Billionaire Michael Dell Plans Record $2.9 Billion Share Sale of Dell Technologies Inc Stock This Year
Michael Dell, the CEO of Dell Technologies Inc., is selling a large number of shares this year.
According to a regulatory filing from June 6, Dell plans to sell 10 million shares worth $1.3 billion. Earlier this year, he and the Michael & Susan Dell Foundation sold shares worth $1.6 billion. Altogether, this makes 2024 his biggest year for selling shares, surpassing his previous record in 1999 when he sold $1.7 billion worth of Dell stock just before the internet bubble burst.
Even after these sales, Dell will still own nearly half of the company, which is the largest part of his $108 billion fortune, according to the Bloomberg Billionaires Index.
Dell, who is 59 years old, is the 12th-richest person in the world. He founded Dell Technologies in 1984 while he was a student at the University of Texas at Austin. The company has benefited from the AI boom as businesses buy more servers and advanced chips from companies like Nvidia Corp.
In early March, Dell’s fortune exceeded $100 billion as the company’s shares hit a record high. By May, the shares had more than tripled over the past year. However, after the company’s earnings report in May did not meet investor expectations, the stock price dropped significantly, causing a large single-day decrease in Dell’s wealth. Despite this, the shares are still up more than 70% this year.
A spokesperson for Dell did not immediately respond to a request for comment.
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