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Saylor will take on the role of executive chairman.
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Michael Saylor is stepping down as CEO of MicroStrategy and will become the company's new executive chairman. The company has become a holding vehicle for the digital currency because of Saylor's beliefs. The company reported its second quarter earnings. The company reported a loss of over $1 billion due to an impairment charge of $917 million related to the value of its holdings in the virtual currency.

Saylor will no longer be MicroStrategy's CEO. Le said in a statement to shareholders that he was looking forward to leading the organization for the long-term health and growth of the business.

In 2020, MicroStrategy acquired $250 million in Bitcoins, and as of June 30th, 2022, MicroStrategy's holdings in the virtual currency are over $2 billion.

Digital Assets: As of June 30, 2022, the carrying value of MicroStrategy’s 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’s 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.

Saylor is the head of the Board's Investments Committee and will continue to provide oversight of the company's acquisition strategy. Saylor has been the CEO of MicroStrategy since 1989.

Saylor believes that splitting the roles of Chairman and CEO will allow the company to better pursue its two corporate strategies. Phong will be given the power to manage corporate operations, while I will be able to focus more on our acquisition strategy.

Saylor said in April that MicroStrategy would be the first company to use Fidelity's 401(k) plan.

The SEC opened an investigation into MicroStrategy because it objected to the way the company accounted for its digital currency. Microstrategy used non- GAAP measures to record its assets, which aren't based on GAAP. Non- GAAP methods are used less often by companies.

The SEC investigated MicroStategy over allegations of civil accounting fraud. Saylor and his top executives were accused by the SEC of overstating the company's revenue and earnings. Saylor and two of his executives settled with the agency for $11 million with no admission or denial of the Commission's allegations.