Micheal Dell sold $1.2 billion worth of Dell Stock
Michael Dell, the founder and CEO of the massive IT company Dell Technologies (DELL), sold 10 million shares
Michael Dell, the founder and CEO of the massive IT company Dell Technologies (DELL), sold 10 million shares for a total value of $1.22 billion in his second big transaction in September.
The 10 million shares were offloaded by Dell, per a filing that was submitted to the Securities and Exchange Commission on September 30. Dell still had more than 16.91 million shares as of this publication
Micheal Dell has sold its shares twice in as many months. He disclosed on September 23, selling 10 million shares of his own business in seven separate transactions between September 19 and September 23 for almost $1.17 billion.
Bloomberg data indicates that Dell Technologies’ stock increased by more than 58% this year. it was able to re-enter the S&P 500 on September 24 due to the increase, , which is a list of the top 500 publicly traded firms in the world’s largest economy
The tech company is seeing a spike in demand for servers that can handle the demands of running artificial intelligence applications as it rides the wave of interest in artificial intelligence firms.
Although the reason for Dell’s massive stock sales remains unknown, trading activity around the blue-chip stock seems muted. As of September 30, DELL’s share price has increased by 0.74% over the previous five trading days and decreased by just 0.33% during after-hours trading.
Michael Dell is the thirteenth richest person globally, having amassed a fortune of $112 billion. His wife’s trust owns shares of Dell Technologies, which he owns almost half. The remaining portion of his wealth comes from Broadcom stock. The computer manufacturer laid off employees from its sales team in August and announced earlier this month, that it will lay off personnel due to pressure on margins.
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