Cloud software company MicroStrategy has announced that Michael Saylor, a Bitcoin maximalist who has served as the company’s chief executive officer since 1989, will step down as CEO and move into the role. new executive chairman role to significantly focus on the company’s Bitcoin holdings. Phong Le, the company’s president, will take over as CEO at MicroStrategy after Saylor, currently the public company with the largest Bitcoin treasury. The changes go into effect Monday, August 8.
Saylor stated in a Press Release that as executive chairman, his focus will be solely on “Bitcoin acquisition strategy and Bitcoin-related advocacy initiatives.” At the same time, Le will manage the company’s day-to-day operations.
Saylor has served as the CEO of Microstrategy since its inception, while Le, who joined the company in 2015, has served as Chairman since July 2020. The press release notes that Le has “provided that” level one [company’s] best financial and performance year” in 2021.
In 2000, Saylor famously lost $6 billion (approximately Rs 48,008) in just one day after the US Securities and Exchange Commission (SEC) brought charges against his company. His company gained attention after applying Bitcoin as its reserve asset in a surprise move in August 2020.
Microstrategy was the first publicly listed business to start buying Bitcoin as part of its treasury, paving the way for other tech companies like Tesla to add the cryptocurrency to their own balance sheets.
While Tesla sell its Bitcoins holdings during the recent market downturn, today’s earnings report indicates that as of June 30, MicroStrategy still holds 129,699 Bitcoins, amounting to approximately $2.98 billion (approximately 23,844 crore) dollars at current prices.
The company has consistently refused to change its stance on digital assets, despite the Bitcoin price falling below $30,000 (about Rs 24 lakh) in May, which means MicroStrategy red with its average purchase price.