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THE BIG IDEA

Michael Saylor settles Washington D.C. fraud lawsuit for $40M.

After almost two years of legal battles, Michael Saylor of MicroStrategy (HQ in Tysons Corner) has agreed to pay $40 million dollars in a tax fraud lawsuit filed by the city of Washington, D.C.

This is the largest recovery for unpaid income taxes in D.C. history.

The lawsuit claimed Saylor said he lived in Virginia and Florida to avoid paying over $25 million in taxes to D.C.

From 2005 until now, the lawsuit says Saylor actually lived in a fancy penthouse on the Georgetown waterfront and kept multiple yachts on the Potomac River.

MicroStrategy employees falsely reported where Saylor lived, according to D.C.'s Attorney General Brian Schwalb.

However, Saylor says his home has been Miami Beach since 2012.

A whistleblower first alleged in 2014 that Saylor failed to pay 2005-2020 taxes.

MicroStrategy says it was "not responsible for his day-to-day affairs and did not oversee his taxes."

The company will not pay anything toward the settlement.

In case you didn’t know: MicroStrategy owns more Bitcoin than any other company in the world, with around $15 billion in Bitcoin.

Saylor says he settled to pay the $40M to “avoid the continued burden of the litigation."

Given the current performance of Bitcoin, he’s probably feeling alright about this outcome.

Bulletin Board 📌 

Reader Restaurant Recommendation: One of our readers, George, recommends you guys check out 2941 in Falls Church.

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QUICK HITS 

• Virginia-based medical company Contraline hopes to test their male birth control gel called “ADAM” in the USA in 2025.

• Someone made a Twitch stream with AI versions of Trump and Biden debating each other on stage (fair warning: tons of foul language and hilarious insults on this one)

• Check out this list of outdoor movie screenings happening this summer.

• Garry Tan wrote about Y Combinator coming to DC the other day.

• Someone anonymously donated $50,000 to pay off Fauquier County school lunch debt.

LIVE EVENT LOWDOWN

• Fairfax Family Festival | the 7th annual family-friendly event returns. Food trucks, moon bounces, and music galore!

• Tiny Beer Fest | an outdoor event with craft beer and cider, Asian street food, and a dad joke contest!

• Artisan Market | over 40 local artisans, live music, activities for the kids, and more.

• Bird Walk | a summer morning bird-watching walk around Potomac National Park.

• Pints & Punchlines | a free stand-up comedy show at Earp’s Ordinary.

• Legacy Farms Summer Fest | a delicious picnic, games and crafts, tours, and more.

• Taste of Springfield 2024 | a festival showcase of local restaurants, food vendors, and more.

• Old Town Crafts Festival | over 90 vendors, beer and cider, food and sweets, music and art, and most importantly some fun!

• Beer Olympics | Shipgarten’s summer event full of water gun fights, water balloon tosses, and other splashy games.

• Shoff Comic Book & Sports Card Show will be at the Annandale Fire House Expo Hall.

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