Michael Dell
Michael Dell | |
---|---|
Dell Technologies Inc. Chairman of VMware | |
Spouse |
Susan Lynn Lieberman
(m. 1989) |
Children | 4 |
Relatives | Adam Dell (brother) Steven Dell (brother) |
Signature | |
Michael Saul Dell (born February 23, 1965) is an American billionaire businessman and investor. He is the founder, chairman, and CEO of Dell Technologies, one of the world's largest technology infrastructure companies.[1]
He is the 12th-richest person in the world, according to the Bloomberg Billionaires Index, with a net worth of $104 billion as of March 2024.[2] As of October 2023, according to Forbes, approximately $50 billion of his net worth was derived from his 50% stake in Dell and 40% stake in VMware, with the rest being held by his family office DFO Management.[3]
In January 2013 it was announced that he had bid to take Dell Inc. private for $24.4 billion in the biggest management buyout since the Great Recession. Dell Inc. officially went private in October 2013.[4] The company once again went public in December 2018.[5]
Early life and education
Dell was born in 1965 in
Dell purchased his first
Business career
While a freshman pre-med student at the
In January 1984, Dell believed that the potential cost savings of a manufacturer selling PCs directly had enormous advantages over the conventional indirect retail channel.[20] In January 1984, Dell registered his company as "PC's Limited". Dell’s strategy was to sell directly to customers by manufacturing computers only after they were ordered.[21] Operating out of a condominium, the business sold between $50,000 and $80,000 worth of PC upgrades, kits, and add-on components. In May, Dell incorporated the company as "Dell Computer Corporation" and relocated to a business center in North Austin. The company employed a few people as order takers, a few more to fill the orders, and, as Dell recalled, a manufacturing staff consisting of "three guys with screwdrivers sitting at six-foot tables". The venture's capitalization cost was $1,000.[22][23] During the formative years of Dell Computer, Dell was mentored by Morton Meyerson.[24]
In 1992, aged 27, he became the youngest CEO of a company ranked in Fortune magazine's list of the top 500 corporations.[25] In 1996, Dell started selling computers over the Web, the same year his company launched its first servers. By March 1997, Dell Inc. reported about $1 million in sales per day from dell.com.[26][27] In the first quarter of 2001, Dell Inc. reached a world market share of 12.8 percent, surpassing Compaq to become the world's largest PC maker. The metric marked the first time the rankings had shifted over the previous seven years. The company's combined shipments of desktops, notebooks and servers grew 34.3 percent worldwide and 30.7 percent in the United States at a time when competitors' sales were shrinking.[28]
On March 4, 2004, Dell stepped down as CEO, but stayed as chairman of Dell Inc.'s board, while Kevin Rollins, then president and COO, became president and CEO. On January 31, 2007, Dell returned as CEO at the request of the board, succeeding Rollins.[29]
In 2013, Michael Dell with the help of
On October 12, 2015, Dell Inc. announced its intent to acquire the enterprise software and storage company
Penalty
In July 2010 Dell Inc. agreed to pay a $100 million penalty to settle SEC charges
Accolades
Accolades for Dell include "Entrepreneur of the Year" (at age 24) from
Affiliations
Dell serves on the Foundation Board of the World Economic Forum, the executive committee of the International Business Council, the U.S. Business Council. He previously served as a member of the U.S. President's Council of Advisors on Science and Technology.[38]
In April 2020, Governor Greg Abbott named Dell to the Strike Force to Open Texas – a group "tasked with finding safe and effective ways to slowly reopen the state" during the COVID-19 pandemic.[39] He also serves as an advisor on the COVID-19 Technology Task Force, a technology industry coalition founded in March 2020 collaborating on solutions to respond to and recover from the COVID-19 pandemic.[40]
Writings
Dell's 1999 book, Direct from Dell: Strategies That Revolutionized an Industry (by HarperBusiness), is an account of his early life, his company's founding, growth and missteps, as well as lessons learned. The book was written in collaboration with Catherine Fredman.[41]
Dell's second book, Play Nice But Win: A CEO's Journey from Founder to Leader (by Portfolio), is a story of inside battles that defined him as a leader. The book was written in collaboration with James Kaplan.[42]
Wealth
In 1998, Dell founded MSD Capital L.P., later renamed DFO Management, to manage his family's investments.[43]
In February 2018, it was reported that in 2014, Dell had paid $100.5 million for Manhattan's One57 penthouse, which was then a record for the most expensive home ever sold in the city.[44]
On March 1, 2024, Dell's net worth crossed the $100 billion mark, after Dell, Inc. reported an earnings beat, pushing the stock up 32% in the trading day and adding $13.7 billion into his fortune from $90.6 billion to $104.3 billion according to Bloomberg Billionaires Index, making him the 12th-richest person at that time.[45][2][46]
Personal life
Dell married Susan Lieberman on October 28, 1989, in Austin, Texas; the couple reside there with their four children.[47]
Philanthropy
In 1999, Michael and Susan Dell established the
References
- ^ "Surrounding oneself with the best talent". Industr. Archived from the original on April 26, 2020. Retrieved June 9, 2020.
- ^ a b "Bloomberg Billionaires Index: Michael Dell". Bloomberg. Archived from the original on October 6, 2021. Retrieved November 5, 2023.
- ^ Liu, Phoebe (October 20, 2023). "Michael Dell Just Made His Biggest Ever Donation Of Dell Stock". Forbes. Retrieved February 13, 2024.
- ^ Guglielmo, Connie (October 30, 2013). "Dell Officially Goes Private: Inside The Nastiest Tech Buyout Ever". Forbes. Archived from the original on August 5, 2017. Retrieved September 4, 2017.
- ^ "Dell returns to market with NYSE listing". Reuters. December 28, 2018. Archived from the original on May 5, 2019. Retrieved May 5, 2019.
- ^ Biography of Michael Dell. businessweek.com (From The Associated Press; 2007-01-31).
- ^ Tweedie, Steven (May 9, 2015). "The yearbook photos of 13 famous titans of tech". Business Insider. Retrieved February 13, 2024.
- ^ "Michael S. Dell". Academy of Achievement. Retrieved September 6, 2022.
- American Academy of Achievement. Archivedfrom the original on February 24, 2019. Retrieved April 2, 2019.
- ISBN 0-88730-914-3.
- ^ ISBN 978-1-4381-8214-8.
- ^ "Michael Dell". Entrepreneur. October 9, 2008. Archived from the original on June 29, 2020. Retrieved June 9, 2020.
- ISBN 0-88730-914-3.
- ^ Dell, Michael (March 17, 2018). "First financial statement for @Dell. The one I used to convince my parents that it was OK for me to not go back to collegepic.twitter.com/kKuGDsyvYZ". @MichaelDell. Archived from the original on December 14, 2022. Retrieved March 20, 2018.
- ^ "Proud Products: Michael Dell". March 15, 2008. Archived from the original on March 15, 2008. Retrieved July 29, 2020.
- ^ Kirk Ladendorf. "Dell remembers his beginning while looking toward the future" Austin American-Statesman. November 27, 2011, pp. E1, E2.
- ISBN 0-88730-914-3.
- ^ Larry Faulkner, President, University of Texas at Austin (2003). Michael Dell Remarks Archived March 24, 2004, at the Wayback Machine. dell.com
- ^ Buchholz, Jan (April 29, 2014). "UT's famed high-rise dorm where Dell launched to get $4 million makeover". Statesman.com. Archived from the original on June 23, 2016. Retrieved January 5, 2017.
- ISBN 978-1-5054-1687-9.
- ISBN 978-0-7656-4177-9.
- ISBN 0-88730-914-3.
- ^ Kessler, Michelle (March 4, 2004). "Dell founder passes torch to new CEO". USA Today. Archived from the original on October 16, 2011. Retrieved January 6, 2010.
- ^ Henry, John (February 18, 2022). "Morton Meyerson: A Business Legend Built in Fort Worth". Fort Worth Inc. Retrieved April 11, 2024.
- ^ "Michael Dell". National Press Club Summary. National Public Radio. June 8, 2008. Archived from the original on April 4, 2019. Retrieved April 16, 2010.
- ^ "Dell eyes shipment milestone". CNET. No. 2 January 2002. Retrieved February 13, 2024.
- ISBN 0-88730-914-3.
- ^ Kanellos, Michael (April 1, 2001). "Dell beats Compaq for No. 1 ranking". CNET News. Archived from the original on October 26, 2012. Retrieved April 16, 2010.
- New York Times.
- ^ Guglielmo, Connie. "Dell Officially Goes Private: Inside the Nastiest Tech Buyout Ever". Forbes. Archived from the original on August 5, 2017. Retrieved October 23, 2016.
- ^ "Dell agrees $67bn EMC takeover". BBC News. October 12, 2015. Archived from the original on July 18, 2018. Retrieved January 11, 2017.
- ^ "Dell to Buy EMC in Deal Worth About $67 Billion". Bloomberg.com. October 12, 2015. Archived from the original on January 13, 2017. Retrieved January 11, 2017.
- ^ "Historic Dell and EMC Merger Complete; Forms World's Largest Privately-Controlled Tech Company | Business Wire". www.businesswire.com. September 7, 2016. Archived from the original on November 4, 2016. Retrieved January 11, 2017.
- ^ a b "Dell Inc., Michael S. Dell, Kevin B. Rollins, James M. Schneider, Leslie L. Jackson, Nicholas A.R. Dunning". Sec.gov. July 22, 2010. Archived from the original on July 9, 2017. Retrieved January 26, 2011.
- ^ Richman, Tom (January 1, 1990). "The Entrepreneur of the Year". Inc. Archived from the original on March 31, 2010. Retrieved April 16, 2010.
- American Academy of Achievement. Archivedfrom the original on December 15, 2016. Retrieved September 14, 2020.
- ^ "MICHAEL S. DELL". Franklin Institute. October 3, 2014. Archived from the original on December 20, 2016. Retrieved December 19, 2016.
- ^ "Michael Dell". Dell Inc. Archived from the original on December 20, 2016. Retrieved April 28, 2017.
- ^ "These are the experts, leaders working with Gov. Abbott's strike force to reopen Texas". khou.com. April 17, 2020. Archived from the original on April 25, 2020. Retrieved April 21, 2020.
- ^ Jacox, Madi (February 12, 2021). "Leadership". COVID-19 Technology Task Force. Archived from the original on December 24, 2022. Retrieved December 25, 2022.
- ISBN 0-88730-914-3.
- ^ "Reading recommendations: Paul Polman and Michael Dell have new books out". Fortune. Archived from the original on October 6, 2021. Retrieved October 6, 2021.
- ^ Weiss, Miles (January 31, 2013). "Dell Keeps LBO Financing in the Family With MSD Capital". Bloomberg.com. Retrieved February 13, 2024.
- ^ Clarke, Katherine (February 22, 2018). "Michael Dell Paid a Record $100.47 Million for Manhattan's One57 Penthouse". The Wall Street Journal. The New York Times, New York City, United States. Archived from the original on February 22, 2018. Retrieved February 22, 2018.
- ^ Galpotthawela, Vernal; Pendleton, Devon (March 1, 2024). "Michael Dell's net worth just vaulted past $100 billion for the first time, making him the world's 12th-richest person". Fortune. Retrieved March 5, 2024.
- ^ "Michael Dell's net worth just vaulted past $100 billion for the first time, making him the world's 12th-richest person". Bloomberg. Archived from the original on March 2, 2024. Retrieved March 1, 2024.
- ^ COLLOFF, PAMELA (July 31, 2000). "Suddenly Susan". Texas Monthly. Archived from the original on November 12, 2016. Retrieved October 20, 2016.
- ^ Liu, Phoebe (October 20, 2023). "Michael Dell Just Made His Biggest Ever Donation Of Dell Stock". Forbes. Retrieved March 5, 2024.
- ^ Gwynne, S.C. (February 7, 2013). "Dell's Great Success Story". Texas Monthly. Archived from the original on September 29, 2017. Retrieved October 1, 2017.
Further reading
- Dell, Michael; Catherine Fredman (1999). Direct From Dell: Strategies that Revolutionized an Industry. New York, New York: HarperCollins Publishers. ISBN 0-88730-914-3.
- Koehn, Nancy F. Brand New: How Entrepreneurs Earned Consumers' Trust from Wedgwood to Dell (2001) pp 257–306.
- Magretta, Joan. "The power of virtual integration: An interview with Dell Computer's Michael Dell." Harvard Business Review (1998): pp-73+. online[dead link]
External links
- Media related to Michael Dell at Wikimedia Commons
- Appearances on C-SPAN