- D.C sued Michael Saylor for allegedly claiming other residences.
- Michael Saylor failed to pay more than $25 million in income taxes.
Washington, D.C. sued MicroStrategy’s co-founder and Executive Chairman Michael Saylor on Wednesday for tax fraud. District of Columbia claiming that he failed to pay over $25 million in income taxes despite living in the district for more than ten years. MicroStrategy is the largest bitcoin holding company.
According to the lawsuit, MicroStrategy acknowledged that Saylor spent more than half the year living in Washington, D.C., since 2005, which would legally make him a resident there. However, the lawsuit claims that the company failed to withhold and send D.C. taxes and that it filed incorrect tax returns with his Florida address.
Following that, D.C. sued MicroStrategy, a software company with offices in Tysons Corner, Virginia, for allegedly helping him avoid taxes. And D.C. Attorney General Karl Racine tweeted about the lawsuit.
NEW: Today, we’re suing Michael Saylor – a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes – for tax fraud.
— AG Karl A. Racine (@AGKarlRacine) August 31, 2022
Saylor Endless Support For Bitcoin
According to MicroStrategy’s quarterly earnings report, the company lost $1.062 billion during the second quarter. The loss is the consequence of an impairment charge of $917 million relating to the value of the company’s Bitcoin holdings. Still, Saylor continued support for Bitcoin. In addition, according to Saylor’s most recent update on the company’s assets, the firm currently owns 129,699 BTC.
Saylor recently announced that he would move the CEO position to Executive Chairman. As a result of this change, Saylor was supposed to be able to concentrate on bitcoin ecosystem activities as well as continue to lead MicroStrategy’s acquisition strategy.
Furthermore, Saylor stated in a report, that the prominent cryptocurrency Ethereum (ETH) is a security, he does not see it as a commodity, due to Ethereum’s transitory character.
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