Cookie Monster

Hive

Michael Dell, founder and CEO of tech firm Dell Technologies (DELL), sold 10 million shares in his company worth about $1.22 billion in his second big September sale.
A Sept. 30 <a data-ct-non-breakable="null" href="https://investors.delltechnologies.com/static-files/2eb6a503-caad-4d79-8aa3-fb4e271133e4" rel="null" target="null" text="null" title="null">filing</a> with the United States Securities and Exchange Commission shows Dell offloaded the 10 million shares and still holds over 16.91 million shares worth more than $2 billion at the time of publication.
The sale marks Dell’s second share dump in a month. Only days earlier, on Sept. 23, Dell <a data-ct-non-breakable="null" href="https://investors.delltechnologies.com/static-files/6bbefe3c-0af1-47ce-a9af-84826ab5319c" rel="null" target="null" text="null" title="null">disclosed</a> that he’d sold 10 million shares of his namesake company worth about $1.17 billion across seven transactions between Sept. 19 and Sept. 23.
Dell Technologies’ stock price is up 58.5% this year, <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/DELL:NYSE" rel="null" target="null" text="null" title="null">according</a> to Google Finance. The rise saw it on Sept. 24 rejoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-sp500-listing-stocks-bitcoin" rel="null" target="null" text="null" title="null">the S&amp;P 500</a> — which tracks the largest 500 public companies in the US.
The tech firm is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/zuckerberg-becomes-fourth-richest-person-metaverse-play" rel="null" target="null" text="null" title="null">riding a wave of interest</a> in artificial intelligence (AI) companies amid a surge in demand for servers that can keep up with the needs of running <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/ai-automation-big-data-computer-vision-deep-learning" rel="null" target="null" text="null" title="null">AI apps</a>.
<figure>
 <img alt="Bitcoin-curious Michael Dell sells $1.2B worth of Dell stock" name="" src="https://s3.cointelegraph.com/uploads/2024-10/019246b8-fc49-75f8-9354-a7d2e792b7eb">
 <figcaption style="text-align: center;">
 DELL hit all-time highs in May due to surging demand for AI hardware. Source: Google Finance
 </figcaption>
</figure>
It’s unclear why Dell sold such large amounts of his company’s stock, but traders have yet to react to the sales, with DELL’s share price down just 0.33% in after-hours trading on Sept. 30 and up 0.74% in the last five trading days.
Dell sparked online interest in June with a series of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/michael-dell-bitcoin-massive-btc-purchase-speculations" rel="null" target="null" text="null" title="null">cryptic X posts</a> that raised speculation the tech founder was exploring Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) — either personally or for his business.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hive-digital-focus-crypto-mining-ai-data-centers" rel="null" target="null" text="null" title="null">Hive Digital expands focus from crypto mining to AI data centers</a>
“Scarcity creates value,” Dell posted — a phrase often used by Bitcoiners in reference to the cryptocurrency’s hard-capped supply of 21 million coins&nbsp;— which also caught Bitcoin bull and peer tech firm founder <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/who-is-michael-saylor" rel="null" target="null" text="null" title="null">Michael Saylor’s</a> attention.
Dell then reposted the MicroStrategy co-founder’s reply to his post, which said, “Bitcoin is Digital Scarcity.” He later shared an AI-generated picture of the Sesame Street character Cookie Monster eating Bitcoin-themed cookies.
Still, despite Dell’s crypto posting, Dell Technologies <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dell-no-signs-bitcoin-despite-ceo-bullish-crypto-comments" rel="null" target="null" text="null" title="null">didn’t add any Bitcoin</a> to its balance sheet in the second quarter of this year. Its results posted in August showed revenue up 9% year-on-year, along with record servers and networking revenue — up 80% from the year-earlier period.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/solana-printing-tokens-bots-subsidies/" rel="null" target="null" text="null" title="null">What Solana’s critics get right… and what they get wrong</a>

Bitcoin-curious Michael Dell sells $1.2B worth of Dell stock

Cointelegraph

Other articles published on Oct 1, 2024

Justin Sun Transfers 537 Million EIGEN Coins to HTX Exchange

Binance Implements New Risk Warning System for Altcoins

Gopher | $GOPHER

Hamster Kombat Token Suffers Major Market Drop

How to Analyze Crypto News for Investment Decisions: A Guide for Savvy Investors

Bitwise Files XRP Coin ETF Application Today

Join our free newsletter for daily crypto updates!