Analyst Jacob King from WhaleWire suggests MicroStrategy (MSTR) investment is losing its appeal. He argues that founder Michael Saylor's actions are detrimental to shareholders. King accuses Saylor of manipulating shareholder equity for personal gain, pointing to a change in the agreement regarding new share issuance. Saylor previously stated he wouldn't issue shares below 2.5x net asset value per share, but King alleges this clause has been altered. This change allows Saylor to dilute shareholder equity whenever it benefits him directly, according to King. The premium MSTR shares once held has also significantly decreased. Once trading at 3.4x net asset value, it's now down to 1.6x, reflecting a potential loss of investor confidence. The analyst did not specify if the change in share issuance was due to regulatory issues or shareholder vote. The lack of transparency could be the source of investor concern. ```