Michael Saylor “Leave” MicroStrategy CEO Position To Focus On Bitcoin After Q2 Report
Michael Saylor will step down as CEO of MicroStrategy and assume the role of Executive Chairman. With this new role he will be able to focus more on Bitcoin buying and holding strategies.
Michael Saylor “left” the CEO chair
At the same time as the release of the second quarter financial report, billionaire Michael Saylor announced that he would step down as CEO of MicroStrategy – the company he founded in 1989 and is one of the holding organizations. The most Bitcoins in the world.
Accordingly, Michael Saylor will continue to serve the company as Chairman of the Board of Directors. Phong Le – Company President and former Chief Financial Officer – will take over as CEO instead. The above decision will take effect from August 8.
“I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business. As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations,”Mr. Saylor said
At the start of his term as CFO in July, Phong Le clarified that MicroStrategy remained committed to his Bitcoin HODL plan under his watch.
The move of CEO Michael Saylor could be a measure to appease company shareholders after the damage caused by his “no Bitcoin” strategy. It is worth mentioning that Mr. Saylor has served as the CEO of MicroStrategy since the company was founded.
As of the end of July 2022, MicroStrategy is holding a total of 129,699 Bitcoins – worth around $2 billion with an average price of $30,664/BTC. When the BTC price peaked in early November 2021, all Bitcoins were worth up to 8 billion USD, but disappeared to only about 2.96 billion USD at the time of writing. During the entire second quarter, the company also only “bottomed” once with a purchase of $ 10 million in BTC on June 29, a sign that MicroStrategy may have run out of money.
MicroStrategy is incurring a loss of digital assets worth $918 million due to the recent drastic drop in Bitcoin price. Back in the same period last year, the company also made a loss of $425 million because of Bitcoin.
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