Amid Crypto Plunge, Longtime Bitcoin Bull Michael Saylor Falls From Billionaire Ranks
Crypto investors are reeling from the recent market downturn, but few have lost more than Michael Saylor, the tech CEO who’s staked his company’s future on Bitcoin.
Saylor, who was worth $1.6 billion at the beginning of March, saw his net worth drop below the $1 billion mark on Wednesday, according to Forbesestimates.
His fortune is largely tied up in MicroStrategy stock and Bitcoin, two assets that have tumbled during the recent market selloff.
Shares of software company MicroStrategy, which Saylor cofounded in 1989, are down more than 61% in the last month, including nearly 30% in the last two days.
Bitcoin, the world’s largest cryptocurrency, has fallen 38% since late March, when it traded at around $48,000; it has shed over $300 billion in market value since then.
Few companies have hitched their wagons to Bitcoin as Microstrategy has. The software company, which does not provide services in the cryptocurrency sector, has plowed over $4.5 billion into buying Bitcoin at the direction of Saylor, its CEO.