- Top Strategy (formerly MicroStrategy) influencer Josh Mandell has sold his MSTR holdings and publicly accused Michael Saylor of breaking promises to shareholders.
- Mandell and others claim the company changed its guidance on stock dilution, adding an exception that allows dilution for any reason deemed beneficial to the company.
- Mandell’s viral posts led to further resignations and criticism from leading voices within the MSTR investor community.
- The premium on MSTR stock over its Bitcoin holdings has halved since November 2024, with several insiders reportedly selling their shares.
- Employee reviews and widespread online discussion show broader disappointment within Strategy about management and recent changes.
On August 19, 2025, major Strategy shareholder and influencer Josh Mandell announced he had sold his position in the company, citing concerns about leadership and broken promises to investors. Mandell directly accused company founder Michael Saylor of reversing previous guidance about stock dilution, a claim that quickly spread across social media platforms.
According to Mandell, Strategy changed its official policy by editing an earnings presentation on July 31. Originally, the company said it would avoid diluting common shareholders while MSTR stock traded at a multiple-to-Net Asset Value (mNAV) between 1x and 2.5x—except when needed to make interest or dividend payments. A new change now states dilution may occur “when otherwise deemed advantageous to the company.”
Mandell stated on X, “He said they wouldn’t … and then he did. I am announcing that I will not speak in support of anything that man does again.” Other well-known community members, such as Darkside and Parrot Capital, echoed Mandell’s criticism. Social media posts accusing Saylor of lying drew tens of thousands of views, indicating extended unrest among investors.
MSTR’s premium over its bitcoin holdings—measured by enterprise value compared to asset value—stood at 1.55x as of publication, on $71.4 billion in BTC. However, this premium has dropped by 50% since November 2024, deepening frustration among loyal investors. Several insiders have also sold large amounts of company stock.
User reviews on platforms like Glassdoor reflect additional dissatisfaction within Strategy, with some employees calling the work environment “demoralizing” and “extremely disappointing.” The controversy has intensified public scrutiny of leadership decisions and investor relations at Strategy.
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