By TLDR
Michael Dell sold 10 million Dell Technologies shares worth $1.22 billion in September
This was Dell’s second large stock sale in September, totaling about $2.39 billion
Dell Technologies’ stock price is up 58.5% this year, rejoining the S&P 500
The company is benefiting from increased demand for AI-capable servers
Michael Dell sparked speculation about Bitcoin interest with cryptic social media posts
Michael Dell, founder and CEO of Dell Technologies, has made headlines with two significant stock sales in September 2023, totaling approximately $2.39 billion.
These transactions come at a time when the company is riding high on the artificial intelligence (AI) wave and Dell himself has shown public interest in cryptocurrency.
According to a filing with the U.S. Securities and Exchange Commission on September 30, Dell sold 10 million shares of his company, worth about $1.22 billion.
This sale follows a similar transaction just days earlier, on September 23, when Dell offloaded another 10 million shares for approximately $1.17 billion.
Despite these large sales, Dell still holds a substantial stake in the company, with over 16.91 million shares valued at more than $2 billion.
The tech mogul’s decision to sell such a large portion of his holdings has not significantly impacted the company’s stock price, which remains relatively stable.
Dell Technologies has been performing exceptionally well in 2023, with its stock price up 58.5% year-to-date. This strong performance led to the company’s reinstatement in the S&P 500 index on September 24, a significant milestone for any publicly traded company.
The surge in Dell’s stock price can be attributed to the growing demand for AI-capable hardware. As businesses and organizations increasingly adopt AI technologies, there’s a rising need for powerful servers that can handle the computational requirements of AI applications.
Dell Technologies has positioned itself to capitalize on this trend, reporting record servers and networking revenue in its latest financial results.
In August, the company announced an impressive 80% year-over-year increase in server and networking revenue. Overall, Dell Technologies saw a 9% year-on-year rise in total revenue, indicating strong growth across its product lines.
Adding an interesting twist to the story, Michael Dell has recently sparked speculation about his interest in Bitcoin and cryptocurrency. In June, he made a series of cryptic posts on social media platform X (formerly Twitter) that caught the attention of the crypto community.
One of Dell’s posts stated, “Scarcity creates value,” a phrase often used by Bitcoin enthusiasts to describe the cryptocurrency’s limited supply of 21 million coins.
This post attracted a response from Michael Saylor, another tech entrepreneur known for his strong support of Bitcoin. Dell’s reposting of Saylor’s reply, which read “Bitcoin is Digital Scarcity,” further fueled speculation about his crypto interests.
Dell also shared an AI-generated image of the Sesame Street character Cookie Monster eating Bitcoin-themed cookies, adding to the intrigue surrounding his potential involvement in the cryptocurrency space.
However, it’s important to note that despite these social media activities, Dell Technologies has not added any Bitcoin to its balance sheet as of the second quarter of 2023.
The company’s focus appears to remain primarily on its core business of providing hardware solutions, particularly in the growing field of AI-capable servers.
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Nermeen Nabil Khear