Bitcoin super bull and Strategy founder and chairman Michael Saylor recently revealed that he used ChatGPT to help his company raise $15 billion last year. His key insight is that in the age of artificial intelligence, the secret to creating wealth is not competing with machines but leveraging them to empower yourself.
During an interview aired Thursday, Saylor stated: "If you're in the midst of your career, wanting to change the world, achieve great things, and leave your mark, there's a simple rule: don't do the same thing year after year, just working hard to fight against the tide of modern automation and change." "Don't try to work harder than a robot." The podcast host, Steven Bartlett, asked the 61-year-old guest how to build a legacy as impactful as Michael Jackson's or Elon Musk's, gaining global attention through one's own achievements, prompting Saylor's response.
This advice stems from Saylor's personal experience transforming Strategy (formerly MicroStrategy). He founded the software company in 1989, and over the past five years, it shifted its focus to Bitcoin, becoming the first publicly traded company to make cryptocurrency a core asset allocation. Saylor said that after Strategy exhausted traditional financing methods to increase its crypto holdings, he used ChatGPT to help design a Bitcoin-based preferred stock. Since no such product had existed before, lawyers and bankers initially questioned the plan. Ultimately, Strategy raised approximately $15 billion through an IPO and related financing, leading Saylor to claim that AI had "raised" $15 billion for him.
For entrepreneurs and professionals looking to profit from the AI wave, Saylor believes using the technology is a no-brainer, but the real advantage comes from asking higher-quality questions, not just automating existing tasks. "You don't need to learn to do what AI can do. You need to learn to command AI to do things that have never been done before," he said. "... If you want to achieve such extraordinary things, find the opportunity full of wonder."
According to Forbes, Saylor's net worth is currently estimated at $3.3 billion, but his latest AI-driven strategy is not without risk. Strategy's heavy Bitcoin bet, combined with using preferred stock to raise more funds, increasingly ties the company's fate to cryptocurrency price movements. This exposure has become especially evident this year: Bitcoin's price fell 26%, while Strategy's stock dropped 38%. However, Saylor argues that major breakthroughs often require enduring setbacks, and the company's willingness to change in difficult times is key to its success.
This is not the first time Saylor's aggressive bets have led to serious consequences. During the dot-com bubble, MicroStrategy's stock soared, making him a billionaire. But after the company disclosed that its 1999 revenue had been overstated by 25%, it had to restate its financial statements. This accounting scandal caused him to lose $6 billion in a single day, setting a record at the time for the largest individual loss in 24 hours. Later that year, the U.S. Securities and Exchange Commission charged him with violating federal securities laws. He eventually settled, paying an $8 million penalty to regulators, but never admitted to wrongdoing.
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