After his firm stated that BTC will be added to their balance sheet in 2020, Michael Saylor became one of the most vocal proponents and shills of Bitcoin. Since then, the Bitcoin community has rallied around him, amassing millions of followers and putting him in the public eye.
Michael Saylor, contrary to common perception, has a dubious history and has been withholding key information from the public, such as how he has been quietly dumping thousands of Bitcoin from his firm for months while advising others to “take out double mortgages and go all-in.”
The dot-com boom, which lasted from 1995 to the 2000s, was one of the greatest in history. Extreme speculation was conducted for internet-based enterprises, primarily those with a “.com” domain for their web address.
To learn more about Michael Saylor’s past and discover what other investments he’d made when he initially got into Bitcoin, there are many sources online. Mostly one would like to see
to see how things turned out and to examine his investing history.
It’s critical to constantly “Don’t Trust, Verify” and conduct your own research on public people, cryptocurrencies, stocks, and anything else.
20 years ago, Fortune magazine compiled a list of who was impacted the worst during the tech bubble using data from Thompson Financial and Bloomberg. Michael Saylor, who lost $13.53 billion in the greatest and quickest financial loss ever, was ranked top (at the time).
Years of sloppy bookkeeping, fraud, and poor leadership were to blame for his investment disasters.
The whole business of Michael Saylor was predicated on falsehood. The dotcom craze propelled his stock from $30 to over $3000 in a few of years, but that all came crashing down (-99.9% drop) when the business was compelled to restate its accounting data, erasing all of the gains they’d ever claimed.
The Securities and Exchange Commission (SEC) launched an inquiry into Michael Saylor on December 14, 2000, accusing him of being a fraud.
The case, like most SEC cases, ended in a settlement, and this one did as well. Saylor agreed to pay $8.3 million to shareholders and a $350,000 penalty to the Securities and Exchange Commission without admitting or disputing the claims.
The SEC also found that, rather than profiting (as Saylor stated), they were losing money. MicroStrategy was primarily powered by fresh investors, who they were able to attract solely as a result of the dot-com bubble’s excessive hype, illusions, and speculations.
MicroStrategy said in June that it will purchase $400 million worth of Bitcoin. This was clearly done to inflate prices and divert attention away from what really important later in their statement. Saylor stated that they would be paying directors in Bitcoin and that they would be launching a new subsidiary named MacroStrategy LLC to house their existing 92,079 bitcoin.
Saylor wanted to show early on that he believes in Bitcoin, even if it’s only for show, so he declared he had “no plans to sell his Bitcoin for the next 100 years.” If Saylor did sell, he would have to file with the Securities and Exchange Commission, and he would face a barrage of criticism.
So, rather than taking the transparent route, he creates a cryptic and seemingly meaningless LLC. But it’s not entirely pointless: an LLC provides Michael Saylor with one essential benefit that he genuinely desires. Because it is a private subsidiary, he will not be compelled to file his Bitcoin sales with the SEC.
While announcing their purchase, Michael Saylor quietly unloaded $63 million in bitcoin. So, in essence, they make an announcement every time they acquire, but refuse to make an announcement when they sell… This is technically legal because the monies were moved to a private LLC, but it is extremely immoral.
Microstrategy has thus far dumped nearly 8000 Bitcoin.
Despite all of the above mentioned concerns regarding Michael Saylor and his organization, there is still more to be concerned about. According to SEC filings, MicroStrategy’s top executives have been covertly selling millions of dollars’ worth of stock. The company’s management are plainly pessimistic about the future, which is why they’re dumping at the greatest rate in almost a decade.
MicroStrategy executives sold slightly under $270 million worth of company shares in the last ten years, according to Protos. Between October 2012 and October 2020, those same insiders only sold $8.3 million in shares.
Last year, about 65 percent of all executive transactions were declared.
The insider sales are suspect since they occur at such a crucial moment. All of this is taking place as Michael Saylor inexplicably formed an LLC, and Bitcoin is experiencing extremely low volume and demand, as well as poor metrics, and is on the verge of a far greater drop in the months ahead.
