Michael Dell loses $20 billion as Dell shares drop 11.27%

Michael Dell's fortune shrank by more than $20 billion on October 14 after shares of Dell Technologies closed down 11.27%, dropping him to fifth place on the global wealth rankings, Seoul Economic Daily reported.

The slide followed September consumer price data released by the Bureau of Labor Statistics on October 14. Prices rose 0.6% from August, and the 12-month rate quickened to 3.7%, above the 3.6% economists had expected, CNBC reported. Energy costs drove much of the increase and remain 20.4% higher than a year earlier.

Dell Technologies shares had their worst intraday fall since July, a decline that widened after a Barclays analyst lowered the stock to neutral from overweight before trading opened. The founder holds roughly 40% of the company. His estimated net worth stands at $256.6 billion, behind Google co-founder Sergey Brin at $262.3 billion, whose fortune fell about $4 billion as Alphabet shares slipped.

The broader technology selloff erased more than $50 billion from the combined fortunes of the richest technology executives. Elon Musk, still the wealthiest, lost $17.6 billion as Tesla fell 1.9% and SpaceX 1.5%. Mark Zuckerberg lost about $6.2 billion and Nvidia's Jensen Huang about $4 billion.

Dell Technologies had been among the year's stronger performers on demand for servers and data center gear.

This story was first reported by Seoul Economic Daily.