Wednesday, August 3, 2022

Michael Saylor Bet Billions on Bitcoin and Lost - WSJ

If you ask Michael Saylor why he bet the future of his company on bitcoin, he’ll tell you he didn’t have a choice.

In 2020, MicroStrategy Inc.’s MSTR 12.73% stock was stagnant, and the tech company struggled to compete with software giants. “We were either going to die a fast death, or a slow death, or embark on a risky strategy,” he said.

He opted to buy bitcoin—lots of it. That decision backfired, badly. On Tuesday, MicroStrategy announced Mr. Saylor would step down as CEO, a position he has held since 1989, amid mounting losses tied to bitcoin.

via www.wsj.com

Bitcoin is down now, but it may not stay down.

https://rightcoast.typepad.com/rightcoast/2022/08/michael-saylor-bet-billions-on-bitcoin-and-lost-wsj.html

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Comments

This is the first time I have read or heard this, but I have been thinking about Saylor as he was always mentioned by crypto trolls and they kept saying he was genius.

Posted by: James p. Gibbons | Aug 3, 2022 5:25:32 PM

It's reminiscent of the story told by the Fedex founder who says he took the firm's last 5,000 dollars to Lost Wages to play blackjack, and purportedly won enough to pay the next week's fuel bills.

Posted by: dearieme | Aug 4, 2022 6:56:53 AM

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