The CEO of MicroStrategy, Michael Saylor has stepped down from his role in the company. MicroStrategy has been one of the top organizations to invest in Bitcoin ever since it started accumulating crypto in 2020. The company is known for using cryptocurrencies to hedge against inflation in his tenure.
Michael Saylor announced his decision to step down via his Twitter page. He also made it known that he would take up another vital role in pushing for Bitcoin advocacy.
Michael Saylor served as the CEO for over thirty years since 1989. While he will become the Executive Chairman, Phong Lee, the current company president, will take over as CEO. The company announced the news via its official website.
“I’m honoured and excited to continue leading this truly innovative organisation as President & CEO… I look forward to leading the organisation for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.”
Michael Saylor plans to step up his Bitcoin advocacy and focus on promoting the company’s efforts in investing in Bitcoin as he take up his new role. This move will create two separate centres of focus for the company. The chairman will handle the BTC field, while the CEO will concentrate on the company’s original objective of building software products.
Michael Saylor said:
“I believe splitting the roles of Chairman and CEO will enable us to pursue better our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business.”
This change comes as the company releases its financial results for the second quarter of 2022, revealing that the company has incurred a loss of $1 billion due to the fall of Bitcoin’s price over the last few months.