{"id":11515,"date":"2022-08-03T14:53:56","date_gmt":"2022-08-03T14:53:56","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/03\/microstrategy-ceo-steps-down-as-company-takes-a-917-million-hit-on-its-bitcoin-investments\/"},"modified":"2022-08-03T14:53:57","modified_gmt":"2022-08-03T14:53:57","slug":"microstrategy-ceo-steps-down-as-company-takes-a-917-million-hit-on-its-bitcoin-investments","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/03\/microstrategy-ceo-steps-down-as-company-takes-a-917-million-hit-on-its-bitcoin-investments\/","title":{"rendered":"MicroStrategy CEO steps down as company takes a $917 million hit on its Bitcoin investments"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/8\/2\/23289397\/michael-saylor-bitcoin-microstrategy-ceo-steps-down<\/a>
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Bitcoin advocate Michael Saylor is stepping down<\/a> as the CEO of the software company he co-founded, MicroStrategy, and will instead take on the role of executive chairman. Saylor\u2019s belief in Bitcoin has turned the company into a holding vehicle for the cryptocurrency. The news came as the company reported its second-quarter earnings. It noted a loss of $1.062 billion, mostly due to an impairment charge of $917 million based on the value of its Bitcoin holdings, which have plunged since the price peaked in November last year.<\/p>\n

Phong Le, MicroStrategy\u2019s current president, will take Saylor\u2019s place as CEO. \u201cI look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies,\u201d Le said in a statement to shareholders.<\/p>\n

In 2020, MicroStrategy acquired $250 million in Bitcoin<\/a>, and as of June 30th, 2022, MicroStrategy reports it currently holds $1.988 billion in Bitcoin. <\/p>\n

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Digital Assets: As of June 30, 2022, the carrying value of MicroStrategy\u2019s digital assets (comprised of approximately 129,699 bitcoins) was $1.988 billion, which reflects cumulative impairment losses of $1.989 billion since acquisition and an average carrying amount per bitcoin of approximately $15,326. As of June 30, 2022, the original cost basis and market value of MicroStrategy\u2019s bitcoin were $3.977 billion and $2.451 billion, respectively, which reflects an average cost per bitcoin of approximately $30,664 and a market price per bitcoin of $18,895.02, respectively.<\/p>\n<\/blockquote>\n

MicroStrategy\u2019s message to investors says Saylor will continue to \u201cprovide oversight of the Company\u2019s bitcoin acquisition strategy as head of the Board\u2019s Investments Committee.\u201d It\u2019s unclear what prompted the organizational shakeup, as Saylor has helmed MicroStrategy since he founded the company in 1989.<\/p>\n

\u201cI believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business,\u201d Saylor says. \u201cAs Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations.\u201d<\/p>\n

In April, Saylor announced that MicroStrategy would be the first company to adopt Fidelity\u2019s Bitcoin-based 401(k) retirement plan<\/a> for its employees. <\/p>\n

The Securities and Exchange Commission opened an investigation into MicroStrategy<\/a>, as it objected to the way the company accounted for its Bitcoin in one of its 2021 filings. As noted by Bloomberg Tax<\/em><\/a>, Microstrategy used non-GAAP measures to record its Bitcoin assets, which aren\u2019t based on the Generally Accepted Accounting Principles (GAAP). Companies typically use non-GAAP methods sparingly. <\/p>\n

MicroStategy was also the subject of an SEC investigation over allegations of civil accounting fraud back in 2000. The SEC accused Saylor and his top executives of overstating the company\u2019s revenue and earnings after it went public in June 1998 up until March 2000. Saylor and two of his executives settled with the agency for $11 million<\/a>, with none of them \u201cadmitting or denying the Commission\u2019s allegations.\u201d<\/p>\n<\/div>\n


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Source: https:\/\/www.theverge.com\/2022\/8\/2\/23289397\/michael-saylor-bitcoin-microstrategy-ceo-steps-down<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: Bitcoin advocate Michael Saylor is stepping down as the CEO of the software company he co-founded, MicroStrategy, and will instead take on the role of executive chairman. Saylor\u2019s belief in Bitcoin has turned the company into a holding vehicle for the cryptocurrency. The news came as the company reported its second-quarter earnings. It noted […]<\/p>\n","protected":false},"author":1,"featured_media":11516,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49,8],"tags":[50],"class_list":["post-11515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-technology","tag-business"],"yoast_head":"\nMicroStrategy CEO steps down as company takes a $917 million hit on its Bitcoin investments - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/08\/03\/microstrategy-ceo-steps-down-as-company-takes-a-917-million-hit-on-its-bitcoin-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MicroStrategy CEO steps down as company takes a $917 million hit on its Bitcoin investments - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Bitcoin advocate Michael Saylor is stepping down as the CEO of the software company he co-founded, MicroStrategy, and will instead take on the role of executive chairman. 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