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.
MICROSTRATEGY: MICHAEL SAYLOR WILL ASSUME EXECUTIVE CHAIR ROLE
New CEO at Microstrategy
— Caroline Hyde (@CarolineHydeTV) August 2, 2022
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.
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