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News

MicroStrategy Founder Michael Saylor Profits $370 Million Selling Company Stock

April 19, 2024 - Around 2 mins mins to read

Key Points:

  • MicroStrategy founder Michael Saylor has sold 370,000 shares, pocketing $370 million from a stock sale agreement initiated last year.
  • Saylor’s swift selling comes as MicroStrategy shares surged over 90% this year, fueled by its substantial Bitcoin holdings and strategic shift towards cryptocurrencies.
  • MicroStrategy recently announced a $525 million convertible debt offering to further bolster its Bitcoin stack.
According to CNBC, MicroStrategy founder Michael Saylor has capitalized on a stock sale agreement with the company, pocketing approximately $370 million from the sale of 370,000 shares.
MicroStrategy Founder Michael Saylor Profits $370 Million Selling Company Stock

MicroStrategy Founder Sells Company’s Shares, Nets $370 Million

The agreement, initiated last year, allowed the MicroStrategy founder to sell up to 400,000 shares before April this year. With over 90% of the plan now executed, Saylor has reaped significant gains, propelled by MicroStrategy‘s substantial ascent, effectively a Bitcoin holding company.

Despite a recent retreat in MicroStrategy shares, the stock has surged over 90% this year, following a remarkable 346% surge in 2023. Saylor, a veteran in the tech industry who founded MicroStrategy in 1989, has garnered attention as a prominent figure in the realm of Bitcoin.

MicroStrategy Stock Surges on Bitcoin Boom

Since the company’s strategic shift towards cryptocurrencies in mid-2020, MicroStrategy has acquired more than 214,000 Bitcoins, leveraging its balance sheet and capital markets.

As the largest shareholder of MicroStrategy, Saylor’s Class B holdings are valued at approximately $2.3 billion. Additionally, he owns 400,000 Class A shares, acquired through an option granted in 2014, which he is swiftly offloading.

Last month, MicroStrategy announced plans to bolster its Bitcoin holdings with a $525 million convertible debt offering, which was subsequently upsized from $500 million. Purchasers were granted an option to acquire up to an additional $78.5 million of the offering, signaling the company’s ongoing commitment to its crypto investment strategy.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.