This tech billionaire lost $11.7 billion of his wealth in a day. Michael Dell's current net worth is...

Michael Dell ranks 13th on the Bloomberg Billionaires Index.

Michael Dell's net worth tumbled by $11.7 billion on Friday as shares of Dell Technologies Inc. fell 18 percent in New York after it founded posted results that disappointed investors, Fortune reported. The 59-year-old tech billionaire now ranks 13th on the Bloomberg Billionaires Index with a net worth of $107.1 billion.

While the computer company Dell founded reported its first quarterly revenue increase in two years, investors were not impressed as they had high expectations for its artificial intelligence (AI) server business.

Earlier this year, when Dell was asked how big a growth opportunity the AI wave could be for his namesake company, he told the publication, "It feels every bit as big as previous waves, but probably bigger... You know, maybe quite a bit bigger... I don’t know for sure. Nobody knows.”

In March, Dell Technologies’ share price leaped 38 percent, hitting an all-time high above $131 after the company reported earnings that beat analyst expectations riding on high on generative AI applications. During the same time, Michael Dell sold $465 million of his shares in the company for the first time in almost three years, Bloomberg reported. He still owns half of the Texas-based company, the largest asset behind his fortune.

Meanwhile, other tech billionaires have also seen their wealth skyrocket thanks to the interest in AI and its use in current technology. Nvidia co-founder Jensen Huang’s net worth briefly surpassed $100 billion earlier this week after another blowout quarter from the chipmaker. On May 28, its market capitalization reached $2.8 trillion. Its present market capitalisation now compares to Apple’s $2.9 trillion, which is Wall Street's second-most valuable company after Microsoft.

Huang currently sits in 16th place on Bloomberg’s wealth list with $96.3 billion.