On August 31, Washington D.C. Attorney General Karl Racine announced via Twitter that he is suing Michael Saylor, former CEO of MicroStrategy, for failing to pay D.C. taxes.
Karl states that although the Bitcoin campaigner has been living in the district for more than a decade, he has never paid D.C. income taxes, blaming the latter for tax fraud.
In the series of Twitter threads, the D.C. attorney general further added that he is also suing Michael’s firm, MicroStrategy, for purposely assisting him in tax evasion.
The attorney general claims that Michael owes hundreds of millions of dollars that he earned while residing in DC.
Michael Saylor and other representatives of MicroStrategy agreed to settle with the US Securities and Exchange Commission by paying $11 million. The plaintiff fraudster did not admit or deny the SEC’s charges.
The stock of MicroStrategy, Bitcoin’s top holder and a publicly listed company, has taken a massive blow by the Bitcoin sell-off. Moreover, the firm reported a loss of $1 billion in the second quarter of 2022.
At the time of writing, MicroStrategy stock is down 4.65% on the news.