Michael Saylor, one of the most vocal proponents of Bitcoin, has resigned as CEO of MicroStrategy, the business analytics company he founded.
On Tuesday, August 2, the corporation announced a second-quarter deficit of about $1 billion. A $917.8 billion loss was attributable to Bitcoin's price drop, resulting in an impairment of $917.8 million.
As of July 30, MicroStrategy has 129,699 Bitcoin worth $1.988 billion in its possession. That summer of 2020, the corporation has been building up its Bitcoin holdings.
Despite this, Saylor is currently MicroStrategy's executive chairman. He stated that he would now devote all of his time and energy to accumulating digital currency.
Some experts on Wall Street are not convinced that Saylor's Bitcoin gamble is an intelligent move for a publicly listed firm.
According to Bloomberg, there have been a number of recent short bets placed on MicroStrategy. MSTR's stock price began to recover during July, as did the Bitcoin price.