Michael Saylor steps down as CEO of MicroStrategy as losses widen
The Hindu
Net losses was at $1.062 billion this quarter compared to $299.3 million for the second quarter of 2021
The American business intelligence company MicroStrategy has announced that Michael Saylor, will be stepping down as CEO and taking up the role of Executive Chairman in order to focus on acquiring more cryptocurrency.
(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)
Company President Phong Le will serve as the new CEO of MicroStrategy. Messrs Le and Saylor will continue to stay on the company’s board.
“As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations,” said Mr. Saylor in a release posted on August 2.
Mr. Saylor’s company MicroStrategy has acquired approximately 129,699 Bitcoin. However, the value of his investments is down by 25.14%, or over $999 million, according to the Saylor Tracker website. The former CEO is a strong supporter of Bitcoin and promotes its underlying technology on social media.
“#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy,” stated the pinned tweet on his Twitter account.
Mr. Saylor, who is a billionaire, has also bought Bitcoin when its price crashed, a tactic known as ‘buying the dip.’ However, Bitcoin’s value has more than halved in 2022.
Former Pakistan PM Imran Khan granted bail in graft case, but remains in prison with multiple charges pending.
Australia’s communications minister introduced a world-first law into Parliament to ban children younger than 16 from social media.
Florida man arrested for plotting to bomb New York Stock Exchange to "reboot" U.S. government, detained for trial.
Apple asked a federal judge to dismiss the U.S. Department of Justice’s antitrust case against the iPhone maker.
The Sri Lankan parliamentary elections have, more or less, cleansed the 225-member Parliament, purging the country’s arrogant old guard
Trump appoints Whitaker as NATO ambassador despite lack of foreign policy experience, raising concerns about U.S. representation within alliance.
Trump appoints Whitaker as NATO ambassador despite lack of foreign policy experience, raising concerns about U.S. representation within alliance.
U.N. Security Council votes 14-1 for ceasefire resolution, U.S. veto prevents adoption due to hostage release demand.
Bangladesh interim government cancels passports of 22 security officials under investigation for abductions during previous presidency.
U.S. policy shift allowing Kyiv to use ATACMS missiles sparks furious response from Moscow, risking major war.
Taliban authorities are removing "un-Islamic" and anti-government literature from circulation by checking imported books and distributing lists of banned titles.