MicroStrategy founder Michael Saylor will sell 315,000 MicroStrategy shares (ticker MTSR) worth about $216 million, according to a filing with the SEC.
Options will expire and Saylor will sell shares daily
Michael Saylor, founder of MicroStrategy, will sell 315,000 shares of MicroStrategy and will sell 5,000 shares per day starting from January 2 to April 25, 2024. Saylor explained that these were options he obtained in 2014. He originally chose to receive a salary of only $1. These options will expire if they are not exercised. He will invest the cash from the sale into his financial planning, including of course Buy Bitcoin. But even if he sells those shares, he still owns a majority stake.
In the HODLer spirit, sell at recent highs
As can be seen from the stock prices of micro-strategies in the table below, since Saylor received stock options in 2014, most of its stock prices have hovered between US$100 and US$200. Only in the 2021 crypto bull market has the price exceeded US$1,000. Micro-Strategy bucked the trend yesterday and rose 8.48% despite the decline in the broader market, closing at a recent high.
Saylor's move will bring about $216 million in cash to his personal pocket, and he also stated that he will invest it in his own financial planning, including buying Bitcoin. It seems that this loyal believer in Bitcoin still adheres to the HODLer spirit. His financial operations are simple and long-term, which also brings him great wealth.
Image source: Yahoo finance
This article Michael Saylor, the founder of MicroStrategy, launches a daily stock selling plan, which will be used to buy Bitcoin. First appeared on Chain News ABMedia.
