Michael Saylor has lost voting control of MicroStrategy
With MicroStrategy’s market cap sitting at over $100 billion this morning and a new round of debt being announced almost daily to acquire more bitcoin, many fans have overlooked a critical change inside the company. For years, Bitcoiners have assumed that CEO Michael Saylor had voting control of the firm. He has now lost that control. Throughout most of the corporation’s history, a dual share structure separated equity ownership and voting rights. As recently as October 21, Saylor, as executive chairman, held 51.7% of the total voting power of MicroStrategy’s common stock outstanding. Specifically, Saylor’s overwhelming control of Class B common stock, which outvotes Class A shareholders on a 10:1 basis, maintained his majority control even as his equity exposure dwindled on a percentage basis. Because one person controlled corporate governance and unilaterally made decisions — such as switching the company’s about-face focus from software to bitcoin acquisition — NA
