Banking, finance, and taxes
MicroStrategy Founder Saylor Should Be Fired
Published:
MicroStrategy is the latest new-age financial firm to implode. The company, which had sold itself to Wall Street as a major growth story, posted a year-over-year decline in revenue of 3% to $122 million. To make matters worse, the company lost $918 million in the quarter. Almost all the red ink was due to a drop in the value of cryptocurrency held by MicroStrategy.
[in-text-ad]
In another troubling turn of events, Michael Saylor left his job as chief executive to become executive board chair. Stunningly, President Phong Le became CEO. He was part of the management team that made decisions that destroyed a huge amount of the company’s market capitalization.
Saylor commented:
As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to manage overall corporate operations.
This is after Saylor entirely missed the change in a market in which he claims to be among the world’s experts.
If there is only one reason for the board to push Saylor out, it is the performance of the company’s stock. It is down 56% in the past year. There is almost no precedent for the leader of a public company to keep a position at the head of the company under these circumstances.
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.