MicroStrategy CEO Michael Saylor Steps Down From His Position

MicroStrategy CEO Michael Saylor Steps Down From His Position
  • Michael Saylor will serve as executive chairman of MicroStrategy.
  • The company is facing a loss of $1.062 Billion, as per the recent report.

According to the recent announcement from the American-based business intelligence provider platform, MicroStrategy, the company’s CEO, Michael Saylor is resigning from the current position to serve as its Executive Chairman. MicroStrategy’s current president, Phong Le will take over as the new CEO.

Saylor stated:

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…. Phong will be empowered as CEO to manage overall corporate operations.

Michael Saylor additionally pointed out that, with the new role in the firm, he will focus on Bitcoin acquisition strategy and associated advocacy initiatives.

Saylor’s Worship for Bitcoin

MicroStrategy’s recently released second-quarter earnings reports, convey that the company has a loss of $1.062 Billion. The loss is the result of a $917 million impairment charge related to the value of its Bitcoin holdings, which have declined significantly since the price of the cryptocurrency peaked in November of last year. At the same time, the firm currently holds 129,699 BTC, as per Saylor’s latest update on the company’s holdings. 

Bitcoin’s great believer, Saylor continued his support for the coin, even in the crypto market collapse. Recently, he expressed that, ‘Bitcoin is the only investment-grade cryptocurrency’. In 2020, MicroStrategy started to invest in BTC.

Furtherly, as per Saylor, the major altcoin Ethereum is a security. He does not consider Ethereum as a commodity, due to its ephemeral character. He asserts that commodities like gold, steel, and the like have no issuer and that their characteristics cannot be changed. Following this, Vitalik Buterin, co-founder of Ethereum, called Michael Saylor a ‘total clown’. 

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