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MicroStrategy’s stock surged 15% on Wednesday after Michael Saylor stepped down from his position as CEO to executive chairman. The software company's president, Phong Le, will become CEO.
Saylor will continue with his role as an executive and the principal overseer of the firm’s “Bitcoin acquisition strategy.”
“In my next job, I intend to focus more on bitcoin,” Saylor tweeted early Wednesday responding to anyone who thought that the moves might mean he has become less bullish on the crypto.
Bitcoin’s continuous fall this year has caused a loss of $1 billion to MicroStrategy Inc. has lost nearly $1 billion after Saylor’s bet on bitcoin hit a stump.
MicroStrategy has bet billions on the cryptocurrency — $3.97 billion, to be exact. As of March 31, MicroStrategy held 129,218 bitcoins, each purchased at an average price of $30,700.
Source - Twitter
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