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MicroStrategy’s Saylor Pays $40 Million to Close the Book of Tax Case

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Michael Saylor, founder of MicroStrategy, who was accused of tax evasion in Washington, DC, last August, has now agreed to a $40 million settlement.

According to reports, this is the biggest tax settlement DC has ever seen.

Bitcoin Billionaire Saylor Avoids Trail with Record-Breaking Tax Settlement

In a major development, Michael Saylor, a prominent Bitcoin supporter and founder of MicroStrategy, has settled a tax fraud charge with the District of Columbia.

According to sources, Saylor and his company are paying a hefty $40 million, marking the biggest tax fraud recovery in the history of DC.

The lawsuit, filed in August 2022, alleged that Saylor failed to pay income taxes there despite residing in the capital city for at least a decade.

The District further claimed that MicroStrategy assisted Saylor in dodging over $25 million in taxes.

These accusations ultimately led to Saylor’s resignation as MicroStrategy’s CEO in August 2022.

However, he retains his role as Executive Chairman and Chairman of the Board.

While initial estimates suggested Saylor could face penalties as high as $75 million, the settlement allows him to avoid a potentially lengthy and expensive court battle.

The Attorney General’s office for DC considers this agreement a significant victory, highlighting their commitment to holding residents accountable for their tax obligations.

The news comes amidst a period of heightened scrutiny surrounding cryptocurrency and taxation.

Further, this settlement could set a precedent for future tax cases involving cryptocurrency holders and businesses operating in the space.

Bitcoin Believer: Saylor Stays Bullish Despite Tax Settlement

Michael Saylor, the tech entrepreneur, remains a popular supporter of Bitcoin.

Even after stepping down as CEO of MicroStrategy, Saylor continues to champion Bitcoin as a core part of its investment strategy.

Michael Saylor tweet

Source: X Post

MicroStrategy has been a major buyer of Bitcoin, recently acquiring 12,000 BTC in March 2024.

As of May this year, the company holds a significant amount of Bitcoin, over 214,400.

Saylor’s commitment to Bitcoin extends beyond his role at MicroStrategy.

He’s become a prominent figure in the cryptocurrency community, actively promoting Bitcoin on social media and frequently appearing at different crypto conferences.

Interestingly, Saylor wasn’t always a Bitcoin believer. His journey began in 2020 with his first personal Bitcoin purchase.

Before that, he even expressed skepticism about the cryptocurrency’s future.

This change in stance explains Saylor’s unwavering belief in Bitcoin.

He remains a major force within the cryptocurrency space, actively advocating for its potential.

READ ALSO: Bitcoin to Moon? Inflation Must Crash to Unlock New All-Time High (Here’s Why)

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