Michael Saylor Steps Down as CEO of MicroStrategy

This afternoon after the bell Michael Saylor officially stepped down from his role as the CEO of MicroStrategy (NASDAQ: MSTR) . He will take on the role of executive chairman.

Phong Le, MicroStrategy’s current president, will take Saylor’s place as CEO. In the company news release he said, “I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.”

In August 2020, Saylor began purchasing Bitcoin for the company’s treasury, which later became so integral to the company’s overall strategy that Microstrategy effectively became a holding vehicle for Bitcoin. In September of 2021, he explained to Cassandra Leah of the Daily Dive, “A year ago, we had a $500 million business, growing about 0% per year, and a $500 million balance sheet paying 0% interest [has now become] a $5 billion balance sheet growing much faster.”

Saylor’s departure was announced during the company’s second-quarter earnings release, which showed a loss of $1.06B, including an impairment charge of $917M based on the value of the Bitcoin on the company’s balance sheet, which has plunged since the price peaked in November last year.

Of course, the Saylorcritics have gone to Twitter as expected.

Microstrategy last traded at $278.26 on the NASDAQ.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Fidelity Investments to Bring Bitcoin ETF to Canada

It appears that Canada will soon be getting yet another bitcoin ETF, as Fidelity Investments...

Thursday, December 2, 2021, 10:18:00 AM

Hive Blockchain: Not Just A Bitcoin Company – The Daily Dive

Joining us for the mid-week episode of the Daily Dive is Darcy Daubaras, the CFO...

Wednesday, July 14, 2021, 01:30:00 PM

Binance Locked Out Of Key United Kingdom Payments System

The hits just keep coming for Binance. Days after the company has seen itself locked...

Monday, June 28, 2021, 03:08:18 PM

El Salvador Installs 200 Bitcoin ATMs After Becoming First Country to Approve the Crypto as Legal Tender

Back in June, El Salvador announced that it would grant bitcoin legal tender status, in...

Thursday, August 26, 2021, 08:00:46 AM

ECB Frowns On Bitcoin, Says It’s Headed For “Irrelevance”

The European Central Bank (ECB) stated on Wednesday that bitcoin is being artificially pushed up...

Thursday, December 1, 2022, 03:07:00 PM