Breaking News: Michael Saylor and MicroStrategy Settle Tax Fraud Lawsuit for $40 Million 💰
Billionaire bitcoin investor Michael Saylor and his company, MicroStrategy, have resolved a tax fraud lawsuit filed by the Washington, D.C., attorney general. The lawsuit accused Saylor of dodging over $25 million in District of Columbia income taxes by falsely claiming residency in states with lower tax rates like Florida and Virginia.
MicroStrategy Agreed to Pay $40 M Fine 💸
- A lawsuit brought by the former D.C. Attorney General Karl Racine in August 2022 alleged that Saylor had been avoiding income taxes in the district for more than a decade by falsely claiming residency in states with lower tax rates.
- The attorney general’s office also accused MicroStrategy of being involved in facilitating Saylor’s tax evasion schemes.
- After months of legal battles, both Saylor and MicroStrategy have agreed to pay $40 million to settle the case and move forward.
Saylor’s Role and Resignation 📉
- Following the lawsuit, Saylor stepped down from his position as CEO of MicroStrategy in August 2022 but maintained his roles as executive chairman and chairman of the board of directors.
- Despite the legal issues, Saylor has been actively promoting MicroStrategy as a Bitcoin-friendly company, regularly announcing new Bitcoin purchases on his social media platforms.
MicroStrategy’s Bitcoin Holdings 🔒
- Throughout his tenure at MicroStrategy, Saylor’s involvement with Bitcoin has been a focal point of the company’s operations.
- In March 2024, MicroStrategy made a significant Bitcoin purchase, acquiring 12,000 BTC through an $800 million convertible note offering.
- Currently, MicroStrategy holds a total of 214,400 bitcoins, purchased at an average price of $35,000 per BTC, with a total investment of around $7.5 billion.
Hot Take: Conclusion and Reflections 🔥
The resolution of the tax fraud lawsuit against Michael Saylor and MicroStrategy signifies a critical milestone in their legal journey. Despite the challenges faced, Saylor remains a prominent figure in the crypto community, advocating for the adoption and growth of Bitcoin. As the dust settles on this chapter, the crypto world awaits the next steps from Saylor and MicroStrategy.
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