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Why did MicroStrategy lose $1 billion in Q2?

MicroStrategy co-founder Michael Saylor gave up his chief executive officer title and said he'll focus more on Bitcoin after the enterprise-software maker reported a loss of more than $1 billion related to the second-quarter plunge in the price of the cryptocurrency.

How much have crypto billionaires lost in the last year?

Its billionaire promoters have lost a combined $110 billion in the last year, according to Forbes’ 2023 World’s Billionaires List, an annual compilation of ten-figure fortunes. Last year Forbes identified 19 crypto billionaires, the most ever, who were worth a collective $140 billion.

What happened to Coinbase's two billionaire cofounders?

As a result, Coinbase’s two billionaire cofounders–CEO Brian Armstrong and board member Fred Ehrsam–have lost over $7 billion in wealth between them. MicroStrategy, a software firm that invested over $3 billion of its corporate treasury into bitcoin, is down 55% since November 10.

What happened to bitcoin?

Bitcoin, the largest digital asset by market value, has tumbled 50% since it reached an all-time high of $68,622 on November 10, according to data provider CoinMarketCap. The cryptocurrency was trading at $34,326 at midday Monday–the price Forbes used to calculate current holdings. (Six hours later, Bitcoin bounced up to $36,000.)

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