Michael Dell is unloading shares in his namesake computer company for the first time in almost three years as Dell Technologies Inc.‘s stock soars on artificial-intelligence optimism.
Dell’s chief executive officer has been selling on a near daily basis since March 6 and has now disposed of more than 4 million shares worth about $465 million, according to Bloomberg calculations.
He still owns half of the Texas-based company, the largest asset behind his $94.2 billion fortune, according to the Bloomberg Billionaires Index.
A spokesperson for Dell’s family office DFO Management declined to comment.
Dell’s shares jumped 32% on March 1 to a record high after the company reported sales and profit that beat analyst’s estimates, fueled by demand for technology that can support AI applications. The stock gained 40% this year through Monday’s close.
Dell, 59, who founded the company in 1984 while a student at the University of Texas at Austin, joins a growing number of tech billionaires selling stakes in their companies, including Meta Platforms Inc.’s Mark Zuckerberg, Amazon Inc.’s Jeff Bezos and Peter Thiel.
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