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MicroStrategy Inc. (NASDAQ:MSTR) and its executive chairman Michael Saylor have agreed to a $40 million settlement to resolve a tax fraud lawsuit brought by the Washington D.C. attorney general.
What Happened: The lawsuit, filed in August 2022, accused Saylor of failing to pay over $25 million in income taxes, alleging he had avoided these taxes while living in Washington for more than a decade, Bloomberg reported on Monday.
Saylor denied the accusations, claiming his residence was in Florida.
In an official statement, D.C. Attorney General Brian L. Schwalb emphasized the significance of the settlement: “This precedent-setting settlement makes clear that no one in the District of Columbia, no matter how wealthy or powerful they may be, is above the law."
He also highlighted that this is "the largest income tax recovery in District history."
MicroStrategy, a Tysons Corner, Virginia-based company, clarified in a filing that neither the company nor Saylor admitted to any wrongdoing.
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The company spokesperson stated, "This was a personal tax matter involving Mr. Saylor. MicroStrategy was not responsible for his day-to-day affairs and did not oversee his individual tax responsibilities."
The company further confirmed that Saylor would personally pay the settlement amount in full.
The attorney general’s statement noted that Saylor had “openly bragged” about his alleged tax evasion in Washington and had encouraged others to follow suit.
Saylor, known for his strong advocacy of Bitcoin, has seen substantial benefits from the cryptocurrency’s recent price surge.
What’s Next: For more insights into the evolving landscape of digital assets and regulatory impacts, industry experts will convene at the Benzinga Future of Digital Assets event on Nov. 19.
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Posted In: MSTR
