Michael Dell’s net worth declined by nearly $10 billion in a matter of hours as Dell Technologies shares fell sharply on November 4. The billionaire CEO recorded one of the biggest drops in personal wealth for the day, while Meta CEO Mark Zuckerberg saw his fortune rise by around $3 billion. According to Forbes’ Real-Time Billionaires list, Dell’s net worth stood at $212.5 billion, marking a 5.5% decline for the day. Dell Technologies stock, on the other hand, fell more than 9%, triggering the steep drop in his fortune. Notably, only Elon Musk recorded a larger decline in wealth during the day.
Why Dell’s fortune dropped sharply
Dell Technologies is closely linked to the AI boom, supplying servers, storage systems, hardware and other infrastructure used to power data centers. However, its stock was among the technology shares that declined following the US midterm election results.Opposition to data center construction emerged as a major issue during the elections, with several Democratic candidates winning on promises to tighten restrictions on new projects.Ohio’s Democratic Governor-elect Amy Acton has supported a conditional moratorium on data centers unless operators agree to cover 100% of utility costs. In Texas, Democratic Governor-elect Gina Hinojosa has pledged an immediate statewide moratorium on new data center construction.These proposals have raised concerns about the future costs and regulatory environment for companies involved in data center infrastructure.Technology stocks showed a mixed response to the election outcome. Amazon, Alphabet, Microsoft and Apple gained, while Dell, Nvidia, Tesla, SpaceX and SoftBank declined.
Mark Zuckerberg gains billions as Meta shares rise
In contrast, Mark Zuckerberg’s net worth rose to $216.6 billion, up around 1.5% as Meta shares gained. The Facebook founder was among the top five wealth gainers on Wednesday afternoon, with investors responding positively to the US midterm election results.The gains came as markets responded to perceived political stability following the Democrats’ decisive victory in Congress and President Donald Trump’s acceptance of the election results.Meta has been investing heavily in AI infrastructure. The company’s capital expenditure is projected to reach between $130 billion and $145 billion for the year, reflecting its efforts to expand AI capabilities and data center capacity.However, the election results could also bring increased regulatory scrutiny for technology companies. With Democrats taking control of both the House and Senate, investors are preparing for more AI-related hearings, investigations and potential regulations.