Bitcoin Billionaire Michael Saylor Sued by DC Attorney General Karl Racine for 15-Year Tax Fraud

Michael Saylor, Bitcoin evangelist and chairman of publicly traded business intelligence firm MicroStrategy, is being sued by the DC attorney general over an alleged 15-year tax fraud scheme. According to allegations made in a 2021 whistleblower lawsuit, which spurred the AG’s action this month, “Saylor engaged in an elaborate scheme to create the illusion that he lived in Florida, a state without personal income tax,” when in reality he has spent most of his time in DC A press release announcing the suit—which alleges that MicroStrategy conspired to aid Saylor’s tax evasion—said that unpaid taxes and penalties could exceed $100 million. Saylor has been known for placing massive bets on Bitcoin through MicroStrategy, though as of last month the firm’s holdings had plummeted by over $3 billion. The company’s stock has tanked 67 percent in the past year as well. In a statement, Saylor said, “Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life. I respectfully disagree with the position of the District of Columbia.” A MicroStrategy spokesperson called the dispute a “personal tax matter,” adding that it did not conspire with Saylor or oversee his tax obligations.

Read it at CNBC


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