Michael Dell, the tech mogul behind Dell Technologies, is offloading shares like he’s clearing out old servers. On Sept. 30, an SEC filing confirmed he sold 10 million shares, raking in a cool $1.22 billion. But that’s not all—this is his second big sale in just one month. The Dell boss still holds over 16.91 million shares, worth more than $2 billion, but nobody knows why he’s selling so much at once.
Two Massive Stock Dumps in September
Earlier, between Sept. 19 and Sept. 23, Dell sold another 10 million shares in multiple transactions, netting around $1.17 billion. So, what’s going on? Traders don’t seem too fazed by the sell-off. In fact, Dell Technologies’ stock price dipped only 0.33% in after-hours trading on Sept. 30. Over the last five days, the stock is still up 0.74%.
Investors are curious, though. Dell Technologies has been riding a major wave this year, thanks to skyrocketing interest in AI. The company’s servers, which are in high demand for running AI applications, helped its stock price jump 58.5% this year. The tech firm even rejoined the S&P 500, the index tracking the largest 500 U.S. public companies, on Sept. 24.
Cryptic Bitcoin Posts Fuel Speculation
But here’s where it gets weird. Back in June, Dell posted some cryptic messages on X (formerly Twitter), which stirred up Bitcoin rumors. He posted, “Scarcity creates value,” a phrase often associated with Bitcoin’s 21 million supply cap. That caught the attention of Bitcoin evangelist Michael Saylor, who chimed in with, “Bitcoin is Digital Scarcity.” Dell even reposted Saylor’s comment and shared an AI image of Cookie Monster chomping on Bitcoin-themed cookies.
Despite these Bitcoin-flavored hints, Dell Technologies didn’t buy any Bitcoin this year. The company’s Q2 earnings report, posted in August, showed a 9% revenue increase year-over-year. Meanwhile, servers and networking revenue shot up 80%—a sign that AI remains Dell’s bread and butter for now.
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