Dell Technologies founder and CEO Michael Dell recently sold 10 million shares of his company, bringing in about $1.22 billion. This marks his second significant sale in September. According to a filing on Sept. 30 with the U.S. Securities and Exchange Commission, Dell still holds over 16.91 million shares valued at more than $2 billion despite the sale.
Dell’s recent stock sale is his second in a month. Just a few days earlier, on Sept. 23, Dell revealed selling 10 million shares of Dell Technologies, valued at around $1.17 billion, through seven transactions between Sept. 19 and 23.
According to Google Finance, Dell Technologies’ stock has surged by 58.5% this year. On Sept. 24, the company returned to the S&P 500, which tracks the 500 largest publicly traded companies in the U.S.
AI demand fuels Dell’s growth
The tech company is benefiting from the growing interest in AI firms, driven by the increasing demand for servers that can support AI applications. It’s unclear why Dell sold a significant portion of his company’s stock, but so far, traders haven’t responded much.
Dell’s stock price dropped slightly by 0.33% in after-hours trading on Sept. 30 but is still up 0.74% over the past five days.
In June, Dell caught people’s attention online with a few cryptic posts on X, sparking rumors that the tech giant might be getting involved with Bitcoin (BTC), either personally or for the company.
Dell posted, “Scarcity creates value,” a common saying among Bitcoin enthusiasts highlighting the cryptocurrency’s limited supply of 21 million coins. This also grabbed the attention of Bitcoin advocate and tech firm founder Michael Saylor.
Despite Dell’s crypto-related announcement, the company didn’t add any Bitcoin to its balance sheet in the second quarter. However, its August report showed a 9% year-over-year revenue increase, with record-breaking growth in servers and networking, which surged 80% compared to the same period last year.