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Pro-Bitcoin MicroStrategy Founder Michael Saylor Agrees To $40 Million D.C. Income Tax Settlement

On Monday, the Washington D.C. Attorney General’s office declared that Michael Saylor, the vocal Bitcoin investor and founder of MicroStrategy, will relinquish $40 million to resolve income tax fraud litigation filed against him.

MicroStrategy Founder Settles D.C. Income Tax Fraud Case For $40 Million

In August 2022, the then D.C. Attorney General, Karl Racine, publicly announced legal action against Saylor. It was alleged that despite residing in a luxury penthouse on the Georgetown waterfront and docking his yachts on the Potomac riverfront since 2005, Saylor claimed residency in “lower tax jurisdictions.” An official complaint stated that the billionaire tech executive utilized company documents to obscure his true residence, thus avoiding income tax payments, which the District estimated cost them “tens of millions of dollars.”

The complaint detailed how MicroStrategy was aware of Saylor’s actual residency in the District but chose to misrepresent his address in company records to aid in his tax evasion scheme. D.C. Attorney General Brian Schwalb, in a series of Monday morning posts, asserted that Saylor not only boasted openly about his tax evasion but also encouraged others to emulate his actions.

Schwalb emphasized that tax evasion undermines the efforts of hardworking, law-abiding taxpayers and deprives the District of vital resources for public services like public safety, infrastructure, and education. He reaffirmed that regardless of wealth or influence, everyone in the District of Columbia is subject to the law.

Michael Saylor Executing MicroStrategy’s Bitcoin Efforts, Value Up 5%

Despite this being the largest income tax recovery in D.C.’s history, the MicroStrategy founder maintains his innocence in the case.

“Florida remains my home today, and I continue to dispute the allegation that I was ever a resident of the District of Columbia,” Saylor informed the New York Times. “I have agreed to settle this matter to avoid the continued burdens of litigation on friends, family, and myself.”

With a current net worth of $4.8 billion, Saylor has been a vocal advocate for digital assets. In 2020, as the former MicroStrategy CEO, he directed hundreds of millions of company funds into Bitcoin. By August 2022, he stepped down from the CEO position to become the executive chairman, aiming to steer the software company’s focus more towards Bitcoin.

Following the news of Michael Saylor’s income tax settlement with the D.C. attorney general, MicroStrategy stock saw an increase of around 5% on Monday morning.

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