Bitcoin Billionaire Michael Saylor to Pay 40M Dollars

Michael Saylor, the founder of the software technology company MicroStrategy and a billionaire Bitcoin investor, has agreed to a $40 million deal to end a lawsuit accusing the billionaire of evading income tax.

According to a New York Times report by DealBook's Lauren Hirsch on Monday, the attorney general for the District of Columbia has reached a $40 million settlement over tax fraud with Michael Saylor and MicroStrategy.

The agreement represents the largest income tax fraud recovery in the district's history, according to officials. Saylor was charged in the lawsuit with avoiding paying more than $25 million in income taxes. In 2022, the attorney general filed a lawsuit against the tech executive and MicroStrategy, claiming that he used the company's assistance to file fraudulent tax returns between 2005 and 2020. Saylor and the company claimed to reside in Florida or Virginia, two states with noticeably lower income tax rates.

The attorney general claimed that because MicroStrategy gave Saylor drivers and a security detail, the company knew where he spent his time. In a statement, Attorney General Brian L. Schwalb claimed that Michael Saylor and his company, MicroStrategy, had been defrauding the district and all of its citizens for years.

Saylor lived in Washington, according to the information cited in the lawsuit. He bought three condominiums in Georgetown between 2006 and 2008 and renovated them for millions of dollars. He also shared photos of herself on social media, including one that said, "View from my Georgetown balcony this morning." Now I just need to finish renovating the apartment so I can move back in,” Saylor mentioned that he spent some time on a penthouse apartment and one of his yachts that was anchored in the Potomac River.

Saylor and MicroStrategy both denied any wrongdoing. He said, "I continue to dispute the allegation that I was ever a resident of the District of Columbia. Florida remains my home today." “In order to spare friends, family, and myself from the ongoing burdens of the litigation, I have agreed to settle this matter.”

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