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WOW! Michael Saylor Steps Down As CEO – 100% All In On Bitcoin
Michael Saylor, Bitcoin’s most vocal supporter, has stepped down as CEO of Microstrategy. In a tweet on August 2nd, Saylor tweeted out;
Please join the @MicroStrategy management team at 5pm ET as we discuss our Q2 2022 financial results, executive transition, and answer questions about our business and outlook for #BusinessIntelligence and #Bitcoin. $MSTR
In the meeting, according to reports by Bloomberg, Saylor alerted listeners that he gave up his chief executive officer title and said he will focus more on Bitcoin. The decision came after the enterprise-software maker reported a loss of more than $1 billion related to the second-quarter plunge in the price of the cryptocurrency. MicroStrategy President Phong Le will take on the chief executive role. The company also filed with the Securities and Exchange Commission to register 450,000 shares.
Saylor stated;
“As global adoption of digital assets accelerates, this is becoming an ever more expansive job and I am comfortable increasing the scope of my advocacy efforts knowing that the execution of the MicroStrategy business plan rests in the capable hands of Phong.”
Saylor co-founded Microstrategy in 1989 at the age of 24, shortly after graduating from the Massachusetts Institute of Technology, and held the rein of CEO from the beginning. Saylor took the company public in 1998. Microstrategy’s core business, which Saylor once considered a cash cow, designs business processes and helps organizations optimize their data to make data-driven decisions. Microstrategy’s branding did a complete 180 in 2020 when it adopted a Bitcoin strategy to resolve the treasury issues related to a declining dollar …which Saylor has spoken about ad-nauseum. Saylor has discussed at length about how Bitcoin helped the Microstrategy brand, especially at the height of Bitcoin, when it traded at an all-time high of $69,044.77 in late 2021… And the results showed in the market. Before Microstrategy pivoted to its Bitcoin treasury strategy, its stock traded consistently between $100 to $150 for years, dating back to 2017. After October of 2020, Microstrategy’s stock climbed almost 10-fold, reaching a high of $1,034.31 in February of 2021… and has been trading above its September 2020 numbers ever since.
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