Dell Technologies Inc. founder and CEO Michael Dell on Thursday sold 10 million shares of his namesake company’s stock worth $1.22 billion, his second significant sale in September, according to regulatory filings.
Dell earlier sold 10 million shares, worth $1.17 billion, in a series of transactions from Sept. 19 to 23, according to a filing with the Securities and Exchange Commission.
The company has benefited from the wave of investor interest in artificial-intelligence companies, particularly through increasing sales of its high-powered servers. The stock has jumped 55% this year, and Dell Technologies joined the S&P 500 last week after a decade off the index.
Michael Dell is currently the 13th-richest person in the world with a fortune of more than $111 billion, according to the Bloomberg Billionaires Index. He owns about half of Dell Technologies, including shares held by his wife’s trust, and derives the rest of his fortune from Broadcom Inc. stock.
The CEO’s net worth has increased by more than $33 billion this year as the stock price has soared. A representative for his family investment office declined to comment on the sales.
The computer maker cut workers on its sales team in August and said this month that it would continue to reduce jobs amid margin pressure. The company also ordered its salespeople back to the office five days a week.