The guy you are quoting is an idiot. Saylor is selling MSTR options that he got 10 years ago that will otherwise expire. 5000 shares per day in Q1. Saylor has been fully transparent about this in their Q3 financial results. He buys bitcoin privately with the proceeds.
Nice to hear that.
Do you have a source for this information?
I was blaming MS because he was selling shares, instead of Bitcoin he was telling everyone that shares would perform better than Bitcoin. Of course, if these shares are the result of options exercise this changes the framework a little bit, even if he can exercise the option and remain long the stocks without selling those.
I did provide the source. But to be more specific @49:18:
https://www.microstrategy.com/investor-relationsMore details in the 10Q on page 77 (Nov 1, 2023):
Rule 10b5-1 Information
On September 19, 2023, Michael J. Saylor, the Chairman of our Board of Directors and our Executive Chairman, entered into a 10b5-1
trading plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act with respect to the sale
of up to 400,000 shares of our Class A common stock underlying a vested stock option, which expires if unexercised on April 30, 2024.
Under this trading plan, on each trading day from January 2, 2024 to April 25, 2024, Mr. Saylor plans to exercise and sell 5,000 shares
with respect to the stock option, subject to a minimum price condition. To the extent less than 5,000 shares are exercised and sold on a
given trading day, the balance can be added to the number of shares exercised and sold on any future trading day up to and including
April 26, 2024, which is the last date on which shares may be exercised and sold under the plan.
https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/blt4bfd39c423aa82dc/6544de43a6f13604076c86e4/form-10-q_11-01-2023.pdfSo...since Jan 2 and until April 25 (80trading days) he could have been selling 5000 sh/trading day.
However, there were no sales until March 1 (MSTR went from 695 to 1079 before he started selling).
His sales are also not always at a max:
so far 33 sales, total number of shares sold 77575, average price ($1481.88...wow!), total $110,652,495
https://www.secform4.com/insider-trading/1050446.htmConclusions: he could have started selling at $600, waited two mo until the price went above a thou and has been selling less than he could, but the conditions of his sales are such that he could sell more as long as total number does not exceed 400K shares. Btw, he structured it in such a way to finish sales by the halving.
So far, he has executed these sells very well, getting $1.48K/share while the average since Jan 2 was no more than a thou.
The guy is obviously brilliant, the only question is whether he will be using his prowess at our expense and so far, he has been quite modest, taking off just 110 mil off of 14.22 bil stock appreciation in 2024, which is about 0.77%.
I can definitely live with a CEO that causes almost 3X appreciation in 3 mo and only takes home less than one percent of accrued shareholder value.