Michael Saylor steps down as CEO of MicroStrategy as losses widen
The Hindu
Net losses was at $1.062 billion this quarter compared to $299.3 million for the second quarter of 2021
The American business intelligence company MicroStrategy has announced that Michael Saylor, will be stepping down as CEO and taking up the role of Executive Chairman in order to focus on acquiring more cryptocurrency.
(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)
Company President Phong Le will serve as the new CEO of MicroStrategy. Messrs Le and Saylor will continue to stay on the company’s board.
“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,” said Mr. Saylor in a release posted on August 2.
Mr. Saylor’s company MicroStrategy has acquired approximately 129,699 Bitcoin. However, the value of his investments is down by 25.14%, or over $999 million, according to the Saylor Tracker website. The former CEO is a strong supporter of Bitcoin and promotes its underlying technology on social media.
“#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy,” stated the pinned tweet on his Twitter account.
Mr. Saylor, who is a billionaire, has also bought Bitcoin when its price crashed, a tactic known as ‘buying the dip.’ However, Bitcoin’s value has more than halved in 2022.
U.K. sanctions British Sikh businessman Gurpreet Singh Rehal for alleged ties to pro-Khalistan terrorism, freezing his assets and disqualifying him as a director.
New York woman Stacey Taylor charged with smuggling Indian nationals into the U.S. faces severe legal consequences.
Supreme Court to review the constitutionality of Trump's birthright citizenship order impacting children of undocumented immigrants.
A U.S. deportation flight carrying 172 Venezuelan migrants lands in Caracas amidst heightened military tensions and ongoing drug trafficking claims.
FIFA awards President Trump a peace prize, marking a significant shift from its traditional sports focus during the 2026 World Cup draw.
PM Modi emphasizes the enduring India-Russia friendship, highlighting energy ties and new collaborations during Putin's visit.
German lawmakers approve a plan to boost military recruitment without reinstating conscription amid rising security concerns from Russia.
Watch: Putin visit - Can India walk the balance with the West?
Trump's new strategy prioritizes regional concerns, promoting resistance in Europe and reasserting U.S. dominance in Latin America.
Israel's cabinet approves a $35 billion defense budget for 2026, facing a challenging parliamentary vote amid political polarization.
Sri Lanka issues urgent landslip warnings as Cyclone Ditwah's death toll rises to 607 amid ongoing heavy rainfall and evacuations.
EU regulators fine Elon Musk's X 120 million euros for breaching digital laws on transparency and user safety.
Indians among 171 delivery riders detained in U.K. crackdown on illegal migration as part of new government reforms.