Controversy Surrounding Bitcoin King Michael Saylor After Multi-Million Dollar Jet Expenditure #
Michael Saylor is back in the spotlight on X, but not in the way he’d prefer. Regulatory documents reveal that his company, Strategy, made a $27 million down payment for a private jet. On X, he’s facing sharp criticism, especially as the falling price of bitcoin has also caused a sharp decline in his company’s stock. Users on X argue that his priorities are misplaced.
How is Strategy doing? #
According to the filing, the net cash used by the company for investments increased significantly this year. It also states that Strategy made a $27 million down payment for a new corporate jet.
Strategy purchased $19.38 billion worth of bitcoin through convertible bonds, shares, and other methods.
Now that the price of bitcoin is approaching Strategy’s average purchase price (about $74,000 per bitcoin), there may come a time when Strategy has to sell some to meet shareholder obligations.
Investors and X users feel that in such times, buying an expensive jet is not done.
Reactions on X #
Novacula Occami said on X that Strategy’s stock (MSTR) has fallen 55% over the past year, yet Saylor needs a new private jet.
Fabled Crypto responds pragmatically: Apple, Microsoft, Google, and Amazon have also bought private jets, haven’t they?
Jacob King even claims that Strategy is on the brink of collapse, but he received little support for that.
Supporters of Strategy responded by saying that private jets are common for globally operating companies that travel a lot. They downplay that $27 million is a drop in the bucket compared to what Strategy has on its balance sheet.
A life in the spotlight #
Michael Saylor of Strategy is a well-known figure, and everything he does is put under a microscope. When bitcoin reaches a new all-time high, he’s a genius. When things go a bit south, he’s a fool.
Emotions have run high on X, but this will likely fade away. Especially if bitcoin makes another run at a new all-time high.