Techub News reports that index provider MSCI approved a new rule on October 15 to exclude companies classified as having “non-operating businesses” from its global investable market indexes. The new rule will take effect after the market closes on November 30. Under the rule, Michael Saylor’s company Strategy Inc. has been named as a potential removal candidate, along with Japanese bitcoin treasury company Metaplanet. The final list of companies affected is expected to be announced on November 11. JPMorgan previously estimated that Strategy’s removal could trigger about $2.8 billion in stock selling pressure. MSCI-tracking funds hold about 3.1% of Strategy’s outstanding shares. The new rule includes a buffer mechanism: existing index constituents must fail to meet the criteria for two consecutive review periods before being removed. Strategy shares fell nearly 4% at one point in after-hours trading. (Bloomberg)