Saylor steps down as Microstrategy CEO

NeuroticFish

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Quote from: Lucius on September 01, 2022, 05:15:01 AM

Everyone is innocent until proven guilty, although the media will now crucify Saylor

Well said. Is it me or somebody is trying to revive the "bitcoin is illicit money" narrative, although it's probably vastly unrelated to bitcoin.
He and the company are clearly not poor, so I don't really feel sorry for them. Justice will have the final word, I guess.

Quote from: DaveF on August 31, 2022, 02:49:04 PM

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have a feeling they may try - especially at first - to drag/stall it by fighting in court... at least until Bitcoin price returns on uptrend and MicroStrategy funds start looking good again.

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Everyone is innocent until proven guilty, although the media will now crucify Saylor and along the way they will surely lash out at Bitcoin as well. I looked at MS's Twitter account and he hasn't commented on this case yet, but considering everything, I don't think he'll be overly upset.

I am quite sure of one thing, and that is that he will not escape from the US, as was the case with John McAfee and his non-payment of taxes, which eventually cost him his life.

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Quote from: OgNasty on August 31, 2022, 11:48:38 PM

Quote from: 2stout on August 31, 2022, 10:16:09 PM

Quote from: DaveF on August 31, 2022, 02:49:04 PM

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

Quote

NEW: Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

They absolutely knew this was coming- Saylor, et al. Removing him from his post was a preemptive strike that they hope will buy the company some goodwill down the line- this situation and also for the appearance of creating distance.

It is beginning to look that way. I’m sure when investigators started sniffing around and disturbing business operations they decided to remove Saylor as a distraction. It seems like we’ve seen a lot less of him since then so maybe he’s laying low or celebrating his freedom.

Possible but it's kinda late as the case have been filed. So yes, 2 options settled out of court or fight it out. But this guy have billions, for sure he could pay those back taxes to DC and still conduct his businesses on that state.

Anyhow, I'm not taking any side, just let the flow of justice do it's job here, whether he is guilty or not, it is on the hands of the court to decide.

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Quote from: 2stout on August 31, 2022, 10:16:09 PM

Quote from: DaveF on August 31, 2022, 02:49:04 PM

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

Quote

NEW: Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

They absolutely knew this was coming- Saylor, et al. Removing him from his post was a preemptive strike that they hope will buy the company some goodwill down the line- this situation and also for the appearance of creating distance.

It is beginning to look that way. I’m sure when investigators started sniffing around and disturbing business operations they decided to remove Saylor as a distraction. It seems like we’ve seen a lot less of him since then so maybe he’s laying low or celebrating his freedom.

2stout

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Quote from: DaveF on August 31, 2022, 02:49:04 PM

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

Quote

NEW: Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

They absolutely knew this was coming- Saylor, et al. Removing him from his post was a preemptive strike that they hope will buy the company some goodwill down the line- this situation and also for the appearance of creating distance.

Dave1

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Quote from: DaveF on August 31, 2022, 02:49:04 PM

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

Quote

NEW: Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

What's interesting is that you wake up and finding out that you have been sued thru Twitter. Grin

For those who are interested on the official documents here are the links:

https://oag.dc.gov/sites/default/files/2022-08/2022-08-22%20Complaint%20in%20Intervention_0.pdf

As per the documents, Saylor and his company Microstrategy has created an elaborate scheme to defraud DC of taxes amounting to $25 - 100 million. The scheme created an illusion that Saylor lives in Florida a a state without personal income tax.

And it is also take noting that Saylor that this is not the first time that he has been used for defrauding DC, there were whistleblowers who come forward and represented by Cadwalader, Wickersham & Taft, filed a lawsuit against Saylor.

https://oag.dc.gov/sites/default/files/2022-08/Tributum%20v.%20Saylor%20-%20DC%20FCA%20Complaint_0.pdf

And after reviewing it, the OAG decided to file it's own case against Michael Saylor and his company Microstrategy which is the co-defendant here.

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Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

Quote

NEW: Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

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Quote from: The Sceptical Chymist on August 18, 2022, 04:21:39 AM

Quote from: mindrust on August 04, 2022, 06:25:19 AM

A sad day for the bitcoin community. I wonder what made him do this. I mean he very well knows that bitcoin is going to make a new ATH in the future, so why step down now? $1b loss is a pocket change for a hedge fund as big as his.

Wait, what? MSTR isn't a hedge fund, it's....some kind of software company if I'm not mistaken, one that happened to have a bitcoin zealot as CEO. I kept writing in the other thread about MSTR that he could very well be booted by the board of directors, and I think that's likely what happened. Be skeptical about what press releases say, because companies can and do make up all sorts of bullshit when something important like a CEO being removed happens.

Thank you for this. I did not know they were a software company, I thought they were a hedge fund as well. I mean I never checked them out personally, I just heard about the bitcoin purchases and nothing more, so I assumed they were just an investment related company. Turns out they are just a software company who liked to buy as many bitcoins as possible.

I like a bitcoin zealot, they help me more than they hurt me as far as I can see, they increase the price or at least try to. I definitely agree on the skeptical part though, he is no longer the CEO but he is still the executive chairman, meaning he could remove the CEO and appoint himself anytime he wants if I am not wrong.

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Quote from: Lucius on August 18, 2022, 08:42:43 AM

Quote from: Wind_FURY on August 18, 2022, 06:13:23 AM

Michael Saylor will be called many stupid names during the current bear market, just like many of the earliest Bitcoin investors of 2012 were called "crazy" by legacy market investors. BUT, 2025 - 2026 bull market, Chad Saylor will be called the Legendary Genius Investor of the decade.

People with a slightly different vision from others are often ridiculed and part of the public considers them somewhat irrational, but they certainly understand the game of investing much better than the average investor. When Tim Draper said live on Fox News in 2014 that 1 BTC would be worth at least $10 000 in the next three years, everyone laughed at him afterwards, so it turned out that he was right.

Saylor will no doubt end up being called a genius in a few years, unlike some others who freak out every time the price of Bitcoin goes into the red.

The comparisons of Chad Saylor's Bitcoin investment will be with the investments of world's greatest investors, like Peter Lynch, and the man who called Bitcoin rat poison squared, Warren Buffett himself. OR, be in the same class of the investments of the world's greatest, legendary entreprenuers/business giants like John D. Rockefeller and Andre Carnegie. Let's laugh now, but wait for 2025 - 2026. Cool

Bitcoin, there is no second best.

Lucius

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Quote from: Wind_FURY on August 18, 2022, 06:13:23 AM

Michael Saylor will be called many stupid names during the current bear market, just like many of the earliest Bitcoin investors of 2012 were called "crazy" by legacy market investors. BUT, 2025 - 2026 bull market, Chad Saylor will be called the Legendary Genius Investor of the decade.

People with a slightly different vision from others are often ridiculed and part of the public considers them somewhat irrational, but they certainly understand the game of investing much better than the average investor. When Tim Draper said live on Fox News in 2014 that 1 BTC would be worth at least $10 000 in the next three years, everyone laughed at him afterwards, so it turned out that he was right.

Saylor will no doubt end up being called a genius in a few years, unlike some others who freak out every time the price of Bitcoin goes into the red.

Wind_FURY

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Quote from: The Sceptical Chymist on August 18, 2022, 04:21:39 AM

Quote from: mindrust on August 04, 2022, 06:25:19 AM

A sad day for the bitcoin community. I wonder what made him do this. I mean he very well knows that bitcoin is going to make a new ATH in the future, so why step down now? $1b loss is a pocket change for a hedge fund as big as his.

Wait, what? MSTR isn't a hedge fund, it's....some kind of software company if I'm not mistaken, one that happened to have a bitcoin zealot as CEO. I kept writing in the other thread about MSTR that he could very well be booted by the board of directors, and I think that's likely what happened. Be skeptical about what press releases say, because companies can and do make up all sorts of bullshit when something important like a CEO being removed happens.

Microstrategy is a software analytics company. Plus if it was truly a hedge fund, a $1,000,000,000 is NEVER just "a pocket change" for ANY hedge fund.

Michael Saylor will be called many stupid names during the current bear market, just like many of the earliest Bitcoin investors of 2012 were called "crazy" by legacy market investors. BUT, 2025 - 2026 bull market, Chad Saylor will be called the Legendary Genius Investor of the decade.

The Sceptical Chymist

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Quote from: mindrust on August 04, 2022, 06:25:19 AM

A sad day for the bitcoin community. I wonder what made him do this. I mean he very well knows that bitcoin is going to make a new ATH in the future, so why step down now? $1b loss is a pocket change for a hedge fund as big as his.

Wait, what? MSTR isn't a hedge fund, it's....some kind of software company if I'm not mistaken, one that happened to have a bitcoin zealot as CEO. I kept writing in the other thread about MSTR that he could very well be booted by the board of directors, and I think that's likely what happened. Be skeptical about what press releases say, because companies can and do make up all sorts of bullshit when something important like a CEO being removed happens.

Quote from: 2stout on August 03, 2022, 11:04:19 PM

This wasn't a voluntary step down, it was a nicely worded smackdown no matter how the company want to spin this. Pretty sure if he didn't comply, it would have gotten really ugly for him. Too many internal stakeholder and overall shareholder concerns for him to remain as CEO.

Exactly. I'm not sure what kind of communication MSTR has with their shareholders, but I bet the big ones--mutual funds, hedge funds, and the like--probably made some noise about all of Saylor's bitcoin purchases. After all, buying a notoriously volatile asset to hold in place of cash probably wasn't in MSTR's mission statement.

Wow. I shouldn't be surprised, but I am (and I didn't even see this thread until just now).

bbc.reporter

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@Dave1. If it really was because of Microstrategy's losses in their bitcoin investment, Michael Saylor would never admit that it might be the cause of his step down from being CEO. I reckon Microstrategy itself as a company would also never want the public to know. It would make them look very stupid.

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Here is some update,

https://twitter.com/saylor/status/1554849442884456449

Saylor himself clarifies that his decision to step down as the CEO has nothing to do with the company's bitcoin losses.

And Phong Le has been the President for the past 2 years and so obviously anytime he will be the next CEO.

Quote

“I have emerged as an important advocate and spokesperson for the Bitcoin community on a worldwide basis. This will allow me to take the role of executive chairman where I can be a more enthusiastic advocate for Bitcoin while Phong and Andrew manage the corporate operations, execute on the MicroStrategy ongoing business strategy.”

So it's more of him really wanting to be the face for BTC.

bbc.reporter

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Quote from: buwaytress on August 04, 2022, 09:27:10 PM

Well, I did say some time ago it was bound to happen. You get a vocal guy representing his company less and less as a tech developer (actually I don't even really know what they do) and more and more as a magic internet money holder. Board was never going to sit still, squirming with every Tweet asking companies to stop buying their own stock and buy more BTC instead.

Personal/business lines do get blurred a lot and this was only appropriate.

Agreed. There is nothing wrong in giving investment tips the cryptospace, however, when a CEO of a Fortune 500 company begins becoming the leading circle jerker of a cult and also tells them to refinance their homes to buy bitcoin, this is where it becomes really head shaking. I am not certain why maximalists are very much removed from reality and consider him a genius. Call him a genius after he makes $1 billion in his bitcoin investment not during a loss of $1 billion.

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Quote from: bbc.reporter on August 04, 2022, 08:43:17 PM

Quote from: NotATether on August 03, 2022, 11:16:45 PM

Quote from: bbc.reporter on August 03, 2022, 10:31:20 PM

I speculate this article might be a signal that the worst for the market is finished already, however, everyone should remain very cautious.

MicroStrategy founder Michael Saylor once lost $6 billion in a day. His big bet on Bitcoin might sink him once and for all

Source https://fortune.com/2022/08/03/michael-saylor-microstrategy-stock-bitcoin-bet-debt-outlook/

Fortune, one year ago:
People who bought Bitcoin in 2016 have made a large return on it

Fortune, now:

His big bet on Bitcoin might sink him once and for all

Fortune, two years from now:

If you bought $30,000 of bitcoin 5 years ago, you would be a millionaire now

Look, the magazines don't actually care about anything except for outdoing their rival publications, that's why they make these kind of headlines that make them sound ridiculous.

This is another one hehehe. I am shaking my head on how clear that this is only another attack by mainstream media or paid for articles to attack Saylor directly and also attack bitcoin indirectly. I speculate that politicians who hate bitcoin can also begin attacking Saylor as a tactic to also attack bitcoin. They can find something bad about Saylor then use coercion and political pressure to make him sell his bitcoins.

Michael Saylor Bet Billions on Bitcoin and Lost

Source https://www.wsj.com/articles/michael-saylor-bet-billions-on-bitcoin-and-lost-11659538890

Well the Wall Street Journal leans rather conservative in that it tends to favor old money over new money. But they like a sensational story, whether good or bad, even more.
They throw shots at Saylor when he is down and will probably big up him and be on the bandwagon in a few years from now if his hands are proven to be diamond.

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As long as he is still part of the team, he will still focus on the part where he will re-evaluate his plan for accumulating more BTC. I think the hype is dying down, and it's just the calm before the storm. It will have more time to recover for sure when time goes by. I don't think it's such a big deal that he will step down as CEO. It will still be heavy on his shoulders if it's not going to work. I hope the team there would still be hopeful with the strategy that they are going for.

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Well, I did say some time ago it was bound to happen. You get a vocal guy representing his company less and less as a tech developer (actually I don't even really know what they do) and more and more as a magic internet money holder. Board was never going to sit still, squirming with every Tweet asking companies to stop buying their own stock and buy more BTC instead.

Personal/business lines do get blurred a lot and this was only appropriate.

bbc.reporter

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Quote from: NotATether on August 03, 2022, 11:16:45 PM

Quote from: bbc.reporter on August 03, 2022, 10:31:20 PM

I speculate this article might be a signal that the worst for the market is finished already, however, everyone should remain very cautious.

MicroStrategy founder Michael Saylor once lost $6 billion in a day. His big bet on Bitcoin might sink him once and for all

Source https://fortune.com/2022/08/03/michael-saylor-microstrategy-stock-bitcoin-bet-debt-outlook/

Fortune, one year ago:
People who bought Bitcoin in 2016 have made a large return on it

Fortune, now:

His big bet on Bitcoin might sink him once and for all

Fortune, two years from now:

If you bought $30,000 of bitcoin 5 years ago, you would be a millionaire now

Look, the magazines don't actually care about anything except for outdoing their rival publications, that's why they make these kind of headlines that make them sound ridiculous.

This is another one hehehe. I am shaking my head on how clear that this is only another attack by mainstream media or paid for articles to attack Saylor directly and also attack bitcoin indirectly. I speculate that politicians who hate bitcoin can also begin attacking Saylor as a tactic to also attack bitcoin. They can find something bad about Saylor then use coercion and political pressure to make him sell his bitcoins.

Michael Saylor Bet Billions on Bitcoin and Lost

Source https://www.wsj.com/articles/michael-saylor-bet-billions-on-bitcoin-and-lost-11659538890

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Quote from: mindrust on August 04, 2022, 06:25:19 AM

Quote from: Dave1 on August 03, 2022, 08:01:21 PM

What are your thoughts on this moved?

A sad day for the bitcoin community. I wonder what made him do this. I mean he very well knows that bitcoin is going to make a new ATH in the future, so why step down now? $1b loss is a pocket change for a hedge fund as big as his. And did he close his position? Because if he didn't then he didn't lose anything. 1 btc = 1 btc. A hardcore bitcoin veteran like him should know this.

I can't make sense out of this. Was he... paper hands? Was he full of shit? Maybe he didn't believe in our cause at all. That would be the saddest shit I ve ever heard.

He announced his resignation as chief executive officer but remained at the company as executive chairman of the board. He's not giving up on bitcoin, leaving as CEO will give Saylor more time to focus on bitcoin. he has not given up bitcoin yet and the company still holds and has not sold any bitcoins. What are you confusing here?

Topic: Saylor steps down as Microstrategy CEO (Read 640 times)