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Michael Saylor is stepping down as MicroStrategy CEO.
Saylor Steps Down
MicroStrategy announced today in its earnings report that Michael Saylor will no longer be serving as its Chief Executive Officer. Instead, Saylor will from now on be taking on a new role as Executive Chairman. Phong Le, MicroStrategy’s President, is replacing Saylor as CEO.
Saylor remains the chairman of the board of directors and an executive officer of the company. He stated in the press release that as executive chairman, his focus will be solely on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives”. At the same time, Le will manage the company’s overall operations.
MicroStrategy is a software company that provides business intelligence services. It was the first publicly listed business to start acquiring Bitcoin as part of its treasury, which paved the way for other tech companies such as Tesla to add the cryptocurrency to their own balance sheets.
While Tesla sold its Bitcoin holdings in the recent market downturn, today’s earnings report indicates that as of June 30, MicroStrategy still held 129,699 Bitcoins, a sum worth approximately $2.98 billion dollars at current prices.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.