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
- Paul McCartney will play final show at Candlestick 2 min ago
- One injured in apartment fire near San Jose State
- Police make arrest in Daly City shooting
- Stanford patient denied liver due to medical marijuana
- Afghanistan hospital guard kills three American doctors
- Batteries in baby video monitors recalled
- Scientists locate 19th century steamship in SF Bay
- Apple increases stock buyback, will split stock
- State senators get ethics training after scandals
- 5-year-old Oakland boy shot in eye with paintball gun
- Six Flags welcoms first seal pup born at park in 8 years
- 7OYS helps woman get refund from alumni company
- weather: Bay Area weather forecast for Thursday
- roundup: Body found at dump; Bicycle Share expansion