A new filing with the U.S. Securities and Exchange Commission (SEC) reveals that a court has ruled in favor of Michael Saylor in a civil lawsuit lodged against the popular #Bitcoin (BTC) bull. 

#SEC documents show that in August, the Office of the Attorney General for the District of Columbia filed a civil complaint accusing Saylor of violating the False Claims Act and not paying his personal income taxes amounting to more than $25 million.

The complaint also names MicroStrategy as a defendant, alleging that the largest corporate owner of Bitcoin conspired with Saylor to assist the #BTC firebrand to evade tax payments.

The SEC filing signed by MicroStrategy senior executive vice president and general counsel W. Ming Shao reads,

“The District’s complaint sought, among other relief, monetary damages under the District’s False Claims Act for the alleged failure of Mr. #Saylor to pay personal income taxes to the District over a number of years together with penalties, interest, and treble damages.”

In October of last year, the defendants filed a motion to dismiss the complaint.

In a February 28th ruling, the court threw out the charge that both MicroStrategy and Michael Saylor violated the False Claims Act. 

“The court ruled on Defendants’ motion to dismiss the complaint, dismissing the sole claim against the [MicroStrategy], which alleged that Mr. Saylor and #MicroStrategy conspired to violate the District’s False Claims Act, as well as a claim against Mr. Saylor, alleging that Mr. Saylor violated the District’s False Claims Act.

However, the charge accusing Saylor of committing tax fraud still stands.

“The court did not dismiss claims against Mr. Saylor alleging that Mr. Saylor failed to pay personal income taxes, interest and penalties due. A status conference in the case is scheduled for March 10, 2023. The final outcome of this matter is not presently determinable.”

Post By: CryptosHeadlines.com

According to Michael Saylor, Embracing Bitcoin Strategy Is the Key for Small Firms to Compete with the Magnificent Seven.

Bitcoin has made a remarkable comeback, notching up a 70% increase in value since the start of 2023, reaching the $35,000 mark. Meanwhile, MicroStrategy, the largest corporate Bitcoin holder globally, has begun reaping substantial profits from its Bitcoin holdings, which were acquired at an average cost of less than $30,000.
Michael Saylor’s Strategy for Bitcoin
In a recent interview with Fox Business, Michael Saylor advocated that companies aiming to compete with the influential “Magnificent Seven” should veer away from traditional corporate strategies and embrace the Bitcoin playbook to safeguard their capital.
The “Magnificent Seven” comprises major companies responsible for the majority of the S&P 500’s impressive year-to-date gain of nearly 13%. These prominent firms include Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Nvidia (NVDA), Meta Platforms (META), and Tesla (TSLA). Among these, only Tesla holds Bitcoin on its balance sheet, and the recent quarterly filings confirm that the company has maintained its Bitcoin holdings without any changes.
In the backdrop of the 2023 Bitcoin price rally, MicroStrategy’s stock (MSTR) has also experienced a remarkable year-to-date surge of 213%, surpassing the performance of all the Magnificent Seven companies. In fact, MSTR has delivered returns that are 3-4 times higher than those of the seven prominent firms.
Saylor contends that most companies are grappling with the challenges of inflation, high-interest rates, and technology-driven deflation. Thus, he suggests that by embracing a Bitcoin strategy similar to that of MicroStrategy, companies can enhance their ability to reward shareholders effectively.
According to Michael Saylor, Bitcoin offers an innovative avenue for companies to safeguard their capital and increase shareholder value. This entails leveraging their balance sheets to integrate Bitcoin (BTC), providing an alternative to the costly cycle of acquisitions, stock buybacks, dividends, and debt.
MicroStrategy Expands Its Bitcoin Holdings
MicroStrategy has been actively acquiring and incorporating Bitcoins into its balance sheet for the past three years. In a recent announcement, the company revealed its most recent acquisition of 155 BTC, valued at $5.3 million.
Michael Saylor, while discussing Bitcoin’s dominance, underscored its exceptional performance by highlighting the cumulative returns it has delivered. Saylor recently shared a total returns chart for various asset classes, revealing Bitcoin’s remarkable 1,120,785% return from 2011 to 2023. This translates to an annualized return of 147.5%, a truly outstanding figure.
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#shibaInu Drama Unfolds: Big Money Influx Sparks Concerns About #Meme Coin’s Direction. Block reported a 37.5% growth in Bitcoin-related revenue. The company’s #Bitcoin revenue reached $2.42 billion, marking a substantial increase compared to the previous year’s $1.76 billion. Furthermore, the gross profit derived from bitcoin also saw an improvement, rising from $36 million to $44 million year-over-year. Of importance is the fact that the market value of these holdings exceeded their book value by $114 million. MicroStrategy, a business intelligence firm headed by #Saylor , announced the purchase of an additional 155 bitcoins in October. This acquisition brought the total number of bitcoins acquired since the beginning of Q3 to 6,607. As of the end of October, #MicroStrategy owned a substantial 158,400 bitcoins, procured at a total cost of $4.69 billion, approximately $29,586 per bitcoin. However, it’s worth noting that MicroStrategy recorded an impairment loss on its digital asset holdings during Q3. The company reported an impairment loss of $33.6 million, bringing the cumulative impairment losses to $2.23 billion.$SHIB