Dec 5, 2023
Michael Dell Flags Plan to Donate Stock Worth $1.7 Billion
Bloomberg News
,![Michael Dell, Photographer: Jason Alden/Bloomberg Michael Dell](/polopoly_fs/1.2007642.1701806882!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/michael-dell.jpg)
(Bloomberg) -- Michael Dell is taking steps to donate Dell Technologies Inc. shares worth as much as $1.74 billion.
Dell converted 25 million shares owned by him and a trust in the name of his wife from unlisted Class A to listed Class C stock on Dec. 1, the company said Tuesday in a filing. The conversion was done in anticipation of a “future charitable donation of some or all of the shares,” according to the filing.
He donated about 249,000 of the shares to his family foundation on Monday, a separate filing showed.
Dell, 58, who owns more than 50% of the computer company’s stock, is the world’s 20th-richest person with a $65.4 billion fortune, according to the Bloomberg Billionaires Index.
A spokesperson for DFO Management, Dell’s family office, declined to comment.
The latest gift comes on top of the 5.2 million shares worth about $350 million he donated in October. They went to donor-advised funds and the Michael & Susan Dell Foundation.
The Austin-based foundation reported assets of $1.6 billion at year-end. It supports education, health and economic opportunity causes, with the goal of “accelerating human opportunity across the world.”
A foundation spokesperson said they had no information on Dell’s plans at this time.
About 60% of Dell’s donations this year went to donor-advised funds. Unlike private foundations, such entities aren’t required to disclose whether assets have been donated or to whom they were given. The funds can provide a tax deduction to donors with the flexibility to postpone or mask gifts.
Dell founded his namesake computer company in 1984. Dell’s MSD Partners merged with merchant bank BDT & Co. in January.
--With assistance from Biz Carson.
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