Tracking stock is a specific type of share that centers on a single company unit rather than the entire business. Dell's tracking stock is specific to its 81% stake in VMWare (VMW). Hedge fund managers, including Icahn, have bristled at Dell's buyback, ostensibly believing there's more value to be gleaned from the company. If Dell goes public, those shareholders would be forced to sell all of their tracking stock, according to Reuters. And Dell is reportedly looking to work with investment banks to determine how an IPO might ultimately affect both its operation and those shareholders. For its part, Dell hasn't commented publicly on an IPO and declined Fortune 's request for comment on the Reuters report.