Chanos Criticizes MicroStrategy's Approach to Preferred Shares Amid Stock Decline
Veteran short seller Jim Chanos has criticized MicroStrategy for promoting the stability of its perpetual preferred shares despite the company's significant stock price decline.
Jim Chanos, a prominent short seller, has criticized MicroStrategy for highlighting the stability of their perpetual preferred shares while the company's stock price continues to fall. MicroStrategy holds substantial Bitcoin reserves, but its stock has declined over 60% in the past year. The company's market value is currently lower than its Bitcoin holdings.
CEO Michael Saylor maintains that MicroStrategy will not sell Bitcoin and claims the company has sufficient cash reserves to cover dividends and debt obligations for 2.5 years without raising additional funds.
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