To put it mildly, bitcoin, as well as the entire cryptocurrency landscape, has had a rocky year.
Big crypto investors started to withdraw following a crash in June that saw bitcoin fall to a new low of $20,000 (the all-time high was $69,044.77 in November 2021) - Get Tesla Inc. ReportCEO Elon Musk.
Celsius Network, which filed for Chapter 11 bankruptcy on July 13, and Voyager Digital, which filed for the same on July 6.
Other prominent crypto-gay believers have been harmed as well. One of them, the billionaire and CEO of MicroStrategy (MSTR), has long been an outspoken advocate for digital currencies, often sharing his beliefs with his 2.6 million followers on Twitter.
Saylor's trust in bitcoin's potential turned against him when he lost $1.2 billion in the crash, and now, after 33 years as the CEO of MicroStrategy, he is stepping down from his position.
Twitter as the image source
Saylor is taking on a new role in microStrategy.
MicroStrategy announced that Saylor would be stepping down from his position, which will be assumed by company president Phong Le on August 8.
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Le has served as president since July 2020 and has been with MicroStrategy since 2015 in previous executive roles such as chief financial officer and chief operating officer.
Saylor will remain a member of the company, however. His new title will be executive chairman, and he will continue to serve as chairman of the board of directors.
According to Mr. Saylor, 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. As Executive Chairman I will be able to concentrate more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations.
Bitcoin's King, Is he stepping aside?
Saylor has a large following on Twitter, the platform he is most vocal on, but also a lot of followers who dismiss him as crazy.
Some of the latter made fun of Saylor while taking advantage of the news.
Saylor acted as if nothing was wrong, tweeting more or less the way he normally does.
The stock of MicroStrategy has taken a nosedive ever since the beginning of the crypto winter, having dropped 51% since the beginning of 2022.