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Michael Dell buys $100M worth of company's shares
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Published: September 12, 2008
Updated:
ROUND ROCK, Texas -- Michael Dell, the chairman and chief executive of Dell Inc., bought $100 million of shares last week after the company's stock plunged following disappointing earnings, according to Bloomberg News.
Dell bought about $71.5 million of shares on Sept. 4, and $28.5 million on Sept. 5, according to a regulatory filing. As of July 1, Dell had a 12.8 percent stake, making him the biggest shareholder.
The Wall Street Journal reported last week that Dell may be considering selling its computer-assembly plants, including its plant in Forsyth County, to help cut $3 billion in costs and revive profit margins. Dell may sell the plants within 18 months and has approached contract computer manufacturers, the newspaper reported.
David Frink, a spokesman for Dell, said last week that "the report in The Wall Street Journal that we are selling plants is speculation on their part, and we don't comment on rumor and speculation."
Dell has about 1,150 employees at its $115 million Forsyth plant where it assembles desktop computers for business and individual customers. That number has been relatively stable for about 1½ years.
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