Bitcoin evangelist Michael Saylor is being sued by the District of Columbia for tax evasion, the DC attorney general reported. His company, Microstrategy, is also being sued for conspiring with him to evade taxes. Shares of the company -- which holds a huge position in bitcoin -- are down 4.5% and at the lowest in six weeks.
"Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud," said DC Attorney General Karl Racine in a tweet.
He noted that it was the first lawsuit brought under whistleblower laws related to misrepresenting their place of residence.
"We’re also suing his company, MicroStrategy, for conspiring to help him evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC," Racine said.
So far there's been no response from Saylor but he could be facing an enormous tax bill if he loses this case.