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Posted : Wednesday, July 2, 2008
DALLAS: In recent days, Chief
Executive Michael Dell has bought about $100 million worth of stock in Dell Inc,
the shares of which rallied this spring but are still near a five-year low.
Shares in Dell rose 4.5 per cent Wednesday, the day after Dell's
investment was disclosed, but they settled back to close at $22.70, for a gain
of 52 cents or 2.3 per cent.
According to a regulatory filing the
company made after the close of trading Tuesday, Dell bought more than 4.5
million shares for $99.7 million in three separate deals from June 27 through
Tuesday.
The splurge leaves him owning more than 250 million shares
directly or indirectly, close to 11 per cent of the company's stock for a total
value at Wednesday's close of more than $5.6 billion. That amount doesn't
include options Dell holds on still more stock.
Dell founded the
company in his college dorm room in 1984. It grew to be the world's largest
maker of personal computers but lost that title to Hewlett-Packard Co in 2006.
Dell, who had stepped aside as CEO, resumed the job in January 2007
after the Round Rock-based company's growth slowed. Dell is increasingly selling
machines through retailers instead of directly to customers over the phone and
the Internet.
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