Form 4: Silver Lake Sells Dell Shares Following Conversion of Class B Stock

Silver Lake and related entities sold a significant number of Dell Technologies Class C common stock after converting Class B shares, with transactions occurring on January 6th and 7th, 2025.

Summary

• Silver Lake and its affiliated entities, including SL SPV-2, L.P., Silver Lake Partners IV, L.P., and Silver Lake Partners V DE (AIV), L.P., sold shares of Dell Technologies Class C Common Stock.
• The sales occurred on January 6th and 7th, 2025.
• Prior to the sales, the entities converted Class B Common Stock into Class C Common Stock.
• The sales were executed at weighted average prices of $124.52 on January 6th and $122.79 on January 7th.
• The transactions involved multiple sales at prices ranging from $124.14 to $125.00 on January 6th and $122.01 to $123.00 on January 7th.
• The reporting persons have undertaken to provide full information regarding the number of shares sold at each separate price upon request.
• The reporting persons are jointly filing this Form 4 and disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions. It does not indicate any positive or negative sentiment, but rather a standard process of managing investments.

Management Comments

• The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
• This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any.

Industry Context

This filing reflects a significant transaction by a major shareholder, Silver Lake, and is typical of large investment firms managing their positions in publicly traded companies. Such transactions are closely watched by the market for insights into investor sentiment and potential future moves.

Comparison to Industry Standards

• Form 4 filings are a standard part of regulatory compliance for significant shareholders in publicly traded companies.
• The conversion of Class B to Class C stock is a common mechanism for managing voting rights and liquidity.
• The sale of shares by a large holder like Silver Lake is not unusual, but the size and timing of the transaction can be significant for the stock price.

Stakeholder Impact

• The sale of shares by Silver Lake could potentially impact the share price of Dell Technologies.
• The transactions are likely to be of interest to other shareholders and market participants.

Key Dates

Keywords

Dell Technologies, Silver Lake, Class C Common Stock, Class B Common Stock, Stock Sale, SEC Form 4, Beneficial Ownership, Stock Conversion