Michael Saylor Steps Down as CEO of MicroStrategy to Head Its Bitcoin Acquisition Unit

It had to happen. After investing more than 250 million dollars in Bitcoins in 2020 and raising the investment to 1,980 million dollars until June 2022, the MicroStrategy bubble had to puncture. And he just did.

As they have just reported from the company itself, Michael Saylor its co-founder and CEO is stepping down and will remain in the background as CEO. The reason? Although it is not officially recognized, everything indicates that it could be related to the loss of 1,062 million dollars related to the collapse of Bitcoin since last November.

Saylor, one of the biggest defenders of the crypto world, is responsible for having transformed a company that has historically focused on software development, to another that, without abandoning that line of business, has embraced the world of digital currencies. like few.

Saylor will be replaced Phong Lee in the direction of the company, who has declared that from now on he hopes to “lead the growth of the organization in the long term, ensuring our strategies for the acquisition of business software and bitcoin” and thus showing that for the time being, the multinational He does not have among his immediate plans to withdraw his bet on this digital asset. In fact, despite the crypto crash, the company is preparing to intensify it.

In the message that the company has sent to its shareholders, it is assured that Saylor will continue to “oversee the company’s bitcoin acquisition strategy as head of the Board’s Investment Committee.” Saylor himself has subsequently explained that “splitting the roles of President and CEO will allow us to better pursue our two corporate strategies of acquiring and holding bitcoin and the growth of our business analytics software business” adding that “as CEO I will be able to focus more on our bitcoin acquisition strategy and bitcoin promotion initiatives, while Phong will be empowered as CEO to manage overall corporate operations.”

In other words, Saylor seems to justify the poor results of the company in the crypto field by not having enough time to dedicate himself to this activity completely.

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