Yes, but it's also the majority stakeholder, and it's a 100% power down at $1M USD a week. I have a really hard time believing Steemit has a burn-rate of $4M a month. @steemit has 60M Steem, the available supply of Steem is 100m, That's 60% of the entire supply of Steem.

(1) The account doesn't vote, so that is not redistributed to the network.
(2) It's a 100% powerdown, in <2 years the entire account would be depleated unless the powerdown is stopped.

Again, there could be legitimate reasons for this, but I'm hard pressed to find any.