Facebook Co-Founder Saverin Renounces Citizenship

Posted on May 12 2012 - 5:47am by Editorial Staff

As Facebook IPO May 18 date approaches, company co-founder Eduardo Saverin has renounced his U.S. citizenship as per an internal revenue service reports. Interesting is the announcement made just a few days prior to social giant’s initial public offering. We reported last week the social giant set its share price $25-35 range, resulting in making a total valuation of around $60 to $75 billion. The offering could leave Saverin, who once owned 5 percent of the company, with a hefty capital-gains tax bill. Saverin has sold enough of his Facebook stake that he does not appear in IPO filing documents that list shareholders who own 5 percent or more of the company.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.