Facebook Co-Founder Eduardo Saverin Renounces US Citizenship
The Brazilian-born Harvard grad opted to give up his full American rights ahead of Facebook's IPO.
Eduardo Saverin has de-friended America.
The Harvard classmate of Mark Zuckerberg, Saverin helped provide the financing for the initial founding of Facebook. With the social network giant set to go public, Saverin, who was born in Brazil and moved to the United States in 1992, will become a citizen of Singapore -- where he currently resides -- and avoid full taxation on the massive windfall he is set to receive from the IPO.
Saverin is reported to own four percent of the company, which could earn him $3.84 billion if the IPO raises the $96 billion that is expected, Bloomberg News reports.
As made famous in the Oscar-winning film The Social Network, Saverin feuded with Zuckerberg and was pushed out of the company. He was portrayed by Andrew Garfield in the David Fincher-directed picture.
The company is reported to have set a May 18 date for its IPO.