Michael Saylor's announcement of his resignation as MicroStrategy's CEO comes after the company reported losses of close to $1 billion in the second quarter of 2022. The loss was due to the $917.8 million loss being written off due to the drop in Bitcoin (BTC) price. The software company reported a loss of $425 million in the first quarter of the year due to Bitcoin-related impairment. Accordingly, the company's revenue decreased by 2.6% compared to the second quarter figures of 2022.
After the financial statements of MicroStrategy, which has been investing in Bitcoin (BTC) since 2020, it was seen that as of June 30, 129,699 Bitcoins with a value of $ 1.988 billion were held.
Michael Saylor, who left MicroStrategy's CEO position, will now continue as the company's chairman of the board. Making a statement on this, Saylor said:
“As chairman of the board, I will focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives, while Phong will be appointed CEO to manage overall corporate operations.”
Phong Le, who took over the CEO position left by Michael Saylor, said that the company's long-term plans for Bitcoin (BTC) will not change.
The shares of MicroStrategy, the corporate company that holds the most Bitcoin on its balance sheet, have been extremely negatively affected by the sharp decline of the cryptocurrency this year. Although Saylor does not give up on his Bitcoin strategy, analysts on Wall Street interpret this move as negative for a publicly traded company.
MicroStrategy recently announced that it bought $ 10 million worth of Bitcoin in June, when Bitcoin (BTC) prices continued to fall. With this move, Michael Saylor, who showed his determination on Bitcoin (BTC) investment, put an end to the discussions at that time.