Michael Saylor Reveals Why He Exited MicroStrategy’s CEO Post Amid a $918,000,000 Bitcoin Loss

MicroStrategy founder Michael Saylor is stepping down as the company’s CEO, as the enterprise software company reports that it suffered a $917.8 million loss in Bitcoin (BTC) in the second quarter of the year.

in a new one interview With CNBC, Saylor says the decision to leave his position and take on the new role as executive chairman of MicroStrategy has nothing to do with the company’s Bitcoin losses.

“There is no relationship between the transition and that depreciation. It’s a non-cash write-off and our investors see through it, as do the board of directors and officers.”

MicroStrategy President Phong Le becomes the company’s new CEO. According to Saylor, the reorganization puts people in roles where they are most effective.

“Phong has been the president of the company and the heir to the CEO for the past two years. He was president and CFO until May of this year.

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

Saylor says his new position as chairman of the company will allow him to focus more on advocating for Bitcoin.

“I have become a key advocate and spokesperson for the Bitcoin community worldwide. This will allow me to take on the role of executive chairman where I can be a more enthusiastic advocate for Bitcoin while Phong and Andrew manage business operations and execute MicroStrategy’s ongoing business strategy.”

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