Michael Saylor, a Bitcoin-evangelist turned billionaire, has been appointed Chief Executive Officer at MicroStrategy. MicroStrategy is one of the largest corporate Bitcoin holders in the world. As executive chairman of the board, he will continue to serve MicroStrategy.
This news is part of MicroStrategy’s Q2 2022 Financial Report Presentation. It explains that Phong Le, the company’s former president and CFO, will be taking over as CEO. Saylor stated that the firm will be able to focus more on its bitcoin acquisition strategy and related bitcoin advocacy initiatives while Phong will be empowered as CEO to manage overall corporate operations. Saylor stated that he will become Executive Chairman and be able to concentrate more on the bitcoin acquisition strategy and other bitcoin advocacy initiatives. Phong Le will continue to be CEO and will manage corporate operations. Le has been President of MicroStrategy since July 2020. He stated that he was looking forward to leading the organization to the long-term growth and health of enterprise software and its bitcoin acquisition strategies. MicroStrategy’s Q2 results show that the company suffered a $917 million digital asset impairment charge due to Bitcoin’s declining price. The company was hit with a $417 million Bitcoin impairment fee in Q2 2021. According to Saylor’s most recent update, MicroStrategy holds 129 699 Bitcoin. These coins had a value of $1.98 Billion as of June 30th.
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