With the new emerging changes and trends of the crypto industry, there came news recently that Bitcoin head Michael Saylor has announced his retirement from the position of Chief Executive Officer of Microstrategy. It is the same firm that e was a co-founder of and which was founded in the year 1989. These changes have been brought about after thorough consideration and the change in roles are expected to bring about a new and better change in the firm. This decision, however, ade abuse impact on the firm which this article endeavors to unravel.
Assessing the decision made by Michael Saylor
Before this article further dives into the nitty gritty of the decision taken by the firm, it is important to look at the changes that have come with it. This decision first came into the public arena in a notification issued in the second quarter earnings of the year 2022. It was declared by Microstrategy, the firm Saylor helped come into existence, that Michael Saylor would be stepping down from his previously held position and will be taking the role of executive chair.
Further, it was also mentioned that the role that was previously played by Michael Saylor shall be carried forward by Phong Lee, who shall be Saylor’s successor as CEO. By the 8th of August, these changes were to be put in place and followed immediately. These decisions, as mentioned by the firm were made to take the firm towards a better future and help it prosper on the path of progress. It is said to bring about certain changes that can change the ways that were previously followed only for the better of all in the company.
What were the changes aimed at?
It was disclosed by the head of Microstrategy that the aim to differentiate the two chairs, that is the role of Chairman and CE, shall help the firm to pursue its different goals better and more efficiently. These two goals are said to be the two corporate strategies that need to be accomplished and can be done so with systematic planning. These two strategies include the holding and acquiring of Bitcoin as well as the growth of the enterprise analytics software business. This transition shall be the wind beneath the wings of this goal and push it towards its fruition.
A look at the change in executives and their roles over the years.
To take a look at the previously held positions of power and the men that acquired them, Le was a chief financial officer at the firm for almost four years, from 2015 to 2019. As per the notification issued by the firm, the role played by Le will be that of the President as well as the CEO, who shall be responsible for the everyday execution of the strategies made by the company.
The role of Saylor will thus be the second half of the corporate strategy, and that is to come up with strategies to acquire Bitcoin as well as initiatives related to Bitcoin advocacy.
What is Miscrostrategy’s position in the world of crypto?
As of the record of recent days, the firm has a total of 12,699 Bitcoin in its account. It was calculated to be somewhat around 2 billion dollars which was the estimate deducting the cumulative impairment losses of the firm. It was also disclosed to the U.S securities as well as the Exchange commission that currently, the firm has successfully been able to acquire as much as 480 BTC for almost as much as 10 million dollars, in June.