Bitcoin and altcoins

Michael Saylor is No Longer the CEO of MicroStrategy

Bitcoin-evangelist and billionaire Michael Saylor has stepped down as the Chief Executive Officer of MicroStrategy – one of the world’s largest corporate holders of Bitcoin. He will continue to serve the company as executive chairman of the board.

  • The news comes as part of MicroStrategy’s Q2 2022 Financial Results Presentation, which explains that Phong Le – the company’s president and former CFO – will take over as CEO.
  • This marks the first time Saylor has pivoted from his joint role as chairman and CEO since founding the company in 1989.
  • In a statement, Saylor explained that relinquishing his CEO position will better allow the firm to pursue its objectives of growing its software business, and acquiring more Bitcoin. 
  • “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 Saylor.
  • Le has served as President since July of 2020 and helped lead the implementation of MicroStrategy’s Bitcoin acquisition strategy. “I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies,” he said.
  • Upon beginning his term as CFO in July, Le clarified that MicroStrategy remained committed to its Bitcoin HODL plan under his watch.
  • The road has hardly been easy, however. Per its Q2 results, MicroStrategy suffered a digital asset impairment charge of $917 million due to Bitcoin’s falling price. In Q2 2021, the company suffered a $417 million Bitcoin impairment charge. 
  • MicroStrategy currently holds 129,699 Bitcoin, per Saylor’s latest update on the company’s holdings. These coins held a value of $1.98 billion as of June 30th.

from CryptoPotato

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