Michael Saylor\u2019s bet on Bitcoin has failed and he lost. The MicroStrategy CEO, also one of the biggest bitcoin bull, has decided to step down. When cryptocurrency lending platform Celsius froze user accounts amid a drop in valuations, waves across the industry raised questions about what could happen to user assets if a crypto platform files for bankruptcy. <\/p>\n\n\n\n
In 2020, the tech company struggled to compete with software giants. \u201cWe were either going to die a fast death, or a slow death, or embark on a risky strategy,\u201d he said. Upon shakeup of MicroStrategy Inc.\u2019s executive system, crypto traders are now forced to evaluate the consequences for bitcoin as Michael Saylor drops his long-held role.<\/p>\n\n\n\n
MicroStrategy\u2019s MSTR, +12.73% shares jumped almost 13% Wednesday, a day after the company said Michael Saylor would give up the CEO title and take on a new role as executive chairman.<\/p>\n\n\n\n
The company\u2019s president Phong Le will take on the CEO position starting Aug. 8. MicroStrategy reported a net loss of $1.06 billion in the second quarter, including $917.8 million in digital asset impairment losses, as bitcoin price crashed.<\/p>\n\n\n\n
Phong will manage overall corporate operations while Saylor will \u201cfocus more on\u201d the company\u2019s bitcoin acquisition strategy and related bitcoin advocacy initiatives, according to MicroStrategy.<\/p>\n","protected":false},"excerpt":{"rendered":"
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