Strategy loyalists sell MSTR, say Michael Saylor lied about dilution
One of the top Strategy (formerly MicroStrategy) influencers has sold his position and called founder Michael Saylor a liar. Josh Mandell, who has over 140,000 followers on X and is frequently praised in subreddits like r/MSTR as a key voice on the company, went viral today after claiming that Strategy executives have reneged on solemn forward guidance. As previously reported by Protos, Saylor decided to modify slide 96 of the company’s July 31 earnings presentation. Critically, he changed the company’s guidance to not dilute common (MSTR) shareholders while MSTR trades at a multiple-to-Net Asset Value (mNAV) between 1x and 2.5x. Yesterday morning, Saylor added a third, catch-all exception beyond servicing interest and dividend payments. According to the new slide, Strategy may now dilute MSTR between a 1x and 2.5x mNAV “when otherwise deemed advantageous to the company.” MNAV is the extra value that investors place on Strategy’s enterprise value above its bitcoin ...