 2024, up from 23rd in 2023.
Main background
Dell founded his eponymous company in 1984 to sell personal computers, and by 1992 he was the youngest CEO of a Fortune 500 company. Dell Computer Corporation has grown to become the world’s largest personal computer manufacturer and merged in 2016. It merged with EMC Corporation to become Dell Technologies, and in June was ranked by Forbes magazine as the 165th largest company in the world. Dell Computers first went public in 1988, went private in 2013, and re-listed in 2018 after a complex financial restructuring. VMware became independent from Dell in 2021. Much of Michael Dell’s personal wealth comes from his personal investment firm, DFO Management. , owns hotel stock and invests in liquid corporate credit. DFO Management owns the Four Seasons Maui and has indirect stakes in Applebee’s, IHOP, Calvin Klein, and reportedly Grand Central Station.
tangent
Broadcom on Thursday reported better-than-expected fourth-quarter profits and said its artificial intelligence revenue for the year rose 220% to $12.2 billion. Broadcom makes a variety of networking chips, including those designed for AI, cloud computing, and Android and iPhone devices, and plans to take advantage of an expected surge in AI chip sales over the next few years. . Broadcom stock closed up more than 24% on Friday, its best trading day in history, and rose another 10% on Monday.
Correction: This article has been updated to reflect Dell’s estimated Broadcom holdings.
