The former Chief executive officer of Microstrategy revealed the main reason why he stepped down from the role of CEO.
Microstrategy is a software business intelligence company and is popularly known in the crypto industry because of its bullish support of Bitcoin & blockchain technology. Microstrategy started to accumulate Bitcoin since 2020 and now this company holds a total of 129,218 BTC on its balance sheet. Recently Michael Saylor, founder of Microstrategy, left his position from the company as a CEO.
Initially when Saylor announced his departure from the CEO position, then many media reports claimed that Saylor’s decision was a response to those people, who were criticizing Microstrategy for its Bitcoin acquisition plan.
Microstrategy announced its Q2 2022 earning call report in mid of July in which the company said that it lost $1 billion net in this quarter because of the downfall in the price of Bitcoin. But Saylor decided to leave the CEO position just 20 days after the date of the earnings call report, So it was usual for the speculators to consider that it was all about Bitcoin, loss & Bitcoin supportive leadership issues.
On 3 August, Yahoo Finance published an interview report with the former Microstrategy CEO. Through the interview, Saylor confirmed that the decision to leave the CEO position was a several-year-old plan.
Saylor explained that the company is now holding billions of funds on its balance sheet and also has a big customer base, so it was necessary to introduce a full-time CEO for the company.
“We’ve been working on a succession plan with him for about four years, making him first the Chief Operating Officer and then President about two years ago.”
Further, Saylor confirmed that he will now work as a full-time Chair of the Board and he will focus on the Bitcoin acquisition strategy and his primary role will be advocacy education and innovation, working on technology leadership opportunities.
These statements by Saylor hint that he is planning something big with bitcoin because Bitcoin investment is not a big deal but surely doing something unique with bitcoin is a time-consuming procedure.