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Michael Saylor steps down as MicroStrategy CEO

 


Bitcoin ( BTC ) maximalist Michael Saylor has announced he will step down as CEO of MicroStrategy. He co-founded the business intelligence company in 1989.


In a statement Tuesday on its second quarter 2022 financial results, MicroStrategy said Saylor will serve as executive chairman of the company and President Phong Le will become the new CEO. These changes are expected to go into effect on August 8th.


"I believe that splitting the positions of Executive Chairman and CEO will better enable us to execute on our two corporate strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business," said Saylor.

Le was MicroStrategy's Chief Financial Officer from August 2015 to July 2019, then also served as the company's President until May 2022, at which point he has served as President full-time. According to MicroStrategy, Le will serve as President and CEO and will be responsible for "the day-to-day execution of the company's strategy." Saylor, on the other hand, is to take care of the "Bitcoin buying strategy and similar activities related to Bitcoin" as executive chairman.


MicroStrategy reported that as of June 30, the company held over 129,699 Bitcoin (after accounting for the company's cumulative depreciation) valued at approximately $2 billion. Total revenue for the second quarter of 2022 was $122.1 million. That compares to $119.3 million in Q1. The business intelligence firm told the Securities and Exchange Commission that it bought 480 BTC for $10 million in June.


Amid the market downturn in June, which saw bitcoin price fall below $18,000 , Saylor said that MicroStrategy will "continue to HODL against the odds." He added the company is prepared for volatility and has structured its balance sheet accordingly. According to the CEO , MicroStrategy can use this strategy to provide collateral even "if the BTC price falls below $3,562". Such a slump last occurred briefly in the course of the market crash in March 2020.


Investment banking firm Jefferies announced on July 26 that it had downgraded MicroStrategy's stock from "hold" to "underperform." The stock price target is $180. At press time, MSTR is at $278.26 and is up more than 48 percent over the past 30 days.

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