Tuesday, May 15, 2012

Facebook co-founder renounces citezenship

Eduardo Saverin, the billionaire co-founder of Facebook Ink, renounced his US citizenship before an initial public offering that values the social network at as much as US$96 bil, a move that may reduce his tax bill.

Facebook plan to raise as much as US$96Bil through the IPO, the biggest in history for an internet company. Saverin stake is about 4%, according to the website whoownsfacebook.com
At the high market capitalisation. That would be worth US$3.4Bil. His Holdings aren't listed in Facebook's regulatory fillings.

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