Facebook Co-Founder Stands to Gain
Choosing Singapore Over US
May 13, 2012
Eduardo Saverin, the billionaire co-founder of Facebook,
renounced his US citizenship before an initial public offering that
values the social network at as much as $96 billion, a move that
may reduce his tax bill.
Facebook plans to raise as much as $11.8 billion through the IPO,
the biggest in history for an Internet company. Saverin’s stake is
about 4 percent, according to the website whoownsfacebook.com. At
the high end of the proposed IPO market capitalization, that would
be worth about $3.84 billion. His holdings aren’t listed in
Facebook’s regulatory filings.
Saverin, 30, joins a growing number of people giving up US
citizenship ahead of a possible increase in tax rates for top
earners. The Brazilian-born resident of Singapore is one of several
people who helped Mark Zuckerberg start Facebook in a Harvard
University dormitory and stand to reap billions of dollars after
the world’s largest social network holds its IPO.
http://www.thejakartaglobe.com/business/facebook-co-founder-stands-to-gain-choosing-singapore-over-us/517651
