Michael Saylor sued for tax fraud.
Wow. Ok. Show of hands - who saw this coming?
...anyone?
The idea that Saylor spent any amount of time in DC is news to us.
We'd just assumed he was following the same migration patterns of all tech CEOs: Palo Alto → Austin and/or Miami.
But allegedly that appearance was all part of an 'elaborate scheme,' where he claimed to be a Florida resident (a state without income taxes), but actually resided in DC for most of the year.
The alleged revelations all came to a head following a whistleblower lawsuit, that claims Saylor avoided paying more than $25 million worth of DC income taxes (Ooooft!).
And it gets worse.
The AG believes Saylor's company, MicroStrategy, helped him pull it off - filing false W-2 statements with his Florida residence listed.
All told, Saylor and MicroStrategy could be on the hook for more than $100 million.
So where to from here?
We're not lawyers, so we won't speculate on the potential ruling, but we're going to go ahead and assume two things:
A tax fraud charge on the record of the world's most prominent Bitcoin bull isn't going to look great, but it shouldn't hurt Bitcoin as long as Saylor doesn't have to sell a bunch of it to cover costs.
$100M is a lot to us, but to Saylor ($1.6B) and MicroStrategy ($2.62B) it's not the end of the world.
...now we play the waiting game.
