Michael Saylor Resigned as CEO and upcoming former CEO of Microstrategy said that It would be easier and will MicroStrategy to pursue its goal of “acquiring and holding Bitcoin” if the chief executive officer and chair roles were separated. Michael Saylor, a Bitcoin maximalist, has declared he will resign as CEO he helped co-found in 1989.
Michael Saylor Resigned as CEO and will take on the new position of executive chair at MicroStrategy, the company announced on Tuesday in a notice of its second-quarter earnings for 2022. President Phong Le will continue as CEO. The modifications should become effective on August 8. Michael Saylor said that “separating the chairman and CEO positions would help the company better pursue its two corporate goals of acquiring and holding Bitcoin and expanding its enterprise analytics software business”.
Please join the @MicroStrategy management team at 5pm ET as we discuss our Q2 2022 financial results, executive transition, and answer questions about our business and outlook for #BusinessIntelligence and #Bitcoin. $MSTRhttps://t.co/SxAjhbM9WD— Michael Saylor⚡️ (@saylor) August 2, 2022
Le worked as MicroStrategy’s CFO for four years, from 2015 to 2019, before juggling both roles until May 2022, when he took over the position full-time.
Michael Saylor Resigned as CEO and Le will continue to hold the positions of president and CEO while Michael Saylor, in his capacity as executive chair, will concentrate on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” Saylor will “handle day-to-day execution of the company’s corporate strategies,” according to Le.
After taking into account the company’s cumulative impairment losses, MicroStrategy reported holding more than 129,698 Bitcoin as of June 30. The total revenue of Microstrategy for the second quarter of 2022 was $122.1 million, an increase from the first quarter’s $119.2 million. Microstrategy revealed to SEC that it had purchased 480 BTC in June for $10 million.
When the market fell in June and the price of Bitcoin fell below $18,000, Saylor declared that MicroStrategy would “continue to HODL through adversity” and that the company had adequately prepared for volatility by structuring its balance sheet. The soon-to-be-former CEO claimed that this strategy would permit MicroStrategy to post collateral even “if the price of BTC falls below $3,562,” which occurred momentarily during the March 2020 market crash.
A financial services firm called Jefferies announced on July 26 that it had lowered its stock rating for MicroStrategy from hold to underperform with a $180 price target. MSTR shares were worth $278.26 at the time of publication, having increased by more than 48 percent over the previous 30 days.