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Billionaire bitcoin bull and MicroStrategy co-founder Michael Saylor will pay $40 million to settle a lawsuit alleging he committed massive tax fraud by lying to authorities for years about where he lived, the Washington DC district attorneys office said Monday.

DC prosecutors have alleged MicroStrategy had helped Saylor to evade more than $25 million in local income taxes from 2005 to 2022 through falsified records and statements.

The tech executive allegedly claimed to live in Florida or Virginia despite residing in a luxury waterfront penthouse in the capitals tony Georgetown neighborhood.

Prosecutors alleged that he was also docking multiple yachts on the Districts Potomac riverfront.

Neither Saylor nor MicroStrategy admitted to any wrongdoing or violations of the law in the settlement, the company said in a filing.

MicroStrategy shares were up 8% to approximately $1,625 per share in early trading Monday.

Saylor, who stepped down as MicroStrategys CEO in 2022, will pay this settlement amount to the district in full and the company will not be obligated to make any contribution to the settlement payment.

The Post reached out to MicroStrategy for further comment.

Florida remains my home today, and I continue to dispute the allegation that I was ever a resident of the District of Columbia, Saylor said in a statement to the New York Times, which first reported the settlement. I have agreed to settle this matter to avoid the continued burdens of the litigation on friends, family, and myself.

The DC district attorneys office asserted that Saylor had spent millions to buy three luxury condo units with the purpose of combining them into a 7,000 square foot residence overlooking the Potomac River from 2006 to 2008.

The billionaire purportedly continued living in the district aboard one of his yachts while renovations on his planned residence, dubbed Trigate, were underway.

Saylors own social media posts were cited in the amended complaint detailing the alleged tax fraud scheme.

In March 2012, Saylor posted a photo on Facebook with the caption view from my Georgetown balcony this morning.

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A few months later in September 2012, Saylor posted that he was Gazing wistfully at my future home while I wait for James to crack the whip on the contractors and herd the cats. I wonder if Tony Stark would be so patient.

The name James was a reference to the penthouses architect, James Augustus Seymour Van Wynen.

Now I just need to finish renovating the apartment so I can move back in. For now maybe I pitch a tent outside on the terrace, Saylor wrote at the time.

Saylors personal fortune has swelled in recent months alongside a significant surge in the price of bitcoin.

Saylor is worth an estimated $4.8 billion as of Monday, according to Forbes.

No one in the District of Columbia is above the law, no matter how wealthy or powerful they may be, Washington DC attorney general Brian Schwalb said in a statement posted on X.

Schwalb described the settlement as the largest income tax fraud recovery in DC history.

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Politics

Patrick Spencer: Suspended Tory MP denies sexually assaulting two women at private members’ club

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Patrick Spencer: Suspended Tory MP denies sexually assaulting two women at private members' club

An MP has denied two counts of sexual assault allegedly carried out at a private members’ club in central London.

Patrick Spencer, who represents Central Suffolk and North Ipswich, is accused of cupping the breasts of two women over their clothes at the Groucho Club in August 2023.

The 37-year-old confirmed his full name and date of birth before pleading not guilty to the offences at Westminster Magistrates’ Court.

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The Groucho Club in Soho, London. Pic: PA
Image:
The Groucho Club in Soho, London. Pic: PA

He is due to appear at Southwark Crown Court on 14 July.

Spencer was suspended from the Conservative Party and had the whip withdrawn after the charges were brought.

Read more from Sky News:
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Patrick Spencer
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The MP pleaded not guilty to two offences. Pic: PA

The politician was first elected to parliament last year with a majority of 4,290.

Lawyers acting for the MP have previously said he “categorically denies the charges” and would defend against the allegations “robustly in court”.

The Groucho Club, on Dean Street, opened in 1985 and became a renowned meeting place for A-list celebrities and others, including actors, comedians and media executives.

The club was named after the comedian and actor Groucho Marx, who reportedly once said he would refuse to join any club that would have him as a member.

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World

Israel had ‘no choice’ but to attack Iran because it was ‘rushing’ to nuclear bomb, president Isaac Herzog claims

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Israel had 'no choice' but to attack Iran because it was 'rushing' to nuclear bomb, president Isaac Herzog claims

Israel had “no other choice” but to attack Iran because it was proceeding “dramatically” towards a nuclear bomb, Israeli President Isaac Herzog has claimed.

Speaking to Sky News’ Yalda Hakim, he said Iran was “rushing” to the bomb “under disguise”.

He also suggested the Israeli war cabinet was discussing Iran’s Supreme Leader, Ayatollah Ali Khamenei, amid reports that President Donald Trump vetoed a plan to kill him.

It comes as Israel and Iran continue to fire missiles at each other after Israel launched an unprecedented strike on Iran’s nuclear and military capabilities.

Tehran has long denied that its nuclear program has been attempting to obtain a nuclear weapon.

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Sky’s Yalda Hakim interrupted by air raid sirens

Mr Herzog was asked why Israel attacked Iran when it did.

“When you take such decisions of historic magnitude and proportions, you have to analyse all facets and all facts,” he replied.

“The truth of the matter is there was no other choice.”

Isaac Herzog speaks to Yalda Hakim
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Isaac Herzog speaks to Yalda Hakim

He claimed Iran was proceeding “dramatically” towards the bomb, both in terms of the enrichment of uranium and, “clandestinely”, the armament part of the process.

“I’ve always been very crystal clear with regards to a nuclear capability of our enemies – it has to be removed at once.”

Mr Herzog added: “We have to remove the Iranian nuclear program because we see the negotiating process as being futile because they are lying whilst talking to us.

“They are lying whilst talking to the United States and other allies.”

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Iran ambassador: ‘This is about self-defence’

Read more:
Iran’s ambassador to UK speaks to Sky News
UK advises against all travel to Israel

He was questioned whether the strikes on Iran’s nuclear infrastructure could provoke a response that causes a mass casualty event in Israel.

“(We are) very much aware of the risks of this war,” he replied. “Every night there are missile attacks, heavy missile attacks on Israel.

“We have our air defence systems, which are excellent.

“Unfortunately, we have casualties. Brothers and sisters of ours from toddlers all the way up to the age of 94.”

He continued: “No, we don’t accept it at all… That’s why we are fighting also, to eliminate their capability of firing at us.”

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He also suggested the Israeli war cabinet was discussing Iran’s Supreme Leader Ayatollah Ali Khamenei, after reports Mr Trump vetoed an Israeli plan to kill him.

“Let’s just remember that the Supreme Leader of Iran has for years called for the annihilation of Israel.”

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Environment

The new Hyundai IONIQ 6 has some seriously impressive range, more than the Kia EV4

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The new Hyundai IONIQ 6 has some seriously impressive range, more than the Kia EV4

Hyundai’s electric fastback is due for some major upgrades that could finally make it the Tesla Model 3 challenger it was designed to be. The new Hyundai IONIQ 6 is better than ever, featuring a stylish new look both inside and out, an NACS port for charging at Tesla Superchargers, and even more driving range than expected.

The new Hyundai IONIQ 6 is a long-range, stylish EV

It’s been just about three years since Hyundai unveiled the IONIQ 6 for the first time at the 2022 Busan International Motor Show.

Hyundai’s “electrified streamliner” arrived as what was expected to be a genuine rival to the Tesla Model 3, boasting over 350 miles of driving range, fast charging in under 20 minutes, and an affordable price tag.

Despite this, the electric sedan has failed to live up to its hype. In the US, IONIQ 6 sales fell 6% last year, with only 12,264 units sold. According to Cox Automotive, Tesla sold 189,903 Model 3s in the US last year, a decrease from 2023, partly due to the launch of the refreshed model.

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With the upgraded IONIQ due out later this year, Hyundai’s EV might finally match the Model 3 as another long-range, fast-charging, affordable electric sedan.

Hyundai-new-IONIQ-6-range
The new Hyundai IONIQ 6 (Source: Hyundai Motor)

The new Hyundai IONIQ 6 has just become Korea’s longest-range electric sedan. It was officially certified by the Ministry of Environment with a range of up to 568 km (353 miles), surpassing the Kia EV4 at 549 km (341 miles).

On the WLTP scale, that could translate to nearly 700 km (430 miles) range. The current IONIQ 6 is rated with a WLTP range of up to 614 km (382 miles).

Hyundai-new-IONIQ-6-range
The new Hyundai IONIQ 6 N-Line (Source: Hyundai Motor)

For those in the US, the 2025 Hyundai IONIQ 6 already provides an EPA-estimated range of up to 342 miles. The new model is expected to achieve a range of over 350 miles.

The new IONIQ 6 features an upgraded 84 kWh battery, similar to the 2025 IONIQ 5, providing increased driving range. Hyundai’s new IONIQ 5 is now rated with an EPA-estimated driving range of 318 miles, up from 303 miles in the 2024 model.

Like the IONIQ 5 refresh, the new IONIQ 6 is expected to arrive with a built-in NACS port, allowing access to Tesla Superchargers.

Hyundai-new-IONIQ-6-range
Hyundai teases the new IONIQ 6 N (Source: Hyundai)

Hyundai unveiled the new IONIQ 6 design at the Seoul Mobility Show in April, saying it “enhanced every line and detail to make the IONIQ 6 simpler and more progressive.” And last week, Hyundai teased a sporty “N” line mode coming soon. We got a sneak peek of it in public a few days later after it was spotted driving in Korea. You can tell, it’s already shaping up to be a significant upgrade.

As for prices and final specs, we’ll have to wait until closer to launch later this year. Check back soon for more info. We’ll keep you updated with the latest.

Will Hyundai’s electric sedan finally compete with the Model 3? Let us know your thoughts in the comments below.

Source: Yucca Post Korea

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