SCHEDULE: Major Investor Adjusts Stake in Technology Giant

Silver Lake Group and its affiliates have reduced their beneficial ownership in Dell Technologies Inc. Class C Common Stock through recent sales and distributions, now holding approximately 8.7% of total common stock.

Summary

• Silver Lake Group and its affiliated entities (the Reporting Persons) have filed an Amendment No. 11 to their Schedule 13D, updating their beneficial ownership in Dell Technologies Inc. Class C Common Stock.
• The Reporting Persons collectively beneficially own an aggregate of 58,887,472 shares of Dell Technologies Inc.'s Class C Common Stock.
• This represents approximately 14.7% of the issued and outstanding Class C Common Stock, calculated based on 340,913,143 shares of Class C Common Stock outstanding as of July 16, 2025.
• The aggregate beneficial ownership also constitutes approximately 8.7% of the total outstanding common stock of Dell Technologies Inc., based on 676,381,673 shares of common stock outstanding as of July 16, 2025.
• The Reporting Persons' holdings are entitled to approximately 15.9% of the combined voting power of the common stock of Dell Technologies Inc.
• During the past 60 days, the Reporting Persons sold an aggregate of 2,707,805 shares of Class C Common Stock on various dates between June 9, 2025, and July 16, 2025.
• Additionally, the Reporting Persons initiated distributions of Class C Common Stock to their equity holders on three occasions:
• On June 13, 2025, 457,186 shares were distributed.
• On June 30, 2025, 225,406 shares were distributed.
• On July 14, 2025, 214,201 shares were distributed.
• All shares sold or distributed were received upon the conversion of an equal number of Class B Common Stock shares held by the Reporting Persons.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the significant reduction in beneficial ownership by a major institutional investor, which could imply a less favorable outlook on the company's stock.

Negatives

• The significant reduction in beneficial ownership by a major institutional investor like Silver Lake Group, through sales and distributions, could be perceived as a negative signal regarding their long-term conviction in the company's stock.

Risks

• The reduction in stake by a major investor could lead to negative market sentiment and potentially impact the share price.

Future Outlook

NA

Industry Context

This filing reflects a routine disclosure of changes in beneficial ownership by a major private equity firm, Silver Lake, in a prominent technology company. Such adjustments in large institutional holdings are common and can be influenced by various factors, including portfolio rebalancing, fund liquidity needs, or a shift in investment strategy. While not directly indicative of broader industry trends, significant stake reductions by major investors in a sector leader like Dell Technologies can sometimes prompt closer scrutiny from other market participants regarding the company's prospects or the investor's outlook on the technology hardware and services sector.

Stakeholder Impact

• Shareholders: The reduction in a significant institutional investor's stake may lead to concerns about the company's future performance or valuation, potentially influencing individual investment decisions and the stock price.
• Investment Professionals: Analysts and fund managers will note the change in Silver Lake's position, potentially prompting a re-evaluation of their own models and recommendations for Dell Technologies.

Key Dates

Recommendation

Keywords

Dell Technologies, Silver Lake, Class C Common Stock, Beneficial Ownership, Schedule 13D, Institutional Investor, Stock Sales, Share Distribution, Voting Power