Trump praised Dell, bought its stock — now the company has landed a $9.7B Pentagon contract and shares are up 255%

Michael Dell got wealthier by $35.8 billion in a single day. (1)

On Friday, May 29, shares of Dell Technologies (NYSE:DELL) jumped as much as 32% — the biggest single-day move in the company's history, eclipsing the 31.6% record it set in March 2024. The pop added $35.8 billion to founder Michael Dell's fortune, pushing his net worth to $245.9 billion, sending him soaring past Meta's Mark Zuckerberg into the No. 6 spot on the global wealth rankings. (1)

Dell reported far better than expected earnings on May 28, which sent its stock higher on Friday. Notably, the company’s share price has also more than tripled (up 255%) since Trump's first endorsement on Feb. 19, when he urged Americans to “buy a Dell.” Dell stock closed at $420.91 on Friday, and is one of the best-performing large-cap technology stocks of the year. (2)

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A federal ethics disclosure published this month shows that an account in President Donald Trump's name bought up to $5.1 million worth of Dell stock in the first quarter. Trump publicly urged Americans to “buy a Dell” on two separate occasions, before Dell secured a Pentagon deal worth $9.7 billion. (3)

Dell reported earnings after the bell on Thursday, and the numbers blew past what Wall Street expected. Revenue hit $43.8 billion for the quarter, up 88% from a year earlier — analysts had penciled in about $35.7 billion. Adjusted earnings came in at $4.86 a share, against estimates closer to $2.96. (4)