Michael Saylor: Education and Early Life
Michael Saylor, the billionaire software mogul and one of the biggest bitcoin whales, first rose to fame back in the 90s, when his company, MicroStrategy, was at the peak of its success. Yet, there was a dark cloud on the horizon, as MicroStrategy stock lost 62% of its value in one day, erasing $6 billion from Saylor’s wealth and making headlines as one of the catalysts that finally caused the 2000s dotcom bubble to burst.
Although Saylor’s net worth never truly recovered to the levels of MicroStrategy’s most glorious days, he was lucky to bounce back, coming up with an even riskier bet: to take on debt to increase his company’s bitcoin holdings to over $1 billion. Since 2020, when he first announced MicroStrategy’s corporate coffers would be used to purchase the “digital gold,” the business intelligence firm’s bitcoin holdings rose to an astounding 158,400 BTC (almost $6 billion at today’s prices), making it bitcoin‘s biggest corporate investor.
Michael Saylor: education and early life
Michael Saylor was born in Lincoln, Nebraska in 1965 (58 years old at the time of writing). His father was an Air Force chief master sergeant, so Saylor’s family frequently changed residence, living all over the world on various military bases and finally settling in Fairborn, Ohio, when Michael was 11 years old.
After high school, Michael Saylor decided to follow in his father’s footsteps and went on to MIT on an Air Force scholarship. He graduated with a double degree in Aeronautics and Astronautics, and Science, Technology, and Society, finishing in the top 1 percent of his class with a 4.8 average out of a 5-point scale. However, due to his medical condition — a benign heart murmur — Saylor never became a pilot as he initially planned and instead took the gig at the consulting firm The Federal Group, Inc., where he put his engineering skills to work in computer simulation modeling, which was his college minor.
The creation of MicroStrategy
Impressed with the quality and precision of Saylor’s predictions, DuPont offered him the position as an independent contractor. DuPont also agreed to provide funding to Saylor’s new venture, MicroStrategy, which he set up together with his MIT fraternity brother, Sanju Bansal. The company started developing software for business intelligence, releasing its first product in 1991. A year later, MicroStrategy secured a lucrative $10 million contract with McDonald’s, agreeing to build an application that would allow a fast-food giant to monitor the effectiveness of its promotional campaigns. That was when Saylor also realized that his company could develop a non-proprietary product instead of custom-built solutions, so businesses worldwide could use their own data to achieve competitive advantages in their markets.
Saylor’s big bet on bitcoin
In August 2020, Michael Saylor announced that MicroStrategy would become the first major corporation to invest a large portion of its treasury in bitcoin, marking a significant milestone in the mainstream corporate adoption of cryptocurrency.
“After scientifically studying everything on Earth, I’ve concluded bitcoin is the best inflation hedge,” Saylor told CoinDesk. “We buy bitcoin as fast as we can with whatever money we find lying around.”
Why did Saylor step down as MicroStrategy CEO?
In 2022, Michael Saylor resigned as CEO of MicroStrategy after a release of an earnings report, which revealed a $917 million loss caused by a negative return on the firm’s bitcoin investments. Nevertheless, Saylor remained executive chairman of MicroStrategy, while the company’s president Phong Le assumed the role of CEO.
Michael Saylor’s net worth in 2023
At the time of writing, Saylor’s estimated net worth is $1.5 billion, as reported by Forbes’s real-time billionaire net worth tracker.
How did Michael Saylor build his net worth?
As former CEO and co-founder of MicroStrategy, Michael Saylor net worth is largely tied to the performance of its stock — when the company went public in 1998, he owned over 39,521 units of the company worth over $14 million at the time. MicroStrategy, a business intelligence firm that had been one of the high-flyers during the dotcom era, made Saylor a multibillionaire in the late 90s, but then tanked his wealth shortly after the bubble burst, spooking the markets and shaking investors’ confidence in the tech sector for years ahead.
Another significant part of Saylor’s wealth comes from his foray into bitcoin: as of 2023, his personal holdings of bitcoin exceeded 121,044 BTC, substantially contributing to the entrepreneur’s wealth.
### News source: coinpaper.com