MicroStrategy shares rose 10% after Michael Saylor announced he would step down as CEO.
Share prices rose after MicroStrategy’s second quarter report. In the announcement, it was announced that Michael Saylor is stepping down from his CEO position in order to focus more on Bitcoin strategies.
Shares of the company were trading above $284.72 after yesterday’s close, trading at $307.65 at the time of writing.
Despite the decline in the company’s revenues, Saylor’s announcement of his resignation as CEO had a positive impact on the company’s shares. Saylor announced that he will continue his duties as chairman of the board of directors.
In his statement, Saylor emphasized that such a decision was taken to focus on the company’s Bitcoin strategy.
“I believe separating the roles of president and CEO will allow us to better follow our corporate strategy of buying and holding Bitcoin and growing our enterprise analytics software business. As chairman of the board, I will be able to focus more on our Bitcoin acquisition strategy and Bitcoin advocacy initiatives. Phong Le will be empowered as CEO to manage overall corporate operations.”
However, MicroStrategy continues to hold 129,699 Bitcoins on its balance sheet.
