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
- BART and unions to meet today over contract
- Man leads police on wild chase around Antioch
- Record streak continues for Winter Spare the Air Alerts
- Consumer Reports puts AA batteries to the test
- Fiery big-rig crash cleared from I-80 in Pinole
- 32 students participating in 'shop with a cop' event
- Gridlock in the Senate, progress in the House
- OTRC: Golden Globes 2014: Full list of nominations 2 min ago
- Toys for Tots donations really low this year
- Teen given probation in DUI crash that killed four
- Winter Spare the Air called through Thursday
- abcnews: First lady's glare seen round the world
- roundup: Robbery suspect shot; BART dispute
- weather: Bay Area weather forecast for Thursday
Most Viewed StoriesMost Viewed Photos