Bitcoin investor Michael Saylor will no longer be the CEO of MicroStrategy, know the reason

MicroStrategy CEO Michael Saylor is now going to step down from this position. He is now going to be replaced by the company’s top executive Phong Le. At the same time, Michael will now go down a notch to take over as the executive chairman. The position of CEO is now being handed over to Phong Le, for which Phong Le is very excited. Phong Le has been serving as the company’s president since 2020. He has said that it is an honor for him and he is very excited that he is being handed over the reins of the company.

Michael Saylor believes that it will be beneficial for the company to separate the roles of the company’s CEO and chairman. After this the company will be able to work on its core strategy in a much better way. Michael Saylor has been the company’s CEO for the past three decades. During this time he has also seen many ups and downs with the company. Saylor recalls when in 2000 his company was charged by the US Securities and Exchange Commission and he had to lose $6 billion (about Rs 4.7 trillion) in one day.

His work at MicroStrategy will now focus on strategies to increase the bitcoin treasury, as well as work on a number of other bitcoin-related initiatives. The company came into limelight in August 2020 when it adopted bitcoin as a reserve. Microstrategy is the largest holder of Bitcoin, the world’s largest cryptocurrency. In June, the company bought bitcoins worth $10 million. At that time the cryptocurrency market was going through a severe recession.

Michael Seller has always spoken in favor of increasing the company’s bitcoin reserves. Even when the price of bitcoin had reached its peak of decline in the past, Michael’s point was that people should not lose faith in crypto, but instead take advantage of this opportunity to invest. Meanwhile, the company’s crypto-related losses reached $1 billion (about Rs 80 billion) in June. Shares of the company fell as much as 2 percent within hours after news of Michael Sellar stepping down as CEO.