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Michael Saylor Steps Down As MicroStrategy CEO To Focus On Bitcoin Acquisition Strategy

Here is the Latest World News Update Today: Michael Saylor Steps Down As MicroStrategy CEO To Focus On Bitcoin Acquisition Strategy

Saylor will continue to serve as the board of directors’ chairman and as an executive officer.

Highlights

· When Saylor leaves his post as CEO, Phong Le will take over.

· The largest corporate Bitcoin owner is Micro Strategy.

· The business was co-founded in 1989 by Michael Saylor.

The Bitcoin maximalist Michael Saylor, who has led cloud software provider Micro Strategy since 1989, has stated that he will stand down from his position as CEO and take on the new position of executive chairman in order to concentrate even more on the company’s Bitcoin holdings.

Saylor, the publicly traded business with the largest Bitcoin treasury, will pass the position of CEO to MicroStrategy’s president, Phong Le. Beginning on Monday, August 8, the modifications come into force.

As executive chairman, Saylor announced in a press statement that his exclusive focus would be on “Bitcoin acquisition strategy and related Bitcoin advocacy projects.” Le will oversee daily business operations at the same time.

Also Read: The High Court Of Shanghai Classifies Bitcoin As A Virtual Property With Legal Protection.

What more did Michael Saylor share about the Bitcoin Acquisition Strategy?

Michael Saylor
Forkast News

Saylor had been the CEO of Microstrategy since the company’s founding, while Le, who joined the organization in 2015, has been the president since July 2020. Le “delivered one of the [company’s] strongest operational and financial years” in 2021, according to the press statement.

After the US Securities and Exchange Commission (SEC) filed charges against his company in 2000, Saylor famously lost $6 billion (approximately Rs. 48,008 crore) in a single day.

After making the unexpected decision to use Bitcoin as its reserve asset in August 2020, his company was able to get attention.

The adoption of Bitcoin by other tech firms like Tesla to their own balance sheets was made possible by Microstrategy, the first publicly traded company to start collecting the cryptocurrency as part of its treasury.

Tesla sold its Bitcoin holdings during the recent market drop, but according to today’s earnings report, MicroStrategy still had 129,699 Bitcoin as of June 30, making that amount worth around $2.98 billion (roughly Rs. 23,844 crores) at the current exchange rate.

Despite the fact that the price of Bitcoin fell below $30,000 (approximately Rs. 24 lakh) in May, meaning MicroStrategy was losing money on its average purchase price, the company has persistently refused to change its stance on the digital asset.

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