Billionaire Michael Dell overtakes Jeff Bezos to become world's third richest

American technology billionaire Michael Dell overtook Jeff Bezos on Forbes' billionaire ranking on Tuesday, becoming the world's third-wealthiest person for the first time.

Dell's estimated fortune rose $4.6 billion to $267.7 billion at Tuesday's close. Bezos fell $1.4 billion to $265.2 billion as Amazon shares slipped 0.6 percent. Dell now trails only Larry Page at $277.9 billion and Elon Musk at $942 billion.

Dell Technologies shares rose 1.9 percent to a record close of $533.88, having traded as high as $538.47 during the session. The stock has gained more than 300 percent since the start of the year.

Where the fortune sits

Dell holds a roughly 40 percent stake in the company he founded, with much of the remainder in DFO Management, his private investment firm, which invests in hotels and liquid corporate credit.

His net worth has more than doubled in a year. He has passed Mark Zuckerberg and Larry Ellison in recent months, and was ranked fifth as recently as August.

The quarter behind it

Dell Technologies reported second-quarter revenue of $47 billion last week, up 58 percent year on year, with adjusted earnings per share of $7.04, roughly triple the prior year.

The AI server business booked a record $60.9 billion in orders and contributed $16.4 billion of revenue. Chief financial officer David Kennedy attributed the performance to AI momentum. The company raised full-year revenue guidance by $25 billion to $192 billion.

Dell Technologies drew political attention earlier this year when US President Donald Trump praised the company publicly and encouraged consumers to buy its products. It later emerged that Trump held shares in it.