Is Michael Dell Selling His Stock to Invest in Bitcoin?

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Michael Dell, founder and CEO of Dell Technologies, has sold 10 million shares of his company, valued at approximately $1.22 billion, according to a filing yesterday with the U.S. Securities and Exchange Commission (SEC).

However, this sale follows a previous transaction earlier in the month, where Dell sold another 10 million shares worth around $1.17 billion between September 19 and September 23. Following these two transactions, Dell retains over 16.91 million shares, with a market value exceeding $2 billion.

According to Google Finance, Dell Technologies’ stock price has increased significantly in 2023, with shares up 58.5% year-to-date. The company rejoined the S&P 500 on September 24, following its stock performance and market valuation. The tech firm’s growth has been partly driven by rising demand for servers that support artificial intelligence (AI) applications.

Speculation Over Dell’s Interest in Bitcoin

Michael Dell’s recent social media activity has sparked curiosity within the cryptocurrency community. In June, Dell posted, “Scarcity creates value,” a phrase often associated with Bitcoin due to its fixed supply of 21 million coins. This comment caught the attention of MicroStrategy co-founder Michael Saylor, a known Bitcoin advocate, who replied, “Bitcoin is Digital Scarcity.” Dell then reshared Saylor’s reply and posted an AI-generated image of the Cookie Monster from Sesame Street eating Bitcoin-themed cookies.

Despite these posts, Dell Technologies did not add Bitcoin to its balance sheet in the second quarter, and the company has made no public disclosures regarding any cryptocurrency investments.

Strong Performance in AI-Driven Markets

Dell Technologies has continued to see strong financial results in 2023, driven by increased demand for AI-related infrastructure. In its second-quarter earnings report, the company posted a 9% year-on-year increase in revenue. Dell’s servers and networking revenue also significantly boosted, rising 80% from the previous quarter.

While Michael Dell’s reasons for selling such a large portion of his shares remain unknown, the market has shown minimal reaction to the transactions. The company’s stock price experienced a slight decline of 0.33% in after-hours trading following the filing yesterday and gained 0.74% over the last five trading days of the month. Dell Technologies remains a key player in the tech industry, particularly in AI.

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LAWRENCE

Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.

Lawrence holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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