Michael Dell unloads $465 million of shares for first time in three years
Michael Dell is unloading shares in Dell for the first time in almost three years as his company’s stock soars on artificial-intelligence optimism. Dell’s chief executive officer has been selling on a near daily basis since March 6 and has now disposed of more than 4 million shares worth about $465 million. He however still owns half of the Texas-based company, the largest asset behind his $94.2 billion fortune.
Dell’s shares jumped 32% on March 1 to a record high after the company reported sales and profit that beat analyst’s estimates, fuelled by demand for technology that can support AI applications. The stock gained 40% this year through Monday’s close.
Michael Dell, 59, who founded the company in 1984 while a student at the University of Texas at Austin, joins a growing number of tech billionaires selling stakes in their companies. The list includes Meta Platforms Inc.’s Mark Zuckerberg, Amazon.com Inc.’s Jeff Bezos and Peter Thiel.
While the reasons behind Dell’s decision to sell shares remain unclear, it represents only a small fraction of his overall wealth. Dell still retains a controlling stake in the company, estimated to be around half of Dell Technologies. This suggests the share sale might not be a signal of any major concerns about the company’s future prospects.
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