MicroStrategy Tumbles After Citron Research Shorts the Stock (1)

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.

Under Chair Michael Saylor, MicroStrategy has become nearly synonymous with Bitcoin after it snapped up billions of dollars of the cryptocurrency, sometimes selling ...