MicroStrategy's stock temporarily plummeted as Citron Research engaged in short selling.
November 22, 2024 2:38 JST (excerpt)
Software maker MicroStrategy saw a temporary 10% drop in the U.S. stock market on the 21st. Andrew Left of Citron Research, known as a short seller, posted on social media (formerly Twitter) betting on the company's decline. MicroStrategy serves a function similar to a cryptocurrency hedge fund.
The company's stock started with a buy advance, rising nearly 15% at one point. Year-to-date, it has surged by 650% from the previous closing price.
Software maker MicroStrategy saw a temporary 10% drop in the U.S. stock market on the 21st. Andrew Left of Citron Research, known as a short seller, posted on social media (formerly Twitter) betting on the company's decline. MicroStrategy serves a function similar to a cryptocurrency hedge fund.
The company's stock started with a buy advance, rising nearly 15% at one point. Year-to-date, it has surged by 650% from the previous closing price.
Under the leadership of Chairman Michael Saylor, MicroStrategy has purchased billions of dollars worth of bitcoin, sometimes raising funds for purchases through bond issuances, making it almost synonymous with bitcoin. However, with the introduction of Bitcoin Exchange Traded Funds (ETFs), investors now have the option to directly purchase ETFs rather than using MicroStrategy's stock as a proxy investment in Bitcoin.
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