MicroStrategy Tumbles After Citron Research Shorts the Stock
- Andrew Left’s firm is short MicroStrategy, bullish on Bitcoin
- Shares of MicroStrategy have surged along with Bitcoin in 2024
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MicroStrategy Inc shares tumbled after Andrew Left’s Citron Research said in a post on X that it’s betting against the software company, which has effectively transformed itself into a Bitcoin investment fund.
The stock fell 16% to close at about $397, reversing a gain of nearly 15% from earlier in the session. The slump marked the stock’s worst day since April 30 and came despite the extended rally in Bitcoin, which rose to a record high.