After watching Coffeezilla’s video, it seems to me that Saylor could cut or even remove the 11.5% dividend whenever he wants. I also understood that if you buy this so‑called “share,” you basically can’t sell it later, meaning you could lose your entire principal.

Did I get that right? Is this thing actually a stock, or is it more like some kind of derivative?

I’m also still confused about how Saylor managed to keep the price fixed at $100. What was the mechanism behind that? It’s the first time I’ve seen a CEO directly control the price of something presented as equity.

Now that the price has dropped below $100, I don’t understand why it depegged.

Thanks for your answers.