Bitcoin Billionaire Settles $40 Million Tax Suit in D.C
Billionaire bitcoin investor Michael Saylor and his company, MicroStrategy, have agreed to pay $40 million to settle a tax fraud lawsuit filed by the Washington, D.C., Attorney General.
The lawsuit alleged that Saylor evaded over $25 million in District of Columbia income taxes between 2005 and 2021.
He posed as a resident of lower-tax states like Florida and Virginia while living in a luxury penthouse apartment in Washington.
Saylor, a vocal advocate for cryptocurrency, faced charges of tax evasion. MicroStrategy, the company he founded, was also accused of helping him disguise his D.C. residency.
Saylor openly bragged about his tax-evasion scheme, encouraging his friends to follow his example,” said AG Brian Schwalb.
Saylor denied the allegations, claiming Florida as his home. The settlement aims to end the litigation burden on him and his family.
MicroStrategy, founded in 1989, shifted into the crypto market under Saylor’s leadership. His net worth stands at $4.6 billion.
The D.C. tax saga highlights the complexities of wealth, residency, and corporate responsibility.
In a city where power brokers thrive, Saylor’s case serves as a cautionary tale.