Michael Saylor Steps Down as CEO of MicroStrategy

Michael Saylor has been aggressively advocating for Bitcoin, and through his company has overseen the acquisition of 129,699 Bitcoins worth $1.988 billion.
Financial reports show that Microstrategy lost over $1 billion in the second quarter with its losses owed to the downturn in the crypto market.

Michael Saylor, a long-term Bitcoin advocate is stepping down as the CEO of Microstrategy. He and the company are a household name in the crypto community after amassing over 129,699 Bitcoins worth $1.988 billion. Saylor has been the CEO of the company since its establishment in 1989 and personally oversaw its entrance into the crypto world in 2020. He viewed Bitcoin as a great hedge against inflation.

Due to the company’s aggressive purchase, the Bitcoin bet has paid off. #Buy the dip. According to the CEO, the company is up by more than 700% on its holdings.

Since @MicroStrategy adopted a #Bitcoin Strategy, its enterprise value is up +730% (+$5 billion) and $MSTR is up +123%. Performance of BTC is +94%, S&P 500 +23%, Nasdaq +13%, Gold -13%, Bonds -14%, Silver -29%. GOOG +54%, AAPL +43%, MSFT +34%, AMZN -14%, META -39%, NFLX -53%. pic.twitter.com/BWHPhbOg0d

— Michael Saylor⚡️ (@saylor) August 3, 2022

On top of buying Bitcoin, Saylor has been responsible for introducing and exposing other companies and institutions to the innovative world of crypto. He and Former Twitter CEO Jack Dorsey have also been some of the heavy-weight defenders of Bitcoin mining to regulators looking to clamp down on the space.

Is Michael Saylor Stepping Down A Loss to Crypto?

Does Saylor stepping down mean the company will no longer be buying Bitcoin? Contrary. Michael Saylor, as the executive chairman, has confirmed that he is stepping down to focus on hoarding cryptocurrencies and advocacy-related initiatives. In a statement, he explained;

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.

MicroStrategy (MSTR) has appointed Phuong Le, the company’s president, as its new CEO. However, the company stock remains under pressure largely owed to Bitcoin prices struggling. As the digital asset gains traction, MSTR is poised to rise higher.