Microstrategy down 6% to $488, down $300 since I predicted that it could go bankrupt (or at least be forced to raise a ton of capital at very unfavorable rates) if bitcoin falls to $10k, destroying considerable shareholder equity.
The cards are falling. Despite Bitcoin being down 28% from its highs, MSTR is down over 60%. Mike a few days ago added another 270 Bitcoin to his position. I don’t claim to be a math phd or anything like that, but if you keep adding to a position that is falling, especially with borrowed money, you are going to eventually go broke.
MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k
— Michael Saylor (@michael_saylor) May 13, 2021
I just hoped he saved some $ for the inevitable shareholder lawsuits. Poor guy is gonna need it.