Dell buys into Dell for $100m
Print storyHe's a believer in pocket change
Posted in Financial News, 3rd July 2008 00:29 GMT
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Dell's rebirth as a technology juggernaut is well underway. Just ask Michael Dell.
The company founder and CEO has purchased $100m worth of Dell stock. He acquired the shares via three transactions, buying a total of 4.5m fresh shares.
The mainstream press informs us that this indicates bullish optimism about Dell on Dell's part.
Barron's, for example, blasted out the headline "Michael Dell's $100 Million Bet," and noted "Dell has signaled his faith in the stock by making one of the largest purchases by an individual insider at any company in the past five years." ZDnet, the last honest bastion of the financial press, revealed that "Michael Dell’s a believer" with his $100m statement.
Of course, $100m is what Mr. Dell calls "walking around money" and is about the amount he expects to spend on fireworks this fourth of July. You know - beer, fireworks, barbecue, missile defense shield.
Beyond that, Dell owns, oh, about 250m shares in the company, so how much confidence is he really showing with the 4.5m share haul?
Come on, Michael. Make a Texas-sized purchase. The rest of us want to believe too. ®
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