Business

Michael Saylor Will Step Down as MicroStrategy CEO

Key Takeaways

  • MicroStrategy introduced in the present day that CEO Michael Saylor would step down from that place.
  • Saylor will stay an govt officer and chairman of the board of administrators.
  • The well-known Bitcoin bull is stepping away from day-to-day operations to focus completely on Bitcoin acquisition technique.

Michael Saylor is stepping down as MicroStrategy CEO.

Saylor to Step Down

MicroStrategy introduced in the present day in its earnings report that Michael Saylor will not be serving as its Chief Govt Officer beginning August 8. As an alternative, Saylor will tackle a brand new function as govt chairman. Phong Le, MicroStrategy’s president, is changing Saylor as CEO.

Saylor stays the chairman of the board of administrators and an govt officer of the corporate. He acknowledged within the press launch that as govt chairman, his focus can be solely on “Bitcoin acquisition technique and associated Bitcoin advocacy initiatives.” On the similar time, Le will handle the corporate’s day-to-day operations.

Based in 1989, Microstrategy is a software program firm that gives enterprise intelligence, cell software program, and cloud-based companies. Saylor had been Microstrategy’s CEO since its creation. Le, who joined the corporate in 2015, has served as President since July 2020. The press launch credited Le with “delivering one of many [company’s] finest operational and monetary years” in 2021.

Microstrategy was the primary publicly listed enterprise to begin buying Bitcoin as a part of its treasury, which paved the best way for different tech corporations similar to Tesla so as to add the cryptocurrency to their very own steadiness sheets.

Whereas Tesla bought its Bitcoin holdings within the current market downturn, in the present day’s earnings report signifies that as of June 30, MicroStrategy nonetheless held 129,699 Bitcoin, a sum price roughly $2.98 billion {dollars} at present costs. In keeping with the report, the corporate purchased its Bitcoin for a median price of $30,664 per coin; the main cryptocurrency was buying and selling at $23,000 at press time.

Saylor has repeatedly dispelled rumors that Microstrategy’s holdings face liquidation, stating that the corporate would solely face issues ought to the worth of Bitcoin drop to $3,562.

Disclosure: On the time of writing, the writer of this piece owned ETH and several other different cryptocurrencies.

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