Michael Saylor to step down as head of MicroStrategy

The entrepreneur will take over as CEO and focus on buying and promoting bitcoin

03.08.2022 - 06:45

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What’s new? Analytics software company MicroStrategy has announced changes in its management team. The current head of MicroStrategy, Michael Saylor, will leave his position to be replaced by Phong Le. The staff reshuffle will take place on August 8. This information is provided in the company’s latest Q2 2022 financial results report.

The full version of the report

What other data has been released? It is known that Saylor will remain the Chairman of MicroStrategy’s Board of Directors. According to the company’s press release, the entrepreneur plans to focus on buying bitcoin and promoting the cryptocurrency to the masses, while Phong Le will manage general corporate operations.

MicroStrategy’s press release

In terms of financial reporting, the company recorded total revenue of $122,1 million in Q2. Meanwhile, operating expenses exceeded $1 billion and digital asset impairment losses totaled $917,8 million. As of July 30, MicroStrategy had 129 699 BTC ($2,98 billion at the current rate at 06:40 UTC — $23 052) on its balance sheet. On June 29, the company added 410 bitcoins worth $10 million at a price of $20 817.

On July 27, Michael Saylor spoke at the largest blockchain summit in Eurasia, Blockchain Economy Istanbul. The head of MicroStrategy called gold “dead money” and compared bitcoin to royal real estate.

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