Michael Dell, chief executive officer of Dell Technologies, has seen his fortune grow exponentially as the company’s market value hits an all-time high.
Bloomberg data shows that Michael Dell is the 18th richest individual on the planet with a net worth of $68.3 billion. Dell Technologies stock jumped double digits on Friday after posting better-than-expected financial results and guidance.
Dell’s Remarkable Stock Performance
Shares were up 24% at $69.67 late in the morning, marking a new all-time high, based on data available as of August 10, 2016, according to Dow Jones Market Data.
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This year, the stock is up 73%. Dell can outperform its PC competitors due to a greater diversity of business customers and tighter pricing guidelines.
Dell’s Positive Outlook and Strategic Moves
In addition to its upbeat earnings report for the past quarter, Dell has raised its forecast for this year. The company now expects annual revenue to come in between $89.5 billion and $91.5 billion, representing a 12% year-over-year decline on average.
Dell has previously called for a reduction of about 15%. Morgan Stanley believes Dell is benefiting from the growing demand for AI servers as more companies focus their spending on this segment of the hardware market.
Michael Dell’s Wealth Sources and Real Estate Move
Dell is also a shareholder of VMWAre Inc., which Dell spun off in 2021. The billionaire family office, MSD Capital, has offices in New York, Santa Monica, and West Palm Beach.
Much of Michael Dell’s fortune comes from his stake in Dell Technologies, a publicly traded computer product maker.
Dell owns about half of the company, according to the company’s 2023 proxy statement, including 32 million shares held by his wife.
In November 2021, Dell Technologies completed the spin-off of VMWare through a special dividend. Dell owns about 170 million shares of VMWare after the split, according to its 2023 proxy statement.
Meanwhile, Michael Dell has decided to part with his 7,557 square-foot Boston apartment.
Perched atop Four Seasons Private Residences One Dalton Street, the city’s tallest residential tower near the Prudential Centre, the 61-floor five-bedroom apartment spans two floors.
According to the Wall Street Journal, Dell’s billionaire chairman and CEO purchased the unit through a trust for $34 million. He can make millions of dollars in profit if he approaches a deal at full price.
