Michael Dell loses $20 billion in one day after Dell’s stock sees biggest fall in months after Barclays downgrade
Michael Dell’s net worth declined by more than $20 billion in a single day, stripping him of the world’s fourth richest person. As stated in a Forbes report, the fall comes as Dell ’s shares suffered its largest intraday drop since July on October 14, hours after an analyst from Barclays downgraded the stock from overweight to equal-weight before markets opened. Shares for the laptop maker traded 11.1% shortly before market close, causing the centibillionaire founder’s net worth to drop precipitously. As per Forbes report, Michael Dell is now the fifth richest person in the world with an estimated net worth of $256.6 billion. He was briefly the second-wealthiest person on Earth last month, when his net worth increased to nearly $270 billion, only behind Elon Musk . Earlier this year in April, a Bloomberg data showed that Dell’s net worth has increased by about $24.6 billion so far this year, taking his total wealth to around $165 billion. This has pushed him back into the top 10 global billionaires, where he now ranks seventh. Dell’s shares then increased over 44% compared to the last year, hitting record high after reports on chip maker Nvidia looking to acquire a big PC maker to “reshape the PC landscape. the news pushed Dell shares close at a record high of $189.79 in New York While Nvidia later denied the report.
So that’s not good.
“I think we’ve always had technology that can do great things and maybe do some not-so-great things,” Dell said. Michael Dell’s net worth has gone up and down this year. Michael Dell recently warned that AI requires strict safeguards and controls, weighing in on an escalating national debate over the existential risks posed by rapidly advancing AI systems. Speaking on CNBC, Dell framed the emergence of artificial intelligence through the lens of foundational human technologies. “You know, fire can heat your home. It can also burn down your whole village. So we have to have safeguards and controls. You use AI every day. Now get your AI Quotient. Take the AIQ test.