Business-software company MicroStrategy Inc. (MSTR), known for its aggressive investments in Bitcoin, said its co-founder Michael Saylor is stepping down as CEO. The company reported a loss of $918.1 million in the second quarter, of which $917.8 million was attributable to its bitcoin holdings.
Saylor will transition to the role of executive chairman, effective August 8, 2022.
Phong Le, the company’s president, will replace Saylor as chief executive.
MicroStrategy’s quarterly revenues too fell short of Wall Street expectations, with revenue coming in at $122.1 million compared to analysts’ estimate of $126 million.
At the end of the second quarter, MicroStrategy’s digital assets (comprised of about 129,699 bitcoins) were worth $1.988 billion, reflecting cumulative impairment losses of $1.989 billion.
Saylor to oversee bitcoin-buying strategy
Michael Saylor has served as chief executive and chairman of the board of MicroStrategy since he co-founded the firm in 1989. Under his leadership, MicroStrategy became a global leader in business intelligence and the first publicly traded company to adopt bitcoin. MicroStrategy said Saylor is still going to play a big role in shaping the firm’s future, and he will “provide oversight of the company’s bitcoin acquisition strategy as head of the board’s investments committee.”
“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,” Saylor said in a statement.
