According to CNBC’s report, Michael Saylor, the founder of the US-listed company MicroStrategy and a staunch supporter of Bitcoin, has obtained approximately $370 million in cash by selling company shares this year.
The report claims that Michael Saylor reached a stock sale agreement with his company last summer, allowing him to sell up to 400,000 shares of MicroStrategy stock within the first four months of 2024. In fact, Michael Saylor had already revealed this plan as early as November last year.
During the Q3 2023 earnings conference call, Michael Saylor stated that he acquired a stock option involving 400,000 shares in 2014, and this option will expire in April 2024. At that time, he announced his plan to sell 5,000 shares per trading day between January 2nd and 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.
Although the MicroStrategy stock price has been quite impressive this year, it has retraced nearly 40% since reaching a high of $1,999.99 at the end of March. In comparison, Bitcoin has only experienced a decline of about 10% during the same period.
Benchmark analyst Mark Palmer 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 views on the stock price.
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