Michael Saylor Tax Evasion?

[eriehiker]

The DC attorney general has accused Michael Saylor of $25 million in tax evasion.

https://www.cnbc.com/2022/08/31/microstr...dc-ag.html

[bjcheung77]

Here's the wiki page in regards to Michael Saylor, Link: https://en.wikipedia.org/wiki/Michael_J._Saylor

[bluebooger]

> As of August 8, 2022, Saylor has stepped down as Microstrategy's CEO following the loss 917 million dollars in Bitcoin holdings.

oof

[LevelUP]

> As of August 8, 2022, Saylor has stepped down as Microstrategy's CEO following the loss 917 million dollars in Bitcoin holdings.

oof

"The company has spent roughly $4 billion on 129,699 Bitcoins at an average price of $30,700, borrowing a staggering $2.4 billion to do so. The holdings are currently worth some $2.59 billion, meaning MicroStrategy has $1.39 billion in paper losses on its books from the cryptocurrency acquisitions." from yahoo finance.

I don't get why it would still be legal for a company to put shareholders at risk by buying crypto. The SEC is asleep at the wheel. The CEO should have his entire assets seized.

If you want to gamble personally on crypto, fine. But don't put others at risk. Don't start hedge funds. And it should be illegal to get paid to promote this stuff.

[Alpha]

AG Racine Sues DC-Based Billionaire Michael Saylor & Software Company Microstrategy for Evading More Than $25 Million in District Taxes

[bjcheung77]

The interesting tidbit actually is that many Blue Chip corporations and their billionaire partial owners are paying almost nothing for taxes compared to the average white-collar worker. I don't think Michael Saylor is "evading" taxes, but using the exact same loopholes that other "wealthy" corporate owners are doing... The feds need to do something, suing these people won't really help, it'll just keep continuing with their other companies that they own.

[Alpha]

I didn't read this very carefully but I think what they're saying is that if you claim to be living in state A but you're really living in state B then you are evading taxes in state B.  Regardless of what you think of bitcoin, American corporate culture, etc., anyone who trusts this man in the future probably deserves whatever they get.

[SteveFoerster]

The unfortunate thing is that while his gamble on Bitcoin seems, presently, like a terrible decision, his work in higher education through the Saylor Academy stems from a genuine desire to help as many people as he can, some on this forum among them.

[StoicJ]

Microstrategy is very open about its BTC purchases, and has been for the past 2+ years. Hasn't deceived shareholders. I say let people invest their fiat however they see fit.

Michael Saylor tried to keep $25,000,000 out of the D.C. coffer? I'm wishing him the best.

[jsd]

Michael Saylor tried to keep $25,000,000 out of the D.C. coffer? I'm wishing him the best.

If he did it without committing tax fraud/evasion, more power to him. Doesn't appear that's what happened here. Sometimes criminals get caught.