Apple Shares Down, CEO Strategy Proposes Acquisition of Bitcoin
Executive Chairman Strategy (MSTR) Michael Saylor proposed that the tech giant Apple should immediately acquire Bitcoin (BTC) to address the poor performance of Apple's stock buyback program.
"Apple should buy Bitcoin," wrote Saylor on his X page on Tuesday (20/06).
The stock buyback program was implemented to reduce the number of shares outstanding and return profits to investors. However, the stock buyback of Apple in May amounting to US$110 billion to the SEC did not provide a breath of fresh air for investors.
This is because Apple shares have dropped 17% since the beginning of the year. Therefore, Saylor positively proposed that Apple buy Bitcoin as a way to preserve and increase its wealth.
Moreover, finance expert Jim Cramer stated that Apple's stock buyback has not gone smoothly. Thus, according to Cramer, Apple should invest that money in things that generate better returns.
In addition, Saylor's Strategy has acquired Bitcoin to the point where its ownership currently amounts to 582,000 with profits of US$61 million according to Bitcoin Treasuries, Monday (16/06).
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