Thread: Facebook co-founder renounces U.S. citizenship

May 11, 2012

Facebook co-founder renounces U.S. citizenship

By Yamiche Alcindor, USA TODAY Updated 5m ago

Eduardo Saverin, the Facebook co-founder whose falling out with Mark Zuckerberg became public knowledge in the movie The Social Network, has renounced his U.S. citizenship ahead of the company's initial public offering, Bloomberg reports.

Facebook plans to raise as much as $11.8 billion going public with the website, which could be worth as much as $96 billion.

Saverin was one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm. He stands to make billions after the world's largest social network holds its IPO.

The move by Saverin, 30, who was born in Brazil and lives in Singapore, may reduce his tax bill, according to Bloomberg.

"Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time," said Tom Goodman, a spokesman for Saverin, told Bloomberg in an email.

Saverin moved to the United States in 1992, and became a U.S. citizen in 1998, his spokesman said.

Facebook co-founder renounces U.S. citizenship

This will be the rich's answer to Obama's taxing the rich, they will leave the country the same way the wealthy French are bailing out.

Read:
As Wealthy French Look to Flee France Over Socialist Victory, Obama Invites New Socialist President to White House

Also:

France: Wealthy Leave in Face of “Soak the Rich” Rhetoric

May 08, 2012 08:35 AM EDT
http://news.gather.com/viewArticle.a...81474981317174



Wealthy French eye move across the Channel
By James Pickford, London and South-East Correspondent


©4corners images
Wealthy French people are looking to London as a refuge from fresh taxes on high earners pledged by candidates in the country’s presidential elections.


The “soak the rich” rhetoric that has punctuated the presidential campaign has prompted a sharp rise in the numbers weighing a move across the Channel, according to London-based wealth managers, lawyers and property agents specialising in French clients.
Article at:
Wealthy French eye move across the Channel - FT.com

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