Bitcoin Bull Michael Saylor To Pay $40M And Settle Tax Fraud Lawsuit – Details
Summary
Michael Saylor, MicroStrategy's chairman and a Bitcoin advocate, settled a tax fraud lawsuit by paying $40 million. The lawsuit accused him of evading over $25 million in income taxes while living in Washington, D.C. The settlement, the largest income tax recovery in D.C.'s history, doesn't require Saylor or MicroStrategy to admit wrongdoing. Saylor will bear the full cost, and the firm won't contribute. The settlement is seen as holding influential individuals accountable under the law. MicroStrategy's Bitcoin holdings have surged to $13.5 billion, with a strategy of selling stock or debt to buy Bitcoin as its value increases. Bitcoin is trading at $69,190, while MicroStrategy's stock price is at $1,600.
