Our Customers See through This, Saylor on MicroStrategy’s Big Losses
Michael Saylor, perhaps the biggest Bitcoin fan the world has ever seen, will step down as MicroStrategy’s CEO due to what is referred to as an impairment charge, i.e. a major financial loss. Still, he insists that there is nothing to worry about.
In its latest accounting report, the enterprise software maker indicated a loss of over $900 million as a result of the sharp Bitcoin price drop from its all-time high of over $68,000 (November 2021) to $22,836 press-time. The respective number for 2021 stood at $414.2 million.
Saylor, the chief propagator of investing in BTC, will now take on the newly created role of executive chairman.
As of August 8, 2022, Michael Saylor will assume the new role of Executive Chairman, and Phong Le, the Company’s President, will also serve as the Company’s new Chief Executive Officer and as a member of the Board of Directors. Mr. Saylor will remain the Chairman of the Board of Directors and an executive officer of the Company.the company’s official statement reads.
In this position, Saylor will be focusing on the company’s transition bitcoin acquisition strategy and related bitcoin advocacy initiatives. He also added in an interview that the customers see through all the fud generated by the media.
MicroStrategy’s decision comes at a time when the market is still recovering from the difficult crypto winter which started in spring.
Despite the volatile situation, Saylor continues his journey in the crypto space. His latest tweet reads:
Since adopting a #Bitcoin Strategy, $MSTR has outperformed every asset class & big tech stock. With my ascension to Executive Chairman, the promotion of Phong Le to CEO & arrival of CFO Andrew Kang, our team is stronger than ever & we are full speed ahead.
Previously, GNCrypto reported that Saylor insisted that Bitcoin outperforms all other assets.
