Michael Saylor, CEO of Microstrategy, is reportedly stepping down as part of a new company strategy. According to reports, he resigned from his position to assist his company in accumulating and better managing Bitcoin investment strategies.
Michael Saylor resigned from the CEO position
Microstrategy is rumored to be reorganizing the executive positions of his company with the information that Michael Saylor resigned from his position as CEO.
He stated that his goal in changing positions was to focus more on managing Microstrategy’s Bitcoin investment strategy.
Michael Saylor has been CEO since the company’s inception in 1989, when he served as founder, chief executive officer, and CEO all at the same time.
This extends his tenure as CEO to 33 years, with notable accomplishments such as turning Microstrategy into a public company in 1998.
He will be succeeded by Phong Le, the president of Microstrategy’s Virginia branch. On August 8, 2022, he will take over as CEO of Microstrategy.
All of this information was shared during the financial statement publication meeting on August 2, 2022.
Michael Saylor stated during the meeting that this was a step that had been considered and planned for several years.
“I believe that separating the roles of CEO and CEO can help us achieve two better corporate goals: establishing a solid Bitcoin investment strategy and expanding our analytics software business.” According to Michael Saylor
In the future, Saylor appears to be focusing on sound investment strategies to reduce short-term losses, and Phong Le will be more deeply involved in MicroStrategy’s analytics software business.
Microstrategy Documents The Loss Cost of Bitcoin
The news of Michael Saylor’s resignation as CEO elicited both positive and negative reactions.
However, many people are now reacting negatively because of rumors that Saylor’s new strategy for restructuring the portfolio will cause selling pressure.
Many see Michael Saylor’s resignation as a self-serving move for the company that will have little impact on Microstrategy’s Bitcoin investment strategy.
This is in addition to the loss of up to $2 billion that Michael Saylor has suffered since deciding to start buying Bitcoin for his company investment.
Microstrategy’s loss on Bitcoin investments was $917.8 million in the second quarter of 2022, a significant increase from $170.1 million in the first quarter of 2022.
This figure also represents a significant increase in losses from the second quarter of 2021, which totaled $424.8 million.
While the majority of these moves are due to bear market conditions in the cryptocurrency market, many people are skeptical of Michael Saylor’s ability to bring Bitcoin to Microstrategy.
This is because, from the beginning, the majority of Bitcoin purchases were made with Michael Saylor’s encouragement as CEO, and he had a view of Bitcoin that the majority of investors on Twitter described as “excessive support.frequent “‘s Microstrategy buying of Bitcoin in unfavorable conditions in the hope that all will rise and earn high profits in the long run.
This is the strategy used by the vast majority of beginners, leading many to question Saylor’s ability as a Bitcoin manager for Microstrategy.
Add to that the narrative that this announcement represents a restructuring, allowing large Bitcoin sales from the board’s companies and individuals to capitalize on this move.
So for now it is still unknown whether the news of this announcement will have a positive impact or not for the company.
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