Yugocean
Valued Contributor
Michael Saylor has had to step down as the MicroStrategy CEO following a loss of more than $900 million to software company from the fall in bitcoin prices in the second quarter of 2022.
MicroStrategy was founded in 1989 by Saylor, and he developed it to new heights during the time of technology. Initially Saylor was also a strong opponent of Bitcoin, and used to compare it as a form of online gambling; then suddenly he became a Maximalist and started making bitcoin his as company's reserve. Now stepping down on bitcoin strategy tarnishes Saylor's public image as well as undermines the idea of bitcoin.
Phuong Le, the current President of MicroStrategy, will replace Saylor as CEO. Saylor, however, remains in the company, and will continue MicroStrategy's bitcoin strategies as executive chairman. There is a sense of satisfaction among bitcoin proponents, as Saylor attributed the growth of MSTR to the bitcoin strategy.
MicroStrategy was founded in 1989 by Saylor, and he developed it to new heights during the time of technology. Initially Saylor was also a strong opponent of Bitcoin, and used to compare it as a form of online gambling; then suddenly he became a Maximalist and started making bitcoin his as company's reserve. Now stepping down on bitcoin strategy tarnishes Saylor's public image as well as undermines the idea of bitcoin.
Phuong Le, the current President of MicroStrategy, will replace Saylor as CEO. Saylor, however, remains in the company, and will continue MicroStrategy's bitcoin strategies as executive chairman. There is a sense of satisfaction among bitcoin proponents, as Saylor attributed the growth of MSTR to the bitcoin strategy.
