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