MicroStrategy stock MSTR hits 3-month high after CEO's exit
Michael J. Saylor announces to be devoted to strategising corporate Bitcoin adoption plans
MicroStrategy Inc., a Nasdaq-listed American information technology company, saw its share price open at its highest in three months as word spread that its CEO and Bitcoin enthusiast, Michael Saylor, was stepping down. He reportedly left after a disappointing quarterly earnings report. Michael will now serve as the company's executive chairman. He will be responsible for the company's Bitcoin strategy. The company's president, Phong Le, will take over as the CEO of the company.
MSTR's share price jumped nearly 14.5 percent to $324.55 per share on the daily chart as soon as the news hit the market. This was the highest since May 6. The stock's intraday gains were part of a larger recovery that began on May 12 at $134. MSTR has grown by 142 percent since then, while the Nasdaq has grown by 26.81 percent during the same time period.
Michael's departure from the company's CEO position will allow the new CEO to focus fully on the company's enterprise. Meanwhile, Saylor will focus on developing corporate Bitcoin (BTC) adoption strategies. He confirmed his new role in a public statement made on August 2, "As Executive Chairman, I will be able to focus more on our Bitcoin acquisition strategy and related Bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations…believe that 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."
He also posted a Tweet on Wednesday regarding this, "In my next job, I intend to focus more on #Bitcoin."