Mark Spiegel, a hedge fund manager known as a major Tesla short seller, says: issued That’s a bearish warning for fast-growing business intelligence company MicroStrategy.
In a social media post Thursday, Spiegel said MicroStrategy’s charismatic co-founder Michael Saylor is “like the Hunt Brothers of the silver market.”
“At some point he will want to unload all his bitcoins and realize that he was the ‘market’,” Spiegel warned.
Nelson Bunker Hunt, the eldest son of oil magnate HL Hunt, famously tried to corner the silver market with his two brothers (William Herbert Hunt and Lamar Hunt).
With the help of wealthy Saudi emirs and other financiers, Mr. Hunt began buying large amounts of precious metals. By January 1980, the Hunt brothers already owned 150 million ounces of silver. At that time, the price of the commodity soared to $52 per troy ounce. They ended up controlling most of the private silver supply.
However, soon after the gold price crashed, speculators began profiting from silver. As President Jimmy Carter began a credit crunch, banks that had been helping speculators ride the hype began attracting loans.
Then, on “Black Thursday” (March 27, 1980), the price of silver crashed, and the Hunt Syndicate lost $2 billion in one day.
The Hunt brothers eventually declared bankruptcy in 1988 after facing various lawsuits.
as U.Today reportedMicroStrategy recently announced plans to raise $42 billion to buy more Bitcoin.
As part of its ambitious fundraising goal, MicroStrategy plans to sell up to $21 billion in stock, taking a page out of Tesla’s playbook.
Many Bitcoiners see this as Bullish developmentbut there are also some concerns about MicroStrategy making it less attractive for widespread enterprise adoption due to its vast holdings.
https://u.today/prominent-tesla-short-seller-issues-major-microstrategy-warning