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Why did Eduardo Saverin renounce US citizenship?
On Friday, Bloomberg broke the news that early Facebook investor Eduardo Saverin had renounced his American citizenship just before the company’s IPO in order to dodge a hefty tax bill. This caused a lot of hand-wringing and condemnation of Saverin.
Did Zuckerberg renounce US citizenship?
Facebook co-founder renounces U.S. citizenship – May. 11, 2012.
What happens when you give up US citizenship?
Renouncing your U.S. citizenship means that you: Give up your rights and responsibilities as a U.S. citizen. Must become a citizen of another nation, or risk becoming “stateless.” May need a visa to visit the United States.
Is Eduardo Saverin a US citizen?
Eduardo Saverin, one of four co-founders of Facebook, has renounced his U.S. citizenship. The move may reduce his tax bill following the initial public offering that values the social-network powerhouse at as much as $96 billion, according to Bloomberg.
Can Eduardo Saverin come to the US?
Eduardo Saverin Might Not Be Allowed Back in the U.S., According to Citizenship Law. Facebook co-founder Eduardo Saverin might not be allowed to return to the United States. Billionaire Saverin, who ditched his U.S. citizenship ahead of Facebook’s mega IPO, is said to own a 4 or 5 percent stake in the social network.
Why did Eduardo Saverin leave Facebook?
The basics: Saverin was tasked with running Facebook’s business side while Zuckerberg worked on the product. Eventually, he started to feel left out, and he froze Facebook’s bank account. To ease Saverin out and limit his say over how Facebook would be funded, Zuckerberg reduced Saverin’s stake in the company.
Why did John Huston renounce his U.S. citizenship?
The son of actor Walter Huston and the father of Angelica, the actor, director and screenwriter left the U.S. for Ireland in 1952, allegedly driven away by his contempt for Joseph McCarthy and the House Committee on Un-American Activities.
How much did Eduardo Saverin settle for?
In the end, the lawyer was right to worry. Saverin eventually sued Facebook over breach of fiduciary duty. Facebook and Saverin settled, and he walked away with 4\% or 5\% of the company. That stake is now worth close to $5 billion.