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Michael Saylor to step down as CEO of MicroStrategy to focus on the business’s Bitcoin strategy

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Nonhlanhla P Dube

The Bitcoin enthusiast will take over as executive chairman of the corporation on Monday, a newly established position. Michael Saylor will no longer be the CEO of MicroStrategy as the business intelligence firm undergoes a major restructuring.

The Bitcoin enthusiast will take over as executive chairman of the corporation on Monday, a newly established position.

Saylor has been CEO since 1989, and he will be succeeded by Phong Le, the current president of MicroStrategy.

Saylor “will focus primarily on innovation and long-term business strategy, while continuing to provide supervision of the company’s Bitcoin acquisition strategy as head of the board’s investment committee,” according to MicroStrategy.

MicroStrategy originally invested in Bitcoin two years ago, and Saylor has been more focused on advocating crypto than his own company’s products in recent years. He added in a statement:

“I believe that separating the positions of chairman and CEO will allow us to pursue our two company strategy of acquiring and holding Bitcoin and building our enterprise analytics software business more effectively. As executive chairman, I will be able to focus more time on our Bitcoin acquisition strategy and related bitcoin advocacy projects, while Phong will be given the power to manage broad corporate operations. “

The action might be taken as a vote of confidence in MicroStrategy’s aggressive strategy of acquiring as much Bitcoin as possible, despite the fact that the value of the 130,000 BTC it holds in reserve has dropped by roughly R83 billion in the last eight months.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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