Michael Saylor leaves his post as MicroStrategy CEO

Michael Saylor is leaving his position as CEO of MicroStrategy to become the Executive Chairman of the company, according to a statement released this afternoon. Phong Le, the new CEO of MicroStrategy, will be the company's president.

Saylor founded MicroStrategy in 1989 with his friend Sanju Bansal as a software company with a focus on analytics software. The company was famous for its business intelligence software at one time before it became a company that is now known as a bitcoins investment company. Saylor took over the role of CEO and later took the company public in 1998.

Saylor said in a statement, "I believe that by separating the roles of Chairman and CEO, we can better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business." As the 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 all of our corporate operations. The company announced its second-quarter earnings, in which its total revenues fell by 2.6% compared to a year ago. There is no indication that Saylor stepped down as CEO after he invested inbitcoin.

As chairman of the Board's Investments Committee, Mr. Saylor will focus on innovation and long-term corporate strategy while continuing to provide oversight of the Company's acquisition strategy, the company said in a press release.

I am honored and excited to continue leading this truly innovative organization, as President and CEO. I would like to reinforce our commitment to our customers, shareholders, partners and employees, and I look forward to leading the organization for the long-term health and growth of our enterprise software andBitcoin acquisition strategies, Le said.

Michael Saylor's MicroStrategy doubled down onBitcoin last month. Michael Saylor s MicroStrategy announced that it purchased additional 480 bitcoins for $10.0 million at an average price of $20,817 per bitcoin, after having invested billions in the world's most popular criptocurrency. MicroStrategy, a Virginia-based business intelligence software, now holds approx. 129,699 bitcoins were acquired for a total of approx. An average price of $30,664 per bitcoin is $3.98 billion.

Saylor told his fans in an infamous video to mortgage their homes and buy digital currency in March 2021. Since then, the value of the digital currency has lost half of its value.

The only use of time is how do I buy more bitcoins? It's time to figure out how to borrow more money to buy more bitcoins. It takes a lot of time to figure out what you can sell to buy bitcoins. If you absolutely love the thing, but you don't want to sell it, go mortgage your house and buy bitcoin with it. And if you have got a business that you love because your family works for the business and your family has been in your family for 37 years, you can't bear to sell it, mortgage it, finance it, and convert the proceeds into the hardest money on earth, like bitcoins, Saylor told the host.