According to a filing with the Securities and Exchange Commission (SEC) on September 30, Dell sold 10 million shares but still held more than 16.91 million shares, worth more than $2 billion at the time of publication.
This is the second time in a month that Dell has sold a large amount of stock. He previously disclosed on September 23 that he sold 10 million shares of his company, worth about $1.17 billion, in seven transactions between September 19 and 23.
Dell Technologies shares have risen 58.5% this year, according to Google Finance. Thanks to this momentum, the company rejoined the S&P 500 on September 24 — an index that tracks the 500 largest companies in the United States.
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It’s unclear why Michael Dell sold a large amount of the company’s shares, but the market hasn’t reacted strongly to the news. DELL’s stock price was down just 0.33% in after-hours trading on September 30 and is up 0.74% over the past five trading days.
In June, Michael Dell drew attention on social media with a series of ambiguous posts, fueling speculation that he might be interested in Bitcoin — either personally or for his company. “Scarcity creates value,” Dell posted, a phrase often used by Bitcoin enthusiasts to refer to the cryptocurrency’s fixed supply of 21 million coins. The post also caught the attention of fellow Bitcoin advocate and founder of a peer tech company, Michael Saylor.
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Dell later retweeted Saylor’s response, in which Saylor asserted: “Bitcoin is digital scarcity.” Shortly after, Dell posted an AI-generated image of Sesame Street character Cookie Monster eating Bitcoin-themed cookies.
Despite Dell’s crypto posts, however, Dell Technologies did not include Bitcoin on its balance sheet in the second quarter of this year. Its August earnings report showed a 9% year-over-year increase in revenue, along with record growth in its server and networking business — up 80% year-over-year.
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