American mobile software and cloud-based services company MicroStrategy has seen its share price surge to a three-month high just days after its bullish Bitcoin co-founder Michael Saylor announced his departure as CEO of the company.
MicroStrategy (MSTR) Hit 3-Month High
On Tuesday, August 2, Michael Saylor, MicroStrategy co-founder, announced that he was stepping down as CEO to become executive chairman. Following the news, MicroStrategy’s shares began to rally.
MicroStrategy (MSTR) traded at $279 on Tuesday. However, the company share price is up by 13% on Thursday, August 4, to trade at $314.09, the highest level the company’s share price has hit since the first week of May 2022.
MicroStrategy’s (MSTR) price chart over the last month.
Saylor tweeted on Wednesday, “In my next job, I intend to focus more on Bitcoin.” Phong Le, the president of MicroStrategy, will become the new CEO of the software company.
MicroStrategy Has Outperformed Big Tech Stocks
Saylor, the pro-bitcoin executive of MicroStrategy, has not been silent about his company’s involvement with Bitcoin.
According to Saylor, Microstrategy (MSTR) has “outperformed every asset class and big tech stock” since the company adopted a bitcoin strategy and started accumulating the asset.
Since @MicroStrategy adopted a #Bitcoin Strategy, its enterprise value is up +730% (+$5 billion) and $MSTR is up +123%. Performance of BTC is +94%, S&P 500 +23%, Nasdaq +13%, Gold -13%, Bonds -14%, Silver -29%. GOOG +54%, AAPL +43%, MSFT +34%, AMZN -14%, META -39%, NFLX -53%. pic.twitter.com/BWHPhbOg0d— Michael Saylor⚡️ (@saylor) August 3, 2022
On the Flipside
- MicroStrategy’s holding of Bitcoin led to a $917 million loss in Q2 and is a major contributor to its stock being down over 40% since the start of 2022.
Why You Should Care
Despite the organizational change, Saylor and Le have told investors not to expect any surprise in strategy, and the company remains bullish on Bitcoin.
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Read the article below to find out how people reacted to his resignation: