Crypto news

Michael Saylor is no longer CEO of MicroStrategy

MicroStrategy announced a change in its management team, with Michael Saylor becoming executive chairman and Fong Le taking over as CEO.

Saylor will also remain as head of the board of directors. As executive chairman, he will reportedly focus “on innovation and long-term corporate strategy,” which includes continuing to buy and hold bitcoin.

According to Saylor, separating the roles of chairman and CEO will allow the two corporate strategies to be implemented more effectively. While he will handle the bitcoin business, Fong will manage general corporate operations.

They will assume their new positions on Aug. 8.

In addition, MicroStrategy disclosed financials for the second quarter of 2022.

Total revenue was $122.1 million, while operating expenses were over $1 billion, a 96.5% increase over the same period last year. The main reason was the drop in the price of MicroStrategy’s digital assets – the company reported a loss of $917.8 million in the second quarter. As of June 30, 2022, MicroStrategy owns about 129,700 VTCs worth nearly $3 billion at the time of writing.

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