One of the top Strategy (formerly MicroStrategy) influencers has sold his position and called founder Michael Saylor a liar.
Josh Mandell, who has over 140,000 followers on X and is frequently praised in subreddits like r/MSTR as a key voice on the company, went viral today after claiming that Strategy executives have reneged on solemn forward guidance.
As previously reported by Protos, Saylor decided to modify slide 96 of the company’s July 31 earnings presentation. Critically, he changed the company’s guidance to not dilute common (MSTR) shareholders while MSTR trades at a multiple-to-Net Asset Value (mNAV) between 1x and 2.5x.
Yesterday morning, Saylor added a third, catch-all exception beyond servicing interest and dividend payments.
According to the new slide, Strategy may now dilute MSTR between a 1x and 2.5x mNAV “when otherwise deemed advantageous to the company.”
MNAV is the extra value that investors place on Strategy’s enterprise value above its bitcoin (BTC) holdings. As of publication time, its Enterprise Value is 1.55x the value of its $71.4 billion worth of BTC.
Albeit impressive, that premium has halved since November 20, 2024.
As months have passed, loyalists like Mandell became fed up with the lengthy decline and the downside decoupling of MSTR from the price of BTC.
Read more: MicroStrategy abandons MSTR dilution promise after mNAV drop
They’re saying Michael Saylor lied
According to Mandell, Saylor lied by saying he wasn’t going to dilute MSTR between 1 to 2.5x except to service interest and dividend payments, and then reneged on that guidance yesterday.
Mandell initially gained fame by predicting that the price of BTC would rally to $84,000 on a precise day — March 14, 2025 — which it duly did.
He continued to gain prominence after buying and commenting on MSTR, the world’s most popular BTC treasury stock.
Other loyalists have resigned in the wake of Saylor’s about-face. “Spot on Josh — It pains me to agree with you!” said X Spaces influencer Darkside.
Parrot Capital amplified his view of Saylor’s alleged dishonesty.
Similar posts about the alleged lie gained tens of thousands of impressions. A reverse chronological search on X for posts about “saylor” and conjugations of the verb “to lie” return dozens of posts within the past 24 hours.
These allegations about lying echo other disappointments about the company.
One Strategy employee on Glassdoor called the work experience “extremely disappointing” while another account executive called it “demoralizing.”
Meanwhile, insiders have been dumping millions of dollars’ worth of stock.