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(Bloomberg) -- MicroStrategy Inc. co-founder and Executive Chairman Michael Saylor’s more-than $4 billion bet on Bitcoin is on the verge of turning profitable once again after the first quarter surge in the value of the original cryptocurrency. Most Read from BloombergParents Are Paying Consultants $750,000 to Get Kids Into Ivy League SchoolsTrump Faces Fingerprints, Mug Shot After Dramatic IndictmentSchwab Hit by Worst Month Since 1987 Amid Cash Sorting WoesChina Hits Micron With Review of Chip
For example, DraftKings (NASDAQ: DKNG), MicroStrategy (NASDAQ: MSTR), and Tesla (NASDAQ: TSLA) are up 66%, 97%, and 59%, respectively, so far this year. Here's why I can't see myself ever holding shares -- and why studying Warren Buffett, the Oracle of Omaha, leads me to believe he wouldn't either. The online sports betting site came public via special purpose acquisition company, or SPAC, in late 2019.
The Bitcoin-savvy software giant faced unexpected financial challenges due to Silvergate's banking collapse. Yet this surprising turn of events may not have been all doom and gloom.