$MSTR is a zombie dotcom fraud w/ crap earnings (chart).

It's lit now b/c it bought tons of Bitcoin & just issued a $600m CB to buy more.

$BTC/equity ratio: 640%. Post financing: 733%.

$MSTR history seems like what $TSLA, PwC & SEC are undergoing these days.
2/ $MSTR CEO @michael_saylor settled for fraud in 2000.

-He overstated sales & covered losses
-PwC OK'd it
-SEC allowed no admission of guilt for an $8.7m penalty

$MSTR plunged by 98% from its 3/00 peak.

Saylor is a star now only b/c $BTC is up 3x since he got $MSTR to buy it.
3/ Are there similarities between $MSTR & $TSLA? A few.

@elonmusk publicly pined for $BTC on Twitter last Dec (LEFT) & Saylor replied w/ an offer to advise him on how to buy it (RIGHT).

On Feb-8th, $TSLA's 10K was released saying it owned $1.5bn of $BTC "from Jan'21".
4/ And the accounting tactics. They seem oddly familiar.

$TSLA has bloated current accounts & murky P&L disclosures.

It likely does this through booking >60% of its sales in the last month of each quarter.

$MSTR committed fraud by doing similar things in the dotcom days.
5/ I often wonder how PwC can handle all of the "complex" accounting going on at $TSLA.

PwC handled it well back in the late 90s w/ $MSTR. Media became noisy. New rules enforced by the SEC. And that's when PwC's partners did the right thing: they thought about their future.
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