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

MicroStrategy founder Michael Saylor is stepping down as the company’s CEO after the enterprise software company posts a $917.8 million loss Bitcoin (BTC) reported in the second quarter of the year.
In a new interview with CNBC, Saylor says the decision to leave his post and take on the new role as MicroStrategy’s executive chairman had nothing to do with the company’s bitcoin losses.

“There is no relationship between the transition and this write-off. It is a non-cash write-off and our investors are watching, as are the board and senior executives.”

MicroStrategy President Phong Le takes over as the company’s new chief executive. According to Saylor, the reorganization puts employees in the roles in which they are most effective.

“Phong has been the company’s president for the past two years and the heir apparent CEO. Until May of this year he was President and CFO.

investment tip Michael Saylor Reveals Why He Left MicroStrategy CEO Post Amid $918M Bitcoin Loss, Crypto Trading News

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

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

“I have grown to be a key advocate and spokesperson for the bitcoin community around the world. This will allow me to assume the role of CEO, where I can be a more enthusiastic advocate for Bitcoin, while Phong and Andrew lead the company’s operations and implement MicroStrategy’s ongoing business strategy.”

Since launching a #Bitcoin strategy, $MSTR has outperformed every asset class and major tech stocks. With my rise to Executive Chairman, the promotion of Phong Le to CEO and the arrival of CFO Andrew Kang, our team is stronger than ever and we are full steam

-Michael Saylor?? (@saylor) August 3, 2022

Image generated: DALLE

Source: Crypto News Deutsch

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