Ross Gerber accuses Michael Saylor of rug-pulling market with BTC sale

Ross Gerber, founder and CEO of U.S. asset management firm Gerber Kawasaki Wealth, has strongly criticized Michael Saylor over MicroStrategy's recent sale of 32 BTC. Gerber accused Saylor of rug-pulling the market after previously stating he would never sell Bitcoin, arguing that the sale triggered a market downturn and the liquidation of speculative positions. MicroStrategy disclosed it had sold the 32 BTC, worth approximately $2.5 million, to cover preferred stock dividend payments, marking its first sale of the asset since late 2022. In contrast to Gerber's view, some market participants see the move as a positive sign, suggesting it demonstrates the company's ability to meet its financial obligations with an amount that is a minuscule fraction of its total holdings.