Michael Dell sells $1.2 billion of Dell stock, reducing stake amid recent S&P 500 inclusion and company’s AI expansion

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Michael Dell, CEO of Dell Technologies Inc. (NYSE:DELL), has divested a significant portion of its shares in the company.

What happened: According to a filing with the US Securities and Exchange Commission on Thursday, Dell sold 10 million shares of Class C common stock at an average price of $122.4 per share.

This transaction amounts to a total value of more than 1.2 billion dollars. The sale was executed directly by Dell, reducing its holdings in the company to 16,912,241 shares.

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Why it matters: This significant sale comes on the heels of several notable events involving Michael Dell and Dell Technologies. Last week, Dell was included in the S&P 500 index.

In June, Dell expressed interest in Bitcoin (CRYPTO:BTC) by retweeting a message from Bitcoin advocate Michael Saylor that sparked discussions about digital scarcity.

In addition, Dell talked about the rapid progress of generative artificial intelligence, comparing its rapid rise to the early days of the Internet. He pointed out that AI adoption is happening at a much faster pace than previous technology waves.

In August, Jim Cramer downgraded shares of Dell Technologies, highlighting the company’s strong relationship with NVIDIA Corp (NASDAQ:NVDA) and suggesting the stock should be bought at that time.

As recently as September, new analyst coverage began on an upbeat note, reflecting positive sentiment around Dell Technologies.

Price action: Shares of Dell Technologies Inc. closed Monday at $118.54, down 1.40% for the day. In after-hours trading, shares were further down 0.33%. Dell shares are up 58.50% year to date, according to data from Benzinga Pro.

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This article Michael Dell sells $1.2 billion worth of Dell stock, reducing stake amid recent S&P 500 inclusion and company’s AI expansion originally appeared on Benzinga.com