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.
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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.
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