Facebook co-founder renounces citizenship before IPO
MENLO PARK, Calif. (KGO) -- One of the co-founders of Facebook has renounced his U.S. citizenship just ahead of the company's multibillion-dollar initial public offering.
Bloomberg is reporting that a spokesman for 30-year-old Eduardo Saverin said he recently found it more practical to become a resident of Singapore. The move could reduce his tax bill.
Saverin is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm. He has about a four percent stake in the company and could gain nearly $4 billion from Facebook's IPO.
facebook, IPO, stocks, business
- Damage reported after 5.7 quake in Greenville
- I-5 bridge collapse raises Bay Area safety questions 48 min ago
- Bay Area man arrested for killing relatives abroad
- Boy Scouts approve plan to accept openly gay boys
- Millions to hit the roads this Memorial Day weekend
- BART board votes to relax rush hour bike ban
- Get Free Stuff: Coffee from Gevalia 42 min ago
- Rare Apple computer could fetch $640k at auction
- New info released about robbery in Santa Rosa
- Teen remembered 19 years after unsolved murder 10 min ago
- Clayton resident ID'd as bicyclist killed in SF 53 min ago
- abcnews: McDonald's CEO scolded by 9-year-old 29 min ago
- roundup: Unsolved murder vigil; Oakland shooting 23 min ago
- weather: Bay Area weather forecast for Friday