Why MicroStrategy Stock Is Plummeting Today
Shares of MicroStrategy Inc (NASDAQ: MSTR) are falling on Monday. The company's stock lost 12.6% as of 10:50 a.m. ET and was down as much as 13.9% earlier in the day. The drop comes as the S 500 lost 2%, and the Nasdaq Composite lost 3.5%.
The company, now doing business under the name Strategy, just announced another massive capital raise to fund additional Bitcoin accumulation as the cryptocurrency continues to decline.
MicroStrategy revealed plans to raise up to $21 billion through the issuance of "perpetual strike preferred stock" with no expiration. The special shares offer investors an 8% dividend and the option to convert them into regular shares at any time.
Source Fool.com
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