Dell traces its origins to 1984, when Michael Dell created Dell Computer Corporation, which at the time did business as PC's Limited, while a student of the University of Texas at Austin. The dorm-room headquartered company sold IBM PC-compatible computers built from stock components. Dell dropped out of school to focus full-time on his fledgling business, after getting $1,000 in expansion-capital from his family. In 1985, the company produced the first computer of its own design, the Turbo PC, which sold for $795. PC's Limited advertised its systems in national computer magazines for sale directly to consumers and custom assembled each ordered unit according to a selection of options. The company grossed more than $73 million in its first year of operation. n 2005, while earnings and sales continued to rise, sales growth slowed considerably, and the company stock lost 25% of its value that year. By June 2006, the stock traded around $25 USD which was 40% down from July 2005—the high-water mark of the company in the post-dotcom era. The company suffered ups and downs from 2005 and 2013 and many wrote it off. After several weeks of rumors, which started around January 11, 2013, Dell announced on February 5, 2013 that it had struck a $24.4 billion leveraged buyout deal, that would have delisted its shares from the NASDAQ and Hong Kong Stock Exchange and taken it private. Reuters reported that Michael Dell and Silver Lake Partners, aided by a $2 billion loan from Microsoft, would acquire the public shares at $13.65 apiece. The $24.4 billion buyout was projected to be the largest leveraged buyout backed by private equity since the 2007 financial crisis. It is also the largest technology buyout ever, surpassing the 2006 buyout of Freescale Semiconductor for $17.5 billion. The founder of Dell, Michael Dell, said of the February offer "I believe this transaction will open an exciting new chapter for Dell, our customers and team members".
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