Michael Saylor steps down as CEO as MicroStrategy incurs $918M impairment charge.
NYDFS fines Robinhood $30 million amid 23% job cuts as revenue slumps.
Michael Saylor Steps Down as CEO as MicroStrategy Incurs $918M Impairment Charge
Co-Founder of MicroStrategy Michael Saylor has announced that he will be stepping down as the Chief Executive Officer (CEO) of the company he co-founded. In light of this, Phong Le, MicroStrategy’s current President, will assume the role of MicroStrategy’s CEO.
Saylor, who has been the MicroStrategy’s CEO since its inception in 1989, will now act as the Executive Director for MicroStrategy.
In its second quarterly report, MicroStrategy announced that it faced a non-cash digital asset impairment charge of $917.8 million on its Bitcoin (BTC) holdings, due to the price of the leading crypto asset dropping 65% from its November 2021 all-time high.
MicroStrategy remains the biggest corporate holder of Bitcoin, with 129,699 bitcoins worth approximately $3...
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