Saylor from Microstrategy resigns as CEO to double the purchase of Bitcoin
Saylor from Microstrategy resigns as CEO to double the purchase of Bitcoin
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On June 30, 129,699 Bitcoins-around $ 2 billion-held
- Microstrategy-which has been reflected in cumulative reduction losses of around $ 2 billion since the takeover
- The new CEO praised the growth of the company's cloud technology solutions in a statement in which Bitcoin was not mentioned
Michael Saylor resigns from his many years of function as Chief Executive from Microstrategy.
Saylor is intended to become executive chairman of the company, a step of which the company's managers said it would enable the pronounced Bitcoin bull to focus more on the company's Bitcoin acquisition strategy.
Saylor has been CEO and CEO of Microstrategy since the company was founded in 1989. He brought it to the stock exchange in 1998. Phong Le, President of the Business Intelligence Company based in Virginia since July 2020, will be on August 8th CEO of Microstrategy.
"I believe that the division of the roles of the chairman and the CEO will enable us to better pursue our two corporate strategies, the acquisition and maintenance of Bitcoin and the growth of our business with corporate analysis software," said Saylor in a statement.
Since he came to Microstrategy in 2015, Le also worked as a Chief Financial Officer and Chief Operating Officer.
"In our results in the past quarter we continue to see the resistance of our enterprise analytics business and the attractiveness of our cloud platform," said Le in a statement. "With total sales growth based on constant exchange rates and an annual growth of 36 % in the income from subscription services, our business remains resistant in view of the ongoing macroeconomic uncertainties."
Microstrategy has the largest Bitcoin (BTC) supply of all listed companies. As of June 30th, it held $ 129,699 BTC worth around $ 2 billion, which reflects cumulative losses of around $ 2 billion.
When the volatility increased in June, Microstrategy bought another 480 Bitcoin (BTC) for about $ 10 million-an average price of $ 20,817 per bitcoin.
Microstrategy reported a net loss of almost $ 1.1 billion for the second quarter, which is partly due to the value reductions of $ 918 million for digital assets.
This is a developing story.
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The contribution "Microstrategy’s Saylor to Step Down as Ceo to Double Down on Buying Bitcoin" is not a financial advice.
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