Michael Dell reached a fortune of $267.7 billion after the strong rise in Dell Technologies' stock
Michael Dell surpassed Jeff Bezos in the billionaires ranking by Forbes and reached third place for the first time.
The rise occurred after shares of Dell Technologies closed at an all-time high, driven by demand for hardware for artificial intelligence.
The growth of Michael Dell's wealth also allowed him to surpass Mark Zuckerberg and Larry Ellison in the ranking.
Dell Technologies stock rose 1.9% during the day and closed at US$533.88.
During the session, the shares reached a high of US$538.47. Since the beginning of the year, they have accumulated a rise of 327%.
At the start of the year, the shares were trading around US$128. Michael Dell owns about 40% of the company.
Additionally, a significant portion of his fortune is invested in DFO Management, his private investment firm, which has positions in hotels and easily tradable corporate debt.
A week ago, Dell Technologies reported its second-quarter results. The company recorded revenues of US$47 billion, 58% more than a year earlier.
The company also reported an adjusted earnings per share of US$7.04, three times that of the same period last year.
