Bitcoin enthusiast Michael Saylor is no longer CEO of Microstrategy…Details here
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Answer Bitcoin enthusiast Michael Saylor is no longer CEO of Microstrategy…Details here
Billionaire Michael Saylor, known for his zeal for bitcoin, has stepped down as CEO of Microstrategy, one of the world’s largest bitcoin owners.
While he will continue to serve the company as CEO of the Board of Directors.
This news comes as part of a show financial results For the second quarter of 2022 for MicroStrategy.
In the results presentation, it was announced that Mr. Fong Lee, the company’s president and former chief financial officer, would take the position of CEO.
This is the first time Saylor has moved out of his joint role as president and CEO since the company was founded in 1989.Read:Tether responds to Bloomberg’s accusations that it is old news with questionable sources
In a statement, Saylor explained that giving up the CEO position would better allow the company to pursue its goals of growing the software business, and acquiring more bitcoin.
As CEO, I will be able to focus more on bitcoin acquisition strategy and related bitcoin support initiatives, while Fong will be empowered as CEO to manage the company’s overall operations.
Fong Lee has served as President since July of 2020 and helped lead the implementation of the MicroStrategy for Bitcoin acquisition.
Fong Li said:
I look forward to leading the company for the long-term health and growth of our enterprise programs and bitcoin acquisition strategies.
Upon beginning his tenure as CFO in July, Fong Lee made it clear that MicroStrategy remains committed to its Bitcoin HODL scheme under his supervision.
But the road was not easy.
According to its second-quarter results, Microstrategy suffered a digital asset devaluation of $917 million due to the decline in the price of Bitcoin.
In the second quarter of 2021, the company suffered a $417 million bitcoin depreciation fee.Read:Who dominates the Ethereum ecosystem working on the EthereumPoW (ETHW) mining system?
Microstrategy currently owns 129,699 bitcoin, according to Saylor’s latest update on the company’s bitcoin holdings.
These cryptocurrencies were worth $1.98 billion as of June 30.
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