Bitcoin-evangelist and billionaire Michael Saylor has stepped down as the Chief Executive Officer of MicroStrategy – one of the world’s largest corporate holders of Bitcoin. He will continue to serve the company as executive chairman of the board.
- The news comes as part of MicroStrategy’s Q2 2022 Financial Results Presentation, which explains that Phong Le – the company’s president and former CFO – will take over as CEO.
- This marks the first time Saylor has pivoted from his joint role as chairman and CEO since founding the company in 1989.
- In a statement, Saylor explained that relinquishing his CEO position will better allow the firm to pursue its objectives of growing its software business, and acquiring more Bitcoin.
- “As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations,” said Saylor.
- Le has served as President since July of 2020 and helped lead the implementation of MicroStrategy’s Bitcoin acquisition strategy. “I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies,” he said.
- Upon beginning his term as CFO in July, Le clarified that MicroStrategy remained committed to its Bitcoin HODL plan under his watch.
- The road has hardly been easy, however. Per its Q2 results, MicroStrategy suffered a digital asset impairment charge of $917 million due to Bitcoin’s falling price. In Q2 2021, the company suffered a $417 million Bitcoin impairment charge.
- MicroStrategy currently holds 129,699 Bitcoin, per Saylor’s latest update on the company’s holdings. These coins held a value of $1.98 billion as of June 30th.