MicroStrategy CEO Steps Down Amid Firm’s Bitcoin Loss of $1 Billion.

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MicroStrategy

MicroStrategy has been one of the top organisations to invest in Bitcoin ever since it started accumulating crypto in 2020. With the leadership of its CEO, Michael Saylor, the company used cryptocurrencies to hedge against inflation. So far, the leading organisation is one of the largest Bitcoin buyers, currently holding around 129,699 BTC.

In a recent announcement by Michael Saylor on Twitter, he noted that he would officially be stepping down as the CEO of MicroStrategy to take up another vital role in pushing for Bitcoin advocacy.

Current Company President To Take Over as MicroStrategy CEO

Michael Saylor served as the CEO for over thirty years since 1989. While he will become the Executive Chairman, Phong Lee, the current company president, will take over as CEO. The company announced the news via its official website.

Lee said: 

“I’m honoured and excited to continue leading this truly innovative organisation as President & CEO… I look forward to leading the organisation for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.”

Related: Dogecoin Founder Overwhelmed by MicroStrategy CEO’s Bitcoin Commitment

Michael Saylor Pushing for More Crypto Investments

In his new role as executive chairman, Michael Saylor plans to step up his Bitcoin advocacy and focus on promoting the company’s efforts in investing in Bitcoin. This move will create two separate centres of focus for the company. The chairman will handle the BTC field, while the CEO will concentrate on the company’s original objective of building software products.

Michael Saylor added:

“I believe splitting the roles of Chairman and CEO will enable us to pursue better our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business.”

This change comes as the company releases its financial results for the second quarter of 2022, revealing that the company has incurred a loss of $1 billion due to the fall of Bitcoin’s price over the last few months.

According to Wu Blockchain: 

“As of June 30, 2022, the carrying value of MicroStrategy’s digital assets (129,699 bitcoins) was $1.988b, which reflects cumulative impairment losses of $1.989 billion since acquisition and an average carrying amount per bitcoin of approximately $15,326.”

Read more: Microstrategy, Tesla, and El Salvador Bitcoin Holdings Lose Over $1.3B as Bitcoin Collapses.