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Microstrategy’s executive chairman, Michael Saylor, is reportedly selling $216 million of his company’s shares, as revealed in a filing with the U.S. Securities and Exchange Commission (SEC). The filing details a plan to sell 315,000 shares of the company’s common stock, which is expected to trigger considerable market activity in the coming period. Interestingly, the tech executive, known for his pro-bitcoin stance, intends to use some of the proceeds of this sale to augment his personal Bitcoin holdings.
In Microstrategy’s previously disclosed plan to sell up to 400,000 shares, a pre-arranged 10b5-1 trading plan detailed potential daily sales of 5,000 shares, linked to a minimum price condition. This plan was also underlined by Saylor’s ambitions to allocate some part of the profit to increase his personal bitcoin portfolio. Known for opting a minimal salary of $1 from the company, the visionary entrepreneur is expected to exercise his due stock option, therefore enabling him to meet some financial commitments and facilitate investment into Bitcoin. As of 2020, it was reported that Saylor personally owned 17,732 BTC, while his company’s publicly reported holdings totted up to 189,150 BTC by the end of 2023.
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