From Financialexpress · Ashima Grover · · 1m 40s
Michael Dell's $20 billion drop after Forbes ranking
Michael Dell lost $20 billion in one day after briefly ranking second richest globally.
In brief
Michael Dell lost $20 billion in one day after briefly ranking second richest globally. Michael Dell dropped from second to fifth on Forbes' billionaires list after a $20 billion net worth loss due to stock declines. Originally reported by Financialexpress.
Michael Dell briefly ranked second richest
Dell Technologies CEO Michael Dell briefly reached the second-richest spot on Forbes with a net worth over $270 billion.
Dell dropped to fifth after stock decline
Dell has now dropped back to the No. 5 spot on Forbes’ richest billionaires in the world tally after losing over $20 billion.
Forbes reported $256.4 billion net worth
Forbes’ Real-Time Billionaire rankings listed Dell at $256.4 billion by 10:40 pm EDT on October 14.
Dell ranked second on 'Biggest Losers' list
Dell was listed at No. 2 on the 'Biggest Losers' table for daily net worth changes.
All top 9 billionaires saw net worth losses
All top 9 billionaires on the Forbes list witnessed net worth losses on Wednesday including Elon Musk.
Stock price slumped 11.1% before close
Dell’s stock price fell 11.1% shortly before market close as shares traded 11.1% lower.
Market slump followed inflation data
The market slump followed US Bureau of Labor Statistics inflation data showing prices rising 0.6% from August to September.
Dell-Trump ties in focus
Dell and his wife Susan met with President Trump to discuss Trump Accounts for children under 18.
Dell pledged $6.25 billion for children
Dell pledged $6.25 billion for 25 million children’s accounts under the 'One Big Beautiful Bill Act'.
The big picture
Michael Dell dropped from second to fifth on Forbes' billionaires list after a $20 billion net worth loss due to stock declines.
