MicroStrategy announced yesterday in its earnings report that Michael Saylor will no longer be the Chief Executive Officer as of August 8. Instead, Saylor will take on a new role as Executive Chairman. Phong Le, President of MicroStrategy, will replace Saylor as CEO.
Saylor remains Chairman of the Board. In a press release, he stated that as Executive Chairman, his focus will be solely on the strategy of acquiring bitcoin and related initiatives to advocate for the largest cryptocurrency. At the same time, Le will manage the company’s daily operations.
Founded in 1989, MicroStrategy is a software company that provides business intelligence, mobile software, and cloud-based services. Saylor has been the director of MicroStrategy since its inception. Le, who joined the company in 2015, has served as President since July 2020. In the press release, Le is credited with one of the best operational and financial years.
MicroStrategy will go down in history as the first publicly traded company to begin acquiring bitcoin as part of its treasury, paving the way for other tech companies like Tesla to add cryptocurrency to their own balance sheets.
Although Tesla sold most of its bitcoin in a recent market downturn, today’s earnings report shows that as of June 30, MicroStrategy still holds 129,699 bitcoins, worth approximately $2.98 billion at current prices. According to the report, the company purchased bitcoin at an average price of $30,664. Saylor has repeatedly dismissed rumors that MicroStrategy is facing liquidation, stating that the company would only face complications if the price of bitcoin falls to $3,562.
