Michael Saylor will go down in history as one of the great all-time con men in the world of finance.
His company Micro Strategy essentially kicked off the dotcom crash in the year 2000 when they restated earnings. It turns out they were lying about profits to make themselves look better than other dotcom companies that weren't able to turn a profit.. He had the dubious distinction of
the largest one day loss of wealth in human history (up to that time) when his stock flash crashed by 62%.
He's also a tax cheat that had to settle with D.C. for $40M last year to resolve his tax fraud.
But let's treat him like a cult-like messiah that knows more about Bitcoin than just about anybody.
Michael Saylor Lost Big in the Dot-Com Bubble and Bitcoin's Crash. Now He Aims to Rebound Again
Being in a tight spot is familiar territory for the 57-year-old Saylor. After the dot-com bubble burst in March 2000, Jim Cramer, the CNBC host,
pointed to the collapse of MicroStrategy as a catalyst. The
stock had tumbled 62% in a single day after MicroStrategy announced accounting mistakes, erasing $6 billion from Saylor’s wealth and marking a prominent end to the high-flying days of the early Internet. Later that year, the U.S. Securities and Exchange Commission
brought, and then settled, accounting charges against MicroStrategy, Saylor and other company executives.
After MicroStrategy's stock collapsed in 2000, now-former CEO Michael Saylor flew under the radar. Crypto changed all that.
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