Just to clarify, I only meant pure supply/demand market mechanisms, not the psychological effect (such as losing confidence etc).
Let's try to break it down:
So what would happen if such dump caused the price of shares to go below the price of bitcoin (ie. they would be traded below company's market value)? If the arbitrage could be applied, i.e. new shareholders could force the company to sell bitcoins - then all is clear. But if new shareholders could not make the decision to sell, then the only impact on BTC price would be that some potential BTC buyers would choose to buy cheaper company shares instead (so reducing demand for BTC and causing the price to drop).
I can't think of any other factors.
I think it is normal for Saylor to sell MSTR. The market is maintained by the buying and selling of assets, and Saylor is also an investor. He has the right to sell his shares when he needs to.
This decision could have a temporary negative impact on MSTR price and cause MSTR investors to worry that something negative is about to happen to the stock. However, this decision has no direct impact on BTC and the crypto market because MS has not sold any BTC.
In fact, we can believe that Saylor is selling MSTR to continue accumulating BTC himself, as Saylor is known as BTC diamond hands in the market. This could boost investor confidence and optimism in BTC, giving them more reasons to invest more in BTC, driving up BTC price.