BREAKING: Michael Saylor Steps Down As MicroStrategy CEO After Losing $1B on Bitcoin

MicroStrategy co-founder Michael Saylor steps down and says he will focus more on Bitcoin directly after reporting a one billion dollar loss on his Bitcoin bet due to recent 2nd quarter plunge of cryptocurrency prices. MicroStrategy currently holds 129,669 Bitcoin.

(MicroStrategy Stock plunges 2% in after hours trading)

Michael Saylor will continue to serve as executive chairman but will no longer hold the chief executive role.

Also must note that MicroStrategy stock is down about 50% this year alone which is right on par with the recent bitcoin decline. Their revenue has dropped to $122.1M