Dell Technologies CEO Cashes In: Michael Dell To Sell 10M Shares Amid AI Boom

6/12/24 10:22:40 AM ET

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Michael Dell, CEO of Dell Technologies Inc. (NYSE:DELL), is set to sell 10 million shares valued at approximately $1.3 billion, as revealed in a recent regulatory filing dated June 6.

This year could mark a record in Michael Dell’s selling history, surpassing the total from 1999 during the peak of the internet bubble.

This follows an earlier transaction where the billionaire and the Michael & Susan Dell Foundation sold shares worth $1.6 billion, positioning 2024 as potentially his most significant year of stock liquidation, according to a report from Bloomberg.

The year 1999 saw Michael Dell selling $1.7 billion in stock, just before the burst of the internet bubble. These planned sales will still leave him with nearly half ownership of Dell Technologies, anchoring his $108 billion fortune as per the Bloomberg Billionaires Index.

Dell, who ranks as the 12th richest person globally per the report, established Dell Technologies in 1984 while attending the University of Texas at Austin.

Related Read: Nvidia’s AI Chip – The Product Propelling Its Success

The company has significantly benefited from the recent AI boom, bolstering demand for infrastructure to support advanced processors from companies like Nvidia Corp. (NASDAQ:NVDA).

Dell’s fortune reached a milestone in March as his net worth exceeded $100 billion, thanks to soaring stock values.

However, after disappointing earnings reported in May, the company’s shares took a significant hit, reportedly marking the largest single-day drop in Michael Dell’s wealth on record.

Dell stock has gained more than 175% in the last 12 months. Investors can gain exposure to the stock via Invesco Dorsey Wright Technology Momentum ETF (NASDAQ:PTF) and First Trust Cloud Computing ETF (NASDAQ:SKYY).

Price Action: DELL shares are trading lower by 0.61% at $131.64 at the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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