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Michael Saylor Reveals Why He Left MicroStrategy CEO Amid $918 Million Bitcoin Loss

MicroStrategy founder Michael Saylor is stepping down as the company’s CEO as the business software company reports a $917.8 million Bitcoin (BTC) loss in the second quarter of the year.

In a new interview with CNBC, Saylor says the decision to step down and take on the new role as executive chairman of MicroStrategy has nothing to do with the company’s Bitcoin losses.

“There is no connection between the transition and this deletion. It’s a non-cash write-off and our investors are looking at it, as are the board and executives.”

MicroStrategy President Phong Le will take over as the company’s new CEO. According to Saylor, reorganization places people in roles where they are most effective.

“Phong has been the chairman of the company for the past two years and the heir CEO. He was president and chief financial officer until May of this year.

Given the size of the balance sheet, the opportunities in front of us, the company really needed a world-class dedicated CFO, so when Andrew Kang joined us in May, we checked that box. This paved the way for Phong to rise to the role of chairman and CEO. He is an extremely talented executive and that will make him even more effective.”

Saylor says his new position as the company’s president will allow him to focus more on being an advocate for Bitcoin.

“I have emerged as an important supporter and representative of the Bitcoin community on a global basis. This will allow me to step into the role of executive chairman where I can be a more enthusiastic supporter of Bitcoin, while Phong and Andrew manage the corporate operations, executing MicroStrategy’s ongoing business strategy.”

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