Bitcoin Supporter Michael Saylor Resigns From CEO Of MicroStrategy

MicroStragey CEO Michael Saylor resigns from his post. (Coingape)

JAKARTA – Michael Saylor is known as a supporter of Bitcoin. He is also the founder and CEO of business analytics services company MicroStrategy. However, he recently decided to leave the position of CEO of the company.

On the other hand, MicroStrategy is the company that holds the most Bitcoins. The company owned by Michael Saylor has 129,699 BTC according to the company's report.

Michael Saylor's resignation from CEO of MicroStrategy does not mean that he will leave the company entirely. Saylor will remain at the company as executive chairman of the board.

The announcement of Saylor's resignation as CEO of the company came after the company announced its financial results for the second quarter of 2022. With this, MicroStrategy president and former CFO Phong Le was appointed CEO to replace Saylor.

This marks the first time Saylor has moved from her joint roles as chairman and CEO since founding the company in 1989.

In a statement, Saylor explained that relinquishing his CEO position would better allow the company to pursue its goal of growing its software business, and earning more Bitcoin.

“As Executive Chair, 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 the company's overall operations,” Saylor said.

Phong Le has served as President since July 2020 and helped lead the implementation of MicroStrategy's Bitcoin acquisition strategy.

“I look forward to leading the organization to the long-term health and growth of our company's software and bitcoin acquisition strategy,” said Le.

Despite the change in the company's leadership, Le confirmed that MicroStrategy will keep Bitcoin under his control. However, the path is hardly easy. In its second quarter earnings announcement, MicroStrategy experienced a $917 million (approximately IDR 13.6 trillion) decline in digital asset costs due to the decline in Bitcoin prices. In Q2 2021, the company experienced a Bitcoin impairment fee of USD 417 million (equivalent to IDR 6.2 trillion).