MicroStrategy stock MSTR hits 3-month high after CEO's exit
Michael J. Saylor announces to be devoted to strategising corporate Bitcoin adoption plans
By Shashank Bhardwaj
MicroStrategy CEO Michael Saylor; Image: Joe Raedle/Getty Images/AFP
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.
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