Michael Dell, founder, chairman and chief executive of Dell Technologies, saw his fortune increase by about $14 billion after a surge in Broadcom stock landed him in the rankings for the first time Forbes of the ten richest people in the world.
Article de Mary Whitfill Roeloffs pour Forbes US
What to remember
Michael Dell’s net worth stood at $120.3 billion as of Monday, December 16, more than his estimated net worth of $106.3 billion at the end of Thursday and $115.4 billion as of the end of the day Friday.
The increase in his fortune places him at 10e ranking rank Forbes billionaires, with a net worth greater than that of fashion retailer Amancio Ortega ($119.4 billion), Nvidia co-founder Jensen Huang ($114.4 billion), Walmart’s Rob and Jim Walton ($113. $7 billion and $112.4 billion, respectively) and Bill Gates ($107 billion).
The increase follows a 24% rise in Broadcom stock on Friday, which took the company’s market capitalization past $1 trillion for the first time, as well as a further rise in 10% on Monday, after announcing a 51% increase in turnover during the fourth quarter compared to the previous year.
Michael Dell owns about 210 million Broadcom shares, which he acquired last year when US IT company VMware, which spun off Dell’s cloud software business in 2021, was sold to Broadcom for $69 billion (Michael Dell exchanged his 39% stake for approximately $33 billion in cash and Broadcom stock).
About half of Michael Dell’s VMware shares were converted into Broadcom shares and he received the rest of the deal’s value in cash.
The number to remember
A technology company that develops and produces semiconductors and infrastructure software, Broadcom has a market capitalization of $1.005 billion (as of Monday afternoon).
Surprising fact
This is the highest rank ever reached by Michael Dell in the annual Forbes ranking of billionaires since 2006, when he came in at 12e place. In 2023 then in 2024, it arrived 23e then 16e of the ranking.
Context
Michael Dell started his eponymous company in 1984 to sell PCs, and by 1992 he was the youngest CEO of a company ranked among the magazine’s Top 500 Companies Fortune. Dell Computer Corporation has become the world’s largest PC manufacturer, and in 2016 the company merged with EMC Corporation to become Dell Technologies, 165e largest company in the world according to the ranking of Forbes. Dell Computer first went public in 1988, before becoming a private company again in 2013 and then going public again in 2018 following a complex financial restructuring. VMware spun off from Dell in 2021. Much of Michael Dell’s personal wealth comes from his private investment firm, DFO Management, which owns stakes in hotels and invests in corporate liquid credit liquids. DFO Management owns the Four Seasons Maui and has indirect ownership interests in Applebees, IHOP, Calvin Klein and, reportedly, Grand Central Station.
In the rest of the news
Last Thursday, Broadcom reported better-than-expected fourth-quarter results and said artificial intelligence (AI) revenue for the year rose 220% to $12.2 billion. Broadcom makes a wide variety of networking chips (including those designed for AI, cloud computing, and Android and iPhone devices) and is expected to benefit from the expected boom in AI chip sales over the next few years. next years. Broadcom shares closed up more than 24% on Friday, their best day in stock market history, and were up another 10% on Monday.
Correction: This article has been updated to reflect the estimate of Michael Dell’s stake in Broadcom.
A translation by Flora Lucas
Also read: FORBES BILLIONAIRE RANKING – December 2024 | Who are the ten richest people in the world?
