New Delhi, Oct. 16 -- Michael Dell's net worth tumbled by more than $20 billion on Wednesday following a sharp decline in Dell Technologies' shares, pushing him down to the fifth spot among the world's wealthiest individuals.

The drop marked Dell Technologies' steepest intraday decline since July, triggered by Barclays' downgrade of the stock from 'overweight' to 'equal-weight' ahead of the opening bell. Shares of the hardware and server maker were down 11.1% shortly before market close, triggering a major erosion in the founder's fortune.

According to Forbes estimates, Michael Dell's net worth stood at $256.6 billion following Wednesday's slide. The drop places him just behind Alphabet co-founder Sergey Brin, whose own wealth declined ...