Michael Saylor Reveals Why He Quit as CEO of MicroStrategy Amid a $918,000,000 Bitcoin Loss
MicroStrategy founder Michael Saylor steps down as company CEO as enterprise software company reports loss of $917.8 million in Bitcoin (BTC) in Q2 year.
in a new interview with CNBC, Saylor says the decision to step down and take on the new role of executive chairman of MicroStrategy has nothing to do with the company’s bitcoin losses.
“There is no connection between the transition and this radiation. This is a non-monetary write-off and our investors are reviewing it, as are the board and executives.
MicroStrategy President Phong Le will take over as the company’s new CEO. According to Saylor, reorganization places people in roles where they are most effective.
“Phong has been chairman of the company for two years and heir apparent to the CEO. He served as Chairman and Chief Financial Officer until May of this year.
Given the size of the balance sheet, the opportunities before us, the company really needed a dedicated, world-class CFO, so when Andrew Kang joined us in May, we ticked that box. This paved the way for Phong to step into the role of President and CEO. He is an extraordinarily talented executive and that will make him even more effective.
Saylor says his new position as president of the company will allow him to focus more on his role as an advocate for bitcoin.
“I have become an important advocate and spokesperson for the bitcoin community globally. This will allow me to take on the role of executive chairman where I can be a more enthusiastic bitcoin advocate while Phong and Andrew manage operations. company, execute MicroStrategy’s ongoing business strategy.
Since the adoption of a #Bitcoins Strategy, $MSTR outperformed all asset classes and major tech stocks. With my ascension to Executive Chairman, the promotion of Phong Le to CEO and the arrival of Chief Financial Officer Andrew Kang, our team is stronger than ever and we are moving forward at full speed.pic.twitter.com/HSBjEgpizc
– Michel Saylor ?? (@saylor) August 3, 2022
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