Bitcoin maximalist Michael Saylor has announced that he will step down as CEO of MicroStrategy, the business intelligence firm he helped found in 1989.
In Tuesday’s second-quarter 2022 earnings call, MicroStrategy he said Saylor will take on the new role of executive chairman at the company, while chairman Phong Le will become CEO. The changes are expected to take effect on August 8.
“I believe that separating the roles of Chairman and CEO will allow us to better pursue our two corporate strategies of acquiring and maintaining Bitcoin and growing our business analytics software business,” said Saylor.
Please register at @MicroStrategy management team at 5 p.m. ET as we discuss our second quarter 2022 financial results, the executive transition and answer questions about our business and our outlook for #Business Intelligence and #Bitcoin. $MSTRhttps://t.co/SxAjhbM9WD
— Michael Saylor⚡️ (@saylor) August 2, 2022
Le was MicroStrategy’s chief financial officer from August 2015 to July 2019 before combining his responsibilities with those as the company’s president until May 2022, when he assumed the role full-time. According to MicroStrategy, Le will continue his duties as president and CEO “managing the day-to-day execution of the company’s corporate strategies,” while Saylor will focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives” as executive chairman.
MicroStrategy reported holding more than 129,699 Bitcoin (BTC) – worth about $2 billion after taking into account the company’s cumulative impairment losses – as of June 30, with total revenue for the second quarter of 2022 of $122.1 million compared to $119.3 million in the first quarter. The business intelligence firm disclosed to the US Securities and Exchange Commission that it had acquired 480 BTC for $10 million in June.
Related: BTC Bull Michael Saylor: Ethereum Is ‘Obviously’ a Security
Amid the market downturn in June – during which the price of Bitcoin fell below $18,000 – Saylor said MicroStrategy would “continue to HODL through adversity,” adding that the company had prepared for volatility and structured its balance sheet accordingly. -be a former CEO, this strategy will allow MicroStrategy to post collateral even “if the price of BTC falls below $3,562” — an event that happened briefly during the March 2020 market crash.
‘No Matter’ — MicroStrategy CEO Plans to Curb Bitcoin ‘Through Adversity’
Investment banking firm Jefferies reported on July 26 that it had downgraded MicroStrategy stock to Underperform from Hold, with a price target of $180. At press time, MSTR shares were trading at $278.26, up more than 48% over the past 30 days.