Michael Saylor, a renowned Bitcoin maximalist, has announced his resignation as the CEO of MicroStrategy. The resignation was revealed during MicroStrategy’s second-quarter earnings call on Tuesday. Saylor will now take over as the executive chair.
Michael Saylor to resign as MicroStrategy CEO
MicroStrategy is a business intelligence firm that Saylor co-founded in 1989. During the Q2 2022 earnings call, MicroStrategy said that Saylor would be taking over as the company’s executive chair. He will be replaced as CEO by MicroStrategy’s President, Phong Le. These changes will be effected on August 8.
Saylor commented on these changes saying that by splitting the roles of CEO and Chairman, he would focus better on acquiring and holding Bitcoin. It would also allow the company to focus on developing its enterprise analytics software business.
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Le served as the chief financial officer for MicroStrategy from August 2015 to July 2019. He later took over as the company’s president and assumed this role full-time in May 2022. MicroStrategy said that Le would serve as both the President and CEO of MicroStrategy, where he will handle executions of the company’s corporate strategies. On the other hand, Saylor will focus on Bitcoin acquisitions and other initiatives related to Bitcoin.
MicroStrategy’s Bitcoin plans
MicroStrategy’s Q2 2022 earnings call showed that the company held over 129,699 Bitcoin, valued at around $2 billion, on June 30 after deducting the cumulative impairment losses. The company’s revenues in the second quarter were $122.1 million. It slightly increased from the $119.3 million reported during the first quarter.
In a disclosure to the US Securities and Exchange Commission (SEC), MicroStrategy reported that it had bought 480 BTC in June, valued at around $10 million. Despite the recent decline in Bitcoin prices, with the price falling below $18,000 in June, Saylor said that MicroStrategy would continue to HODL, adding that the company was adequately prepared for volatility.
Saylor also said that its strategy would allow the business intelligence firm to provide collateral even after the price of Bitcoin drops below $3562. Such dips were briefly witnessed during the March 2020 crash.
On July 26, Jeffries investment banking firm reported that it was downgrading MicroStrategy’s stock (MSTR) from “hold” to “underperform.” The price target has also dropped to $180. MSTR shares have gained by over 48% during the past 30 days.
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