Facebook co-founder renounces US citizenship

Just days before Facebook’s IPO, Facebook’s co-founder Eduardo Saverin (the angry guy who smashes his laptop in The Social Network) renounced his US citizenship and has claimed Singapore as his home country.

Facebook co-founder Eduardo Saverin renouces US citizenship

While I’m sure there’s plenty to love about the city-state of Singapore, it’s most likely Saverin’s citizenship decision is motivated by economics. Though he owns a “small” 4 percent stake in Facebook, his stake is worth $3.8 billion. By taking up residence in Singapore, Saverin can shield his fortune from paying any capital-gains tax. In comparison, his co-founder Mark Zuckerberg could be facing $2 billion in taxes when Facebook goes public.

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