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Michael Dell\u2019s wealth tumbled the most in a single day after the computer company he founded posted results that disappointed investors.<\/p>\n
Dell\u2019s net worth dropped $11.7 billion to $107.1 billion on Friday as shares of Dell<\/a> Technologies Inc. fell 18% in New York \u2014\u00a0the most on record<\/a>. While the company reported its first quarterly revenue increase in two years, it wasn\u2019t enough to impress investors with high expectations for its AI server business.<\/p>\n Almost half of Dell\u2019s fortune comes from the Texas-based computer maker, which he started 40 years ago while a student at the University of Texas. Another major source of his net worth comes from his stake in Broadcom<\/a> Inc., whose shares also slid on Friday.\u00a0<\/p>\n Dell, 59, the company\u2019s chairman and chief executive officer, ranks 13th on the Bloomberg Billionaires Index. In early March, he joined the small group of people with fortunes exceeding $100 billion as surging demand for equipment assisting artificial intelligence computing sent Dell shares to a record high. The stock has tripled in the past 12 months.<\/p>\n Other tech billionaires have also seen their wealth skyrocket amid the blistering rally in AI-related stocks. Nvidia<\/a> Corp. co-founder Jensen Huang\u2019s net worth briefly surpassed $100 billion earlier this week after another\u00a0blowout quarter\u00a0<\/a>from the chipmaker. He currently sits in 16th place on Bloomberg\u2019s wealth list with $96.3 billion.<\/p>\n Large corporations increasingly need high-powered servers to train and run demanding generative AI tasks, which are sold by Dell and a few other companies.<\/p>\n<\/div>\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n<\/div>\n