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.
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.