Michael Saylor is a Bitcoin advocate and MicroStrategy CEO with a net worth of $2.4 billion. Born in Nebraska, Saylor spent his early years on Air Force bases around the world as his father was a chief master sergeant. He graduated from MIT university with a double major in aeronautics and astronautics; and technology, science, and society.
Saylor wanted to become a pilot but a medical condition blocked that career choice. Instead he took a job at a software consulting firm. In 1988, Saylor became a consultant at DuPont, here he had the fun task of developing computer models to anticipate change in key markets.
After leaving DuPont, Saylor founded MicroStrategy with Sanju Bansal. The company’s first breakthrough was winning a $10 million contract with McDonald to build applications to analyze the efficiency of their promotions. The deal with McDonald’s helped Saylor realize MicroStrategy should start developing business intelligence software for other companies.
In June 1998, he took the company public offering 4 million shares at $12 per share. On the first day of trading, the stock price doubled! In early 2000, near the end of the dot-com bubble, his net worth peaked at $7 billion, making him the wealthiest person in Washington D.C.
In March 2000, the SEC brought charges against Saylor and two other executives for reporting inaccurate financial results for two years. Saylor later settled with the SEC without admitting to any wrongdoing and paid a $350,000 fine. As a result of changes in financials, MicroStrategy’s stock dropped and Saylor’s net worth fell by $6 billion!
On a quarterly earnings call with investors in July 2020, Saylor revealed he was exploring gold, Bitcoin and other options instead of holding cash. Within the next month, he announced MicroStrategy would use $250 million to purchase 21,454 Bitcoin. A decision which sprung Saylor into the spotlight with the Bitcoin community!
By December 2020, MicroStrategy announced it sold $650 million in convertible notes to increase its Bitcoin holdings to over $1 billion. As of February 24, 2021, their holdings stood at 90,531 bitcoins purchased for $2.1 billion with an average price of $23,985. At the rate MicroStrategy is buying bitcoin it might make more sense to turn the company into a BTC ETF!
In April 2021, Michael Saylor debated against Frank Giustra on the topic of Gold vs Bitcoin as an investment opportunity. It’s safe to say Giustra was no match for the GigaChad!
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