NEW YORK (CNNMoney.com) - Apple Computer Inc. CEO Steve Jobs got a good laugh at the expense of rival Dell Inc., according to a report Monday.

In 1997, after Jobs returned to the company he helped start in 1976, Dell founder and CEO Michael Dell, was asked what could be done to fix Apple, in deep financial trouble at the time, the New York Times said.

Since returning to Apple, Jobs has revitalized the company's computer business and created its wildly successful iPod division.

"What would I do? I'd shut it down and give the money back to the shareholders," Dell said to an audience of information technology managers, according to the paper.

But Apple (Research) stock surged 12 percent last week, pushing the company's market capitalization to $72.13 billion, passing Dell's (Research) value of $71.97 billion.

According to the Times, Jobs sent an e-mail message Friday to employees that read: "Team, it turned out that Michael Dell wasn't perfect at predicting the future. Based on today's stock market close, Apple is worth more than Dell. Stocks go up and down, and things may be different tomorrow, but I thought it was worth a moment of reflection today. Steve."

In 2000, after helping the company out of financial trouble, Jobs was awarded a corporate jet and options to purchase 10 million shares, the paper said.

In 2003, Jobs' options were exchanged for a restricted stock grant of 10 million shares. At Apple's closing price on Friday of $85.59, his stake in the company is worth some $855.9 million, the paper said.

But Dell's personal wealth still exceeds that of Jobs. Last year Dell was ranked fourth on Forbes magazine's list of the 400 wealthiest people in the U.S. His personal wealth is estimated at $14.2 billion, according to the paper.

Dell's stock closed at $30.58 on Friday.

Dell executives did not return calls for comment, the paper said.

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