SEATTLE (AP) — Shares of PC maker Dell Inc. rose Tuesday on news that the company's chairman and CEO bought about $100 million worth of Dell stock.
In a Securities and Exchange Commission filing made late on Monday, the computer maker said its top executive, Michael Dell, bought 7,370,000 shares of Dell at about $13.57 apiece.
Dell's stock jumped 46 cents, or 3.4 percent, to $13.82 in afternoon trading.
Michael Dell is Dell's largest individual shareholder. After the Dec. 17 acquisition, he directly held 232.9 million shares, or about 12 percent of the total outstanding shares, according to the SEC filing.
Michael Dell last increased his stake in the company in September 2008, when he bought 4.6 million shares at an average of about $20.50. His last major sale of company stock was in November 2004, when he sold 10 million shares at an average price of about $40.35, according to SEC filings.