Michael Saylor is once again in the spotlight of Crypto Twitter after the latest regulatory report revealed that Strategy (one of MicroStrategy's former names) spent $27 million USD to deposit for the company's plane.
This revelation sparked a wave of criticism from users claiming that this purchase reflects a misguided priority at a time when both Bitcoin and the stock of Strategy are experiencing heightened volatility.
Shareholders are questioning the spending priorities of the strategy.
According to MicroStrategy's Form 10Q report filed on November 3, net cash spending on investments surged compared to the previous year.
This report revealed that over the nine months ending September 30, Strategy made a $27 million USD deposit for the company's new plane.
It also disclosed the purchase of $19.38 billion USD worth of Bitcoin through convertible debt, a share offering via series STR, and an ongoing ATM project.
While companies often use corporate funds for executive travel, critics say context is crucial for the Strategy.
The company is no longer like a traditional product-focused software company, now functioning as a vehicle closely tied to the volatile price movements of Bitcoin.
When MSTR dropped by about 30% over the past month, some investors questioned whether a plane worth several million USD would align with a strategy focused on Bitcoin.
Investor confidence is being tested.
Crypto Twitter clearly expressed that shareholder money should focus on increasing the company's Bitcoin holdings rather than expanding executive perks.
Users expressed displeasure that the deposit for the plane came with financing of several billion tied directly to the issuance of new shares. Some suggested that the timing of the purchase undermines confidence in the company's alignment with its retail investor base.
Supporters of Strategy argue that the company's plane is typical for a company with global operations and high executive travel demands. They also noted that the $27 million USD deposit is a small part of the funds allocated to accumulate Bitcoin over the same nine-month period.
Still, the dispute reflects a fundamental disagreement about how a public company focused on Bitcoin should balance operational demands with public sentiment.
As Bitcoin remains volatile, this event highlighted how closely Saylor's decisions are tied to market sentiment, especially during periods of high volatility.
The discussion has also revealed how investor expectations have shifted as companies position themselves almost entirely on assets sensitive to macro-level markets.
