Saylor steps down as Microstrategy CEO

[Wind_FURY]

Michael Saylor will be called many stupid names during the current bear market, just like many of the earliest Bitcoin investors of 2012 were called "crazy" by legacy market investors. BUT, 2025 - 2026 bull market, Chad Saylor will be called the Legendary Genius Investor of the decade.

People with a slightly different vision from others are often ridiculed and part of the public considers them somewhat irrational, but they certainly understand the game of investing much better than the average investor. When Tim Draper said live on Fox News in 2014 that 1 BTC would be worth at least $10 000 in the next three years, everyone laughed at him afterwards, so it turned out that he was right.

Saylor will no doubt end up being called a genius in a few years, unlike some others who freak out every time the price of Bitcoin goes into the red.

The comparisons of Chad Saylor's Bitcoin investment will be with the investments of world's greatest investors, like Peter Lynch, and the man who called Bitcoin rat poison squared, Warren Buffett himself. OR, be in the same class of the investments of the world's greatest, legendary entreprenuers/business giants like John D. Rockefeller and Andre Carnegie. Let's laugh now, but wait for 2025 - 2026.

Bitcoin, there is no second best.

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[tbterryboy]

A sad day for the bitcoin community. I wonder what made him do this. I mean he very well knows that bitcoin is going to make a new ATH in the future, so why step down now? $1b loss is a pocket change for a hedge fund as big as his.

Wait, what?  MSTR isn't a hedge fund, it's....some kind of software company if I'm not mistaken, one that happened to have a bitcoin zealot as CEO.  I kept writing in the other thread about MSTR that he could very well be booted by the board of directors, and I think that's likely what happened.  Be skeptical about what press releases say, because companies can and do make up all sorts of bullshit when something important like a CEO being removed happens.

Thank you for this. I did not know they were a software company, I thought they were a hedge fund as well. I mean I never checked them out personally, I just heard about the bitcoin purchases and nothing more, so I assumed they were just an investment related company. Turns out they are just a software company who liked to buy as many bitcoins as possible.

I like a bitcoin zealot, they help me more than they hurt me as far as I can see, they increase the price or at least try to. I definitely agree on the skeptical part though, he is no longer the CEO but he is still the executive chairman, meaning he could remove the CEO and appoint himself anytime he wants if I am not wrong.

[DaveF]

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

NEW: 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.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

[Dave1]

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

NEW: 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.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

What's interesting is that you wake up and finding out that you have been sued thru Twitter. 


For those who are interested on the official documents here are the links:

https://oag.dc.gov/sites/default/files/2022-08/2022-08-22%20Complaint%20in%20Intervention_0.pdf



As per the documents, Saylor and his company Microstrategy has created an elaborate scheme to defraud DC of taxes amounting to $25 - 100 million. The scheme created an illusion that Saylor lives in Florida a a state without personal income tax.

And it is also take noting that Saylor that this is not the first time that he has been used for defrauding DC, there were whistleblowers who come forward and represented by Cadwalader, Wickersham & Taft, filed a lawsuit against Saylor.

https://oag.dc.gov/sites/default/files/2022-08/Tributum%20v.%20Saylor%20-%20DC%20FCA%20Complaint_0.pdf

And after reviewing it, the OAG decided to file it's own case against Michael Saylor and his company Microstrategy which is the co-defendant here.

[2stout]

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

NEW: 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.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

They absolutely knew this was coming- Saylor, et al.  Removing him from his post was a preemptive strike that they hope will buy the company some goodwill down the line- this situation and also for the appearance of creating distance.

[OgNasty]

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

NEW: 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.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

They absolutely knew this was coming- Saylor, et al.  Removing him from his post was a preemptive strike that they hope will buy the company some goodwill down the line- this situation and also for the appearance of creating distance.

It is beginning to look that way. I’m sure when investigators started sniffing around and disturbing business operations they decided to remove Saylor as a distraction. It seems like we’ve seen a lot less of him since then so maybe he’s laying low or celebrating his freedom.

[TravelMug]

Guess he knew this was coming: https://twitter.com/AGKarlRacine/status/1565031380471382019

NEW: 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.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have no idea on how legit it really is and what may or may not be true, but I can see it creating a shitstorm for Microstrategy in general. Having him out as CEO can show they were beginning to clean house.

-Dave

They absolutely knew this was coming- Saylor, et al.  Removing him from his post was a preemptive strike that they hope will buy the company some goodwill down the line- this situation and also for the appearance of creating distance.

It is beginning to look that way. I’m sure when investigators started sniffing around and disturbing business operations they decided to remove Saylor as a distraction. It seems like we’ve seen a lot less of him since then so maybe he’s laying low or celebrating his freedom.

Possible but it's kinda late as the case have been filed. So yes, 2 options settled out of court or fight it out. But this guy have billions, for sure he could pay those back taxes to DC and still conduct his businesses on that state.

Anyhow, I'm not taking any side, just let the flow of justice do it's job here, whether he is guilty or not, it is on the hands of the court to decide.

[Lucius]

Everyone is innocent until proven guilty, although the media will now crucify Saylor and along the way they will surely lash out at Bitcoin as well. I looked at MS's Twitter account and he hasn't commented on this case yet, but considering everything, I don't think he'll be overly upset.

I am quite sure of one thing, and that is that he will not escape from the US, as was the case with John McAfee and his non-payment of taxes, which eventually cost him his life.

[NeuroticFish]

Everyone is innocent until proven guilty, although the media will now crucify Saylor

Well said. Is it me or somebody is trying to revive the "bitcoin is illicit money" narrative, although it's probably vastly unrelated to bitcoin.
He and the company are clearly not poor, so I don't really feel sorry for them. Justice will have the final word, I guess.

Going to be interesting to see how this all plays out. Settle it? Fight it out in court? Something else?

I have a feeling they may try - especially at first - to drag/stall it by fighting in court... at least until Bitcoin price returns on uptrend and MicroStrategy funds start looking good again.