Come Saylor Away With Me
Market Meditations | August 4, 2022
Michael Saylor has stepped down as the CEO of the software company – MicroStrategy. Does this mean bitcoin is dead or that MicroStrategy is no longer investing? Let’s take a closer look.
- Michael Saylor stepped down as the CEO of MicroStrategy. He will now take on the role of executive chairman.
- This news came as the second quarter earnings were reported, which revealed a loss of $1.062 billion – $917 million of which was based on the value of bitcoin.
- Phong Le, MicroStrategy’s current president, will take over as CEO. Le not only stated his intention to continue the growth of the software, but also the growth of bitcoin acquisition strategies.
- Is bitcoin done in the MicroStrategy balance sheet? No. Saylor says that his new job as executive chairman will mean he can now focus more on Bitcoin acquisition strategy, and other related initiatives.
Microstrategy has consistently made headlines with their fanatical commitment to Saylor’s Bitcoin investment strategy, drawing both admiration and ire from different sides of the crypto aisle. Though many see Saylor’s bitcoin “gamble” as a huge loss, others are seeing it as a deeper commitment to crypto. Since the announcement of Saylor stepping down, MicroStrategy has seen a 15% rally.