The CEO of Dell Technologies (NYSE: DELL), Michael Dell, plans to sell 10 million shares valued at $1.3 billion, according to a June 6 SEC regulatory filing.
If the CEO’s plan to sell 10 million shares goes through, it would bring the total sales of shares to $2.9 billion in 2024. This, combined with the Michael & Susan Dell Foundation’s sale of shares worth $1.6 billion this year, could potentially make 2024 Dell’s highest-selling year ever.
Just recently, on June 6 and 10, Michael Dell sold a total of 1,480,242 DELL shares at an average price of $133.91 per share, for a total profit of $198 million, according to a Form 4 filing on June 10.
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Therefore, the previous record of $1.7 billion, set in 1999, just before the internet bubble burst, is already surpassed.
AI boom has been lucrative for DELL stock
Dell, which he founded in 1984 while attending the University of Texas at Austin, has thrived amid the AI boom as corporations invest in servers and infrastructure to utilize advanced chips from companies like Nvidia (NASDAQ: NVDA).
During the previous year, DELL stock felt the positive effect of the ongoing AI revolution, and it received endorsement from Nvidia’s CEO Jensen Huang, as its value rose by more than 170%.
High levels of selling activity may negatively affect DELL’s stock price in the short term, with growth within a rising trend channel in the medium to long term to counter this selling trend.
This signals increasing investor optimism and suggests that the stock will continue to rise, with notable support levels at $68 and resistance at $179.
Dell stock made a significant impact on its CEO’s wealth
By early March, Dell had joined an elite group of individuals with fortunes exceeding $100 billion as the company’s shares hit a record high.
DELL stock continued to rise and had tripled over the past 12 months by May. However, after reporting earnings in May that failed to meet investor expectations, DELL shares experienced a significant drop, causing Dell’s wealth to decrease $11.7 billion to $107.1 billion–the most in a single day on record.
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