According to CNBC’s report, Michael Saylor, the founder of the US-listed company MicroStrategy and a staunch supporter of Bitcoin, has recently obtained approximately $370 million in cash through the sale of company shares.
The report claims that Michael Saylor reached a stock sale agreement with his company last summer, which allowed him to sell up to 400,000 shares of MicroStrategy stock within the first four months of 2024. In fact, Michael Saylor had revealed this plan as early as November last year.
During the conference call for the third-quarter financial report in 2023, Michael Saylor stated that he acquired a stock option involving 400,000 shares in 2014, which is set to expire in April 2024. At that time, he announced his plan to sell 5,000 shares per trading day from January 2nd to April 25th.
Documents show that as of this week, Michael Saylor has sold 370,000 shares (approximately 90%), with a total value of $372.7 million. According to the latest disclosure on Thursday, he now holds only 30,000 shares of Class A stock.
Despite the impressive performance of MicroStrategy’s stock price this year, which has experienced a pullback of nearly 40% since reaching a high of $1999.99 at the end of March, Bitcoin has only declined by about 10% during the same period.
Mark Palmer, an analyst at Benchmark, believes that this stock sale plan is purely “procedural” as it was decided and executed last year, and it does not reflect Michael Saylor’s current confidence in MicroStrategy or his view on the stock price.
