MicroStrategy Founder Michael Saylor Agrees to $40M Settlement in D.C. Income Tax Case

As a long-term crypto investor and resident of Florida, I’m following the news about Michael Saylor’s $40 million settlement with the District of Columbia (D.C.) with great interest. I’ve seen many high-profile cases involving tax disputes and allegations, but this one stands out due to its magnitude and the involvement of a prominent business figure in the tech industry.

Michael Saylor, the founder and Executive Chairman of MicroStrategy (MSTR), has reached a $40 million settlement with the District of Columbia over alleged income tax fraud, making it the largest such recovery in the district’s history, as announced by the attorney general’s office on Monday.

In August 2022, the District of Columbia filed a lawsuit against Michael Saylor and his company, MicroStrategy, accusing them of tax evasion. The District claims that Saylor failed to pay income taxes for over a decade while residing there, amounting to more than $25 million in unpaid taxes. Additionally, the attorney general’s office alleges that MicroStrategy facilitated this scheme by helping Saylor falsely claim residency elsewhere.

The New York Times first reported the news.

“Today, Florida is still where I reside, and I stand firm against the claim that I once lived in the District of Columbia, as reported by The New York Times. To prevent further distress for my loved ones and myself, I’ve decided to resolve this dispute through a settlement.”

Shares of the Tysons Corner, Virginia-based software developer, rose 3% in pre-market trading.

Revise the headline and text to reflect the new information provided by the attorney general’s office. (June 3, 12:15 UTC)