Michael Dell, the billionaire founder and CEO of Dell Technologies, recently demonstrated his commitment to philanthropy by donating approximately $350 million worth of Dell Technologies stock. This generous gesture marks his first donation of Dell shares since 2006 and stands as the most substantial contribution of the company's stock from his personal holdings, as reported by Forbes.
Between October 13 and October 19, Michael Dell gifted a total of 5.15 million shares, as indicated by Securities and Exchange Commission filings. Remarkably, a significant portion of this donation, nearly 40%, amounting to 2 million shares, was allocated to the Michael & Susan Dell Foundation. The remaining shares were allocated to charitable funds that Michael and his wife actively oversee and advise.
In the context of Michael Dell's estimated net worth of $64 billion, placing him as the 18th-richest individual worldwide according to the Bloomberg Billionaires Index, this donation might appear relatively modest. Nonetheless, it underlines the philanthropic commitment of the entrepreneur and his spouse. In fact, they earned the 16th spot on Forbes' list of the most generous philanthropists in the United States, having donated an estimated $2.4 billion over their lifetime.
This significant stock donation occurred in the midst of a major financial development for Michael Dell. As Broadcom moves forward with its acquisition of VMware this month, Michael Dell is positioned to receive a substantial windfall exceeding $20 billion in stock and cash. This acquisition is of particular significance because Michael Dell possesses a nearly 40% ownership stake in VMware, a prominent cloud-computing company. The impending deal, as indicated in official filings, will see him trading his stake for over $20 billion in Broadcom stock and cash.
Furthermore, Michael Dell's personal fortune has witnessed a notable resurgence this year, with a remarkable increase of $16 billion according to Bloomberg's index. A key contributing factor to this resurgence is the outstanding performance of Dell Technologies stock, which has surged by 63% since the beginning of the year. This remarkable growth can be largely attributed to the expanding interest and investments in the field of artificial intelligence, a trend that has bolstered the shares of numerous technology companies, including industry giants like Microsoft and Nvidia.