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BI firm MicroStrategy’s CEO Michael Saylor steps down

The company reported quarterly results with revenue coming at $122.1 million against expectations for $126 million, takes $917 million charge on bitcoin
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According to a statement published on August 2, leading independent business intelligence company MicroStrategy’s CEO Michael Saylor is set to assume the role of Executive Chairman. The President, Phong Le, will be taking over Saylor to manage the company’s overall corporate operations. 

From establishing MicroStrategy in 1989 to taking it public in 1998, the company has turned out to be the world’s leading firm in serving enterprises in business intelligence and government organisations. 

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However, MicroStrategy’s stock is down over 48% this year, with Bitcoin being down over 51% during that same time period.

Saylor says that he would primarily focus on bitcoin acquisition strategy and its advocacy initiatives while continuing to provide oversight as the head of the Board’s Investments Committee. 

He says, “I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business.”

From serving roles of Chief Financial Officer and Chief Operating Officer, Phong Le has served as the President of the company since July 2020. Le is believed to have delivered one of the best operational and financial years in the history of the Company’s software business in 2021.

MicroStrategy has spent close to $4 billion acquiring bitcoin at an average price of $30,700, adding bitcoin in its corporate balance sheet for the past two years. 

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Bhuvana Kamath
I am fascinated by technology and AI’s implementation in today’s dynamic world. Being a technophile, I am keen on exploring the ever-evolving trends around applied science and innovation.

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