Michael Dell is on a selling spree.
The chief executive officer of Dell Technologies Inc. intends to sell 10 million shares worth $1.3 billion, according to a regulatory filing dated June 6. Combined with shares worth $1.6 billion he and the Michael & Susan Dell Foundation unloaded earlier this year, 2024 is on track to be his biggest selling year ever.
It would top a previous record set in 1999, when the billionaire sold $1.7 billion worth of Dell stock. The internet bubble burst the following year.
Even after the sales, Dell will own nearly half the Round Rock, Texas-based company, the biggest asset in his $108 billion fortune, according to the Bloomberg Billionaires Index.
A spokesperson for Dell didn’t immediately respond to a request for comment.
Dell, 59, is the 12th-richest person in the world, according to the Index. The company he founded in 1984 while a student at the University of Texas at Austin has become a beneficiary of the AI boom as corporations add servers and other infrastructure to utilize advanced chips from the likes of Nvidia Corp.
By early March, Dell joined an elite group of individuals with fortunes exceeding $100 billion as shares hit a record high. They continued to climb, and by May had more than tripled over the past 12 months.
But after reporting earnings that month that failed to meet investor expectations, the stock plunged and Dell’s wealth tumbled the most in a single day on record. Shares remain up more than 70% this year.
With assistance from Brody Ford and Jack Witzig.
This article was generated from an automated news agency feed without modifications to text.
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Published: 11 Jun 2024, 11:24 PM IST