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Bitcoin Advocate Michael Saylor to Step Down as MicroStrategy CEO

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Alex Dovbnya

Phong Le will change Michael Saylor as the corporate’s new CEO

Michael Saylor is stepping down as CEO of MicroStrategy, the enterprise intelligence agency he co-founded in 1989.   

Saylor will assume the position of an government chairman, focusing extra on the corporate’s Bitcoin acquisition technique and different initiatives associated to the biggest cryptocurrency.      

The Bitcoin advocate has handed over the baton to high government Phong Le, who has served as the corporate’s president since July 2020. Le says that he is “honored” and “excited” to be on the helm of the group.   

Saylor believes that splitting the roles of CEO and Chairman will make it doable for the corporate to pursue its core company methods in a extra environment friendly means. He has been the pinnacle of MicroStrategy for greater than three a long time, going via a sequence of ups and downs.

In 2000, Saylor famously misplaced $6 billion in a single day after the U.S. Securities and Trade Fee introduced costs in opposition to his firm. His firm managed to seize the highlight after adopting Bitcoin as its reserve asset in a shock transfer in August 2020.       

MicroStrategy is the biggest company holder of the highest cryptocurrency. In June, the agency purchased $10 million price of Bitcoin regardless of going through a reckoning attributable to falling costs. 

Saylor has repeatedly defended the corporate’s Bitcoin-accumulating technique after his audacious wager backfired. MicroStrategy’s crypto-related losses topped a whopping $1 billion in June. 

The shares of the corporate are down 2% in after-hours buying and selling following the announcement.   

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