Dell Stock Drops After Top Executives Sell Millions
Dell Technologies' stock price dropped by 2% on Thursday to $536.59 after top executives sold millions of dollars in shares. The decline follows a wave of insider selling, with four executives collectively unloading over $31.7 million worth of stock in September.
The sales include CFO David Kennedy and General Counsel Richard Rothberg, who together sold more than $15 million on September 17. Other executives, such as Chief Human Resources Officer Jennifer Saavedra and Chief Marketing Officer Geraldine Tunnell, also cashed out significant amounts.
Despite the insider selling, Dell's stock has performed well this month, climbing 17% since the start of September. The company's AI server backlog has grown to $95 billion, up from $51.3 billion a year ago, and quarterly revenue rose 57.7% year over year.