Metaplanet Stock Slides as CEO Fails to Address Controversial Option Pool
Metaplanet's (TSE: 3350) stock price plummeted 17% after CEO Simon Gerovich acknowledged the company had not done enough to explain a change to its executive option pool. The pool, which has grown nearly sevenfold since 2022, now stands at 319,464,000 shares.
The Tokyo-listed bitcoin treasury company froze the share option pool, but investors expressed dissatisfaction with Gerovich's explanation, citing that it did not address why the extra shares were not cancelled. In a note to shareholders on X, Gerovich stated that his team had spent time reading feedback and criticism from investors, acknowledging that they had not communicated clearly.
Gerovich also addressed concerns about his ties to MMXX Ventures, a disclosed Metaplanet shareholder, stating he holds no director or officer role there and has 'no involvement in its investment or trading decisions.'