Facebook co-founder packs up for Singapore

Sri Lanka Source Saturday 12th May, 2012

One of the co-founders of the newly listed Facebook, Eduardo Saverin, has decided to step away from the United States in order to preserve his wealth.

Mr Saverin has renounced his US citizenship to take up residence in Singapore, which does not have a capital gains tax.

In fact, the IRS has revealed the renunciation of citizenship was made in September last year, well in advance of the IPO.

Saverin's stake in the company is around two percent.

The move comes in the wake of the initial public offering of Facebook, which had a nominal value placed on it of $96 billion.

Saverin, Brazilian-born, was instrumental in helping Mark Zuckerberg start Facebook while they were students at Harvard University.

While Mr Saverin left Facebook early after being scorned by Zuckerberg, lawsuits have since resulted in him settling for a proportion of the IPO.

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