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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>.
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 <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">
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 DELL hit all-time highs in May due to surging demand for AI hardware. Source: Google Finance
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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

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