Bitcoin Maximalism: Michael Saylor, MicroStrategy’s CEO, Quits to Focus on BTC

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Michael Saylor, an American businessman, and entrepreneur who is one of the most well-known supporters of Bitcoin in corporate America, resigned as CEO of MicroStrategy (MSTR). They assumed the additional role of executive chairman. This action was taken to allow him to focus more on the company’s Bitcoin investment strategy. He started the company in 1,989 as a developer, but in recent years he has used MicroStrategy funds to buy bitcoin for billions of dollars.

According to a statement released, Phong Le, the former company president, has been named the new CEO. As per Saylor’s keywords, I believe that leaving the CEO position would help us better achieve our two corporate goals: 

  • Purchasing and holding Bitcoin 
  • Expanding business analytics software company

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Michael Saylor is Now the Chairman of MicroStrategy

According to MicroStrategy Inc., a US company that provides business information, mobile applications, and cloud-based services to its clients, former CEO M.Saylor will now serve as the company’s chairman. M.Saylor, 57, is one of the industry’s most well-known Bitcoin supporters. He had been CEO of MicroStrategy since its inception in 1,989 but resigned to devote more time to purchasing more bitcoin for the company.

Phong Le, the company’s new CEO, does not anticipate any upcoming strategy changes and has demonstrated a willingness to remain in agreement with former CEO Michael Saylor on enterprise and bitcoin strategy throughout their time together. However, Michael Saylor is stepping down as CEO at a time when the company has suffered significant losses as a result of his bitcoin investments.

MicroStrategy Produced $122.1 Million in Total Sales

According to MicroStrategy’s second-quarter financial report, the company produced $122.1 million in total sales, a 3% drop year on year (YoY) or a 2% gain in constant currency terms. MicroStrategy also declared a $917.8 million impairment charge on its bitcoin (BTC) assets.

For the uninitiated, MicroStrategy jumped on the bitcoin bandwagon in August 2020, when the business announced the purchase of 21,454 BTC worth $250 million. The company has not looked back since, rapidly transforming into what Saylor refers to as a “nonexistent spot (Bitcoin) ETF.”

MicroStrategy’s most recent bitcoin acquisition occurred on June 6, 2022, when the 33-year-old software company purchased bitcoin (BTC) with a $2.4 billion loan investment, bringing its total BTC stockpile to over 129k. In its second-quarter results, also released on Tuesday, MicroStrategy reported a $917.8 million impairment charge on its Bitcoin assets. Over $4 billion was spent on their purchase, and the corporation now has approximately 130,000 bitcoin worth approximately $3 billion.

Bitcoin Maximalism

According to MicroStrategy’s second-quarter financial report, the company produced $122.1 million in total sales, a 3% drop year on year (YoY) or a 2% gain in constant currency terms. MicroStrategy also declared a $917.8 million impairment charge on its bitcoin (BTC) assets.

For the uninitiated, MicroStrategy jumped on the bitcoin bandwagon in August 2020, when the business announced the purchase of 21,454 BTC worth $250 million. The company has not looked back since, rapidly transforming into what Saylor refers to as a “nonexistent spot Bitcoin ETF.”

MicroStrategy’s most recent bitcoin acquisition occurred on June 6, 2022, when the 33-year-old software company purchased bitcoin (BTC) with a $2.4 billion loan investment, bringing its total BTC stockpile to over 129k.

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