Michael Dell, founder and CEO of Dell Technologies, has sold $1.2 billion worth of company stock this month, sparking speculation about his potential interest in Bitcoin. This comes after Dell shared cryptic social media posts referencing “digital scarcity” and reposting Bitcoin proponent Michael Saylor.
Michael Dell has filed to sell $1.2 billion worth of Dell stock.
Is he preparing to buy Bitcoin? 🤔 pic.twitter.com/dg4Bh8CKcK
— Wealth Mastery by Lark Davis (@WealthMastery_) October 1, 2024
Dell still holds more than 16.91 million shares, worth over $2 billion at the time of filing. Dell Technologies’ shares have risen by 55% this year, driven by the increasing demand for AI technologies. The company has leveraged on the demand increase for AI-related infrastructure with a specific focus on servers that support AI applications.
Dell Technologies Returns to S&P 500
Worth noting for shareholders is that Dell Technologies recently returned to the S&P 500 stock market index. The stock sale did not significantly affect the share price, which declined by only 0.33% after the announcement. It also increased by 0.74 percent in the five days leading up to September 30.
Speculation was already rife around Michael Dell’s stock sales due to his social media activity. In June, Dell shared cryptic posts on X that led some to believe he might be exploring Bitcoin. One post referenced “scarcity creates value.” He later reposted a comment by MicroStrategy co-founder Michael Saylor, which described Bitcoin as “Digital Scarcity.”
Although Dell’s posts prompted social media discussions, Dell Technologies has not yet added Bitcoin to its balance sheet. The firm’s second quarter fiscal results that were announced in August revealed a spectacular performance in the servers and the networking products increasing by 80% year-over-year.
Despite these large transactions, traders have shown little reaction to Dell’s stock sales. The tech firm’s strong financial results and its position in the growing AI market continue to attract investor interest. Dell’s personal investment plans remain unclear.
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