Wednesday, August 3, 2022
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.
Bitcoin is down now, but it may not stay down.