Renowned investor Peter Schiff on Sunday doubled down on his statement about Strategy Inc.‘s (NASDAQ:MSTR) preferred stock being “the most obvious” Ponzi scheme.
Schiff’s Jibe At Strategy CEO’s Defense
In an X post, Schiff likely referenced Strategy CEO Phong Le’s interview on the Paul Barron show dated April 24, where he defended the firm’s Perpetual Stretch Preferred Stock (NASDAQ:STRC) offering as “transparent.”
“We are taking the proceeds of Stretch and putting it into Bitcoin, right? It’s not like we’re taking the proceeds, and we’re then using those proceeds to pay out dividends,” Le said. “So, it’s very clear what we’re doing with the proceeds.”
However, the response failed to impress Schiff.
“But I never accused Strategy of hiding the scheme. In contrast, I called STRC the most obvious Ponzi precisely because MSTR is so open about it,” Schiff said.
Strategy didn’t immediately return Benzinga’s request for comment.
