Michael Dell unloads US$1.2 billion in second big Dell stock sale

DELL Technologies founder and chief executive officer Michael Dell on Thursday (Sep 26) sold 10 million shares of his namesake company’s stock worth US$1.22 billion, his second significant sale in September, according to regulatory filings.

Dell earlier sold 10 million shares, worth US$1.17 billion, in a series of transactions from Sep 19 to 23, according to a filing with the Securities and Exchange Commission.

The company has benefited from the wave of investor interest in artificial intelligence companies, particularly through increasing sales of its high-powered servers. The stock has jumped 55 per cent this year, and Dell Technologies joined the S&P 500 last week after a decade off the index.

Michael Dell is currently the 13th-richest person in the world with a fortune of more than US$111 billion, according to the Bloomberg Billionaires Index. He owns about half of Dell Technologies, including shares held by his wife’s trust, and derives the rest of his fortune from Broadcom stock.

The CEO’s net worth has increased by more than US$33 billion this year as the stock price has soared. A representative for his family investment office declined to comment on the sales.

The computer maker cut workers on its sales team in August and said earlier this month that it will continue to reduce jobs amid margin pressure. The company also ordered its salespeople back to the office five days a week. BLOOMBERG