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

What Happened: According to a filing with the U.S. 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 over $1.2 billion. The sale was executed directly by Dell, reducing his holdings in the company to 16,912,241 shares.

Why It Matters: This significant sale comes on the heels of several notable events involving Michael Dell and Dell Technologies. Last week, Dell was relisted on the S&P 500 Index

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

Additionally, Dell has been vocal about the rapid advancement of generative artificial intelligence, comparing its swift rise to the early days of the internet. He highlighted that AI's adoption is happening at a pace much faster than previous technological waves.

In August, Jim Cramer called the bottom on Dell Technologies' stock, emphasizing the company's strong relationship with NVIDIA Corp (NASDAQ:NVDA) and suggesting that the stock should be bought at that time.

Most recently, in September, a new analyst coverage began on a bullish note, reflecting positive sentiment around Dell Technologies.

Price Action: Dell Technologies Inc. stock closed at $118.54 on Monday, down 1.40% for the day. In after-hours trading, the stock dipped further by 0.33%. Year to date, Dell's stock has surged by 58.50%, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.