Michael Saylor is a well-known name in the business sector. In fact, the co-founder of MicroStrategy has made headlines multiple times for various reasons. However, his bitcoin strategy for the company has received a lot of attention from popular media houses. But recently, he has made headlines for a different reason.
Michael Saylor has stepped down from the position of the company’s CEO. From now on, he will serve as the company’s Executive Chairman. After the announcement, various media sources claimed that the company saw a loss of $1B due to Saylor’s Bitcoin strategy. In fact, many sources have stated that this loss has been the cause of Saylor’s outing.
However, he quickly came out with his defense to cancel out all the interpretations that the media houses had to offer for his stepping down. He also defended the Bitcoin strategy of the company If you are interested to know more about this, keep reading the article.
What Michael Saylor Said?
Announcing his decision on Twitter, Michael Saylor stated that as the executive chairman, he will focus on the bitcoin policy of MicroStrategy. Follow the link to see Saylor’s tweet:
After that, he appeared on CNBC’s Squawk on The Street. There he claimed that the bitcoin strategy of the company worked really well. Tweeting a clip of that interview, he wrote that after accepting the bitcoin strategy, MicroStrategy has “outperformed every asset class & big tech stock”.
He stated that splitting the responsibilities between the new CEO Phong Le and himself, will make the company function in a better way. Follow the link below for Saylor’s tweet:
Michael Saylor further added that the stocks of MicroStrategy have been up by 123% on 1st August. Thereby, he claimed that his company has even crossed bitcoin’s 94% up. In addition, Nasdaq and S&P 500 are also left behind by MSTR. The stocks of gold, silver, and bonds are also down. What is more interesting is that MSTR has outperformed the giants like Apple, Google, Netflix, Amazon and Meta in that period.
Michael Saylor also claimed that Bitcoin is a “ treasury reserve asset” for the company. He also emphasized the hybrid nature of MSTR and claimed that in the present scenario of global inflation. However, Bitcoin has been responsible for guiding the company out of the ongoing “difficult financial period”.
Michael Taylor appeared in a number of interviews on various TV channels. In fact, most of the hosts questioned him about the supposed loss of $1B. To this, Taylor stated that every stakeholder knew that the loss was coming and categorised it as “a non-cash indefinite intangible loss.” He also cancelled out the possibility of the company selling some of the Bitcoins.
Rather he claimed that the company is taking the Bitcoin issue seriously enough. In fact, in every interview, Taylor went on to defend his bitcoin strategy, stating that the company has grown 730% in 2 years following the adoption of the Bitcoin strategy.