This post originally appeared on The Southern Investigative Reporting Foundation (SIRF) website and was written by Keith Larsen. SIRF provides in-depth financial investigative reporting for the common good.
You may not remember where you were on March 20, 2000, but it’s a very safe bet that a man named Michael Saylor does. More than 14 years later, and it’s likely still fresh in his mind because it’s not every day that one incurs what is the greatest single-day hit to personal wealth in capital market history.
That day, as the CEO and majority shareholder of software company MicroStrategy Inc. (MSTR), whose clients now include Facebook (FB) and Starbucks (SBUX), Saylor lost $6.1 billion of his reported $15 billion fortune.
Saylor’s historic loss was a result of MicroStrategy’s price per share freefalling $140 in a single day after the price fell to $86.75 from the previous day’s close of $226.75.
The stock price's sharp decline was the result of a major restatement of MicroStrategy’s