Eduardo Luiz Saverin (/ˈsævərɪn/;
Portuguese: [eduˈaɾdu luˈis ˈsaveɾĩ]; born March 19, 1982)
is a Brazilian
Internet entrepreneur and angel investor. Saverin is
one of the co-founders of Facebook. As of 2012[update], he owns 53
Facebook shares (approximately 0.4% of all outstanding
shares) and has a net worth of $9.9 billion, according to Forbes.
He also invested in early-stage startups such as Qwiki and
In what was seen by some as a move to avoid U.S. taxes, Saverin
renounced his U.S. citizenship in September 2011. According to
Saverin, he renounced his citizenship because of his "interest in
working and living in Singapore" where he has been since 2009. He
avoided an estimated $700 million in capital gains taxes; this
generated some media attention and controversy. Saverin
denies that he left the U.S. to avoid paying taxes.
1 Early life and education
3 Depictions in media
4 Personal life
5 Renunciation of U.S. citizenship
7 Further reading
8 External links
Early life and education
Eduardo Saverin was born in the city of São Paulo, Brazil, to a
wealthy Jewish Brazilian family, and his family later moved
to Rio de Janeiro. Saverin's father, Roberto Saverin, was a
businessman working in clothing, shipping, and real estate. His
mother, Sandra, was a psychologist and he has two siblings. His
Romanian-born grandfather, Eugenio Saverin (born Eugen Saverin), is
the founder of Tip Top, a chain of kidswear retail shops. In 1993,
the family immigrated to the U.S., settling in Miami.
Saverin attended Gulliver Preparatory School in Miami. He then
attended Harvard University, where he was a resident of Eliot House, a
member of the Phoenix S.K. Club, and president of the Harvard
Investment Association. While an undergraduate at Harvard, Saverin
took advantage of Brazil's lax insider trading regulations and made
$300,000 via strategic investments in the oil industry. In
2006, Saverin graduated magna cum laude from
Harvard University with a
bachelor's degree in economics. He is a member of the Alpha
Epsilon Pi fraternity (Eta Psi chapter of Harvard University).
During his junior year at Harvard, Saverin met fellow Harvard
undergraduate, sophomore Mark Zuckerberg. Noting the lack of a
dedicated social networking website for Harvard students, the two
worked together to launch The
Facebook in 2004. As co-founder, Saverin
held the role of chief financial officer and business manager. On
May 15, 2012,
Business Insider obtained and released an exclusive
email from Zuckerberg detailing how he cut Saverin from
diluted his stake. A lawsuit filed by
Facebook against Saverin and
a countersuit filed by Saverin against Facebook[clarification needed]
were settled out of court. Terms of the settlement were not disclosed
and the company affirmed Saverin's title as co-founder of Facebook.
Saverin signed a non-disclosure contract after the settlement.
In 2010, Saverin co-founded Aporta, an online portal for
In 2016, Saverin's fund closed initial deals of over $140 million in
Asia, including $30 million in up and coming regional logistics
startup Ninja Van.
Depictions in media
The 2010 film
The Social Network
The Social Network depicts the relationship between
Saverin and Zuckerberg from their creation of
Facebook to Saverin's
legal action against Zuckerberg. Actor Andrew Garfield's portrayal of
Saverin was met with critical acclaim, receiving nominations such as
Golden Globe Award for Best Supporting Actor - Motion Picture and
BAFTA Award for Best Actor in a Supporting Role.
Saverin met Elaine Andriejanssen, a
Chinese Indonesian woman who was
educated at Raffles Girls' School and comes from a family which runs
several businesses in Indonesia. On March 27, 2014, they got
engaged and were married on June 25, 2015, in the French
Renunciation of U.S. citizenship
Saverin has lived in
Singapore since 2009. Saverin became a
United States citizen in 1998 and renounced his U.S. citizenship in
2011 because of his "interest in working and living in Singapore";
he also reduced the capital gains taxes he would have paid after the
Facebook IPO. The
Wall Street Journal
Wall Street Journal estimated the tax
savings at over $700 million.
After renouncing his U.S. citizenship, Saverin had to pay an
expatriation tax equivalent to the 15% capital gains tax at the
marked-to-market value of his stock holdings at the time of ~$50/share
× 53 million shares.
In response, U.S. Senator
Chuck Schumer introduced the Ex-PATRIOT Act,
which would have imposed additional taxes on former U.S. citizens, but
the bill died in committee. Since 1996, the Reed Amendment
makes former citizens inadmissible to the United States if the
Attorney General determines that they gave up citizenship to avoid
taxation. However, it is difficult to enforce in practice. Reed
Amendment author Jack Reed wrote to Secretary of Homeland Security
Janet Napolitano to urge that Saverin be barred from entering the
U.S., but as of 2015, he has not applied for travel authorization
to re-enter the country.
^ Kucera, Danielle; Harper, Christine; Drucker, Jesse (12 May 2015).
Facebook Co-Founder May Gain Choosing
Singapore Over U.S." Bloomberg.
Retrieved 14 May 2015. Saverin still does hold Brazilian citizenship,
^ "Saverin 'has no plans to become S'pore citizen'" (PDF). Today.
2012-05-17. Archived from the original (PDF) on May 26, 2013.
Eduardo Saverin Net Worth". Forbes.
Internal Revenue Service
Internal Revenue Service (2012). "Quarterly Publication of
Individuals, Who Have Chosen to Expatriate, as Required by Section
6039G". Federal Register.
^ Feeney, Kevin J. (25 February 2005). "Business, Casual". The Harvard
Crimson. Retrieved 11 May 2011.
^ "America's Youngest Billionaires". Forbes. October 6, 2010.
^ a b c Kucera, Danielle; Vallikappen, Sanat; Harper, Christine
Facebook Co-Founder Saverin Gives Up U.S. Citizenship
Bloomberg L.P. Retrieved 2012-05-11.
^ a b c Mezrich, Ben. The Accidental Billionaires. Doubleday.
^ a b
Eduardo Saverin (17 May 2012). "UNITED STATES SECURITIES AND
EXCHANGE COMMISSION INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF
SECURITIES - Eduardo Saverin". U.S. Securities and Exchange
^ "The World's Billionaires 2017". Forbes. Retrieved 2018-02-09.
^ Bosker, Bianca, "
Eduardo Saverin Invests In
^ Wauters, Robin, "Exclusive:
Facebook Co-Founder Eduardo Saverin
Leads $6.5M Round For Jumio", TechCrunch, Thursday, March 17, 2011
^ a b Mathews, Merrill (23 May 2012). "In Praise Of Eduardo Saverin's
Tax Avoidance". Forbes. Retrieved 9 February 2016.
^ "So How Much Did He Really Save?". Wall Street Journal. 18 May 2012.
Retrieved 9 February 2016.
^ a b David Benoit (17 May 2012). "
Facebook Co-Founder Saverin Fires
Back At 'Misinformation'".
^ a b McCormick, Jason (11 July 2012). "5 citizens who left the United
States to avoid paying tax". CBS News. Retrieved 17 June 2014.
^ a b Worstall, Tim (May 12, 2012). "IPO Will Increase, Not Reduce,
His Tax Bill". Forbes. Retrieved May 12, 2012.
^ The Social Network: How Jewish is Facebook?, The Jewish Chronicle,
Jennifer Lipman, October 14, 2010
^ Amormim, Lucas (2009). "Zuckerberg: jovem, bilionário e...
trapaceiro?" [Zuckerberg: young billionaire ... cheater?].
Portuguese). Editora Abril. Retrieved 23 May 2016.
^ a b Tagiaroli, Guilherme; Ikeda, Ana (October 22, 2010). "Conheça
Eduardo Saverin, o brasileiro que ajudou a fundar o Facebook" [Meet
Eduardo Saverin, the Brazilian who helped found Facebook]. UOL (in
Portuguese). Retrieved May 12, 2012.
^ a b Antunes, Anderson (27 May 2012). "
Eduardo Saverin Finally Opens
Up: 'No Hard Feelings Between Me And Mark Zuckerberg". Forbes.
Retrieved 26 May 2016.
^ a b "Eduardo Saverin, o brasileiro do Facebook, conta sua história"
[Eduardo Saverin, the Brazilian of Facebook, tells his story]. Veja
(in Portuguese). Grupo Abril. 26 May 2012. Retrieved 23 May
^ The Truth Behind Facebook's Founding is Finally Revealed
Facebook Tale: Founder Unfriends Pals on Way Up", NPR
Facebook Founders Bios". Facebook.
^ "Eduardo Saverin: 10 Things To Know About The
International Business Times. 2012-05-04. Retrieved 2017-03-28.
^ Carlson, Nicholas (15 May 2012). "EXCLUSIVE: Here's The Email
Zuckerberg Sent To Cut His Cofounder Out Of Facebook". Business
Business Insider Inc. Retrieved 9 February 2016.
^ Carvalho dos Santos, Alexandre; Marcelo Rainho (October 2009). "A
misteriosa história do brasileiro que fundou o Facebook" ["The
mysterious story of the Brazilian who founded Facebook."].
Superinteressante (in Portuguese). São Paulo:
Editora Abril (270):
94–97. ISSN 0104-1789. OCLC 60743498.
Eduardo Saverin - CrunchBase". CrunchBase. Retrieved 26 May
^ Russell, Jon (19 May 2016). "
Facebook co-founder Eduardo Saverin's
new fund closes initial $140 Million for deals in Asia". TechCrunch.
Retrieved 23 May 2016.
^ Singh, Anita (2011-01-18). "Andrew Garfield: Famous? I just don't
have the time ..." The Telegraph. Retrieved 2012-05-12.
^ Chia, Stacey (20 June 2015). "Eduardo Saverin's fiancee studied at
Raffles Girls' School, Indonesian family runs several businesses".
Singapore Press Holdings Ltd. Retrieved 30 July 2015.
^ Iyengar, Rishi (26 July 2015). "
Facebook Co-Founder Eduardo Saverin
Confirms News of Wedding in
Facebook Post". TIME. Time Inc. Retrieved
9 February 2016.
^ Karmali, Naazneen (25 June 2015). "Secret Wedding Celebration Of
Eduardo Saverin Kicks Off". Forbes. Retrieved 30
^ Miguel Helft (January 20, 2011). "
Facebook Co-Founder Backs
Start-Up". New York Times. Retrieved August 10, 2011.
^ Lacy, Sarah, "Where in the World Is Eduardo Saverin? In Singapore
Facebook Games", TechCrunch, Thursday, October 28, 2010
^ "So How Much Did He Really Save?". Wall Street Journal. 2012-05-18.
based on financial filings, experts say, it was likely tens of
millions in income tax and far more in estate tax—at least $700
million at current values and tax rates.
^ Miller, Sunlen (2012-05-17). "Senators to Unveil the 'Ex-Patriot
Act' to Respond to Facebook's Saverin's Tax 'Scheme'". ABC News.
^ With the
Facebook IPO, missing Eduardo Saverin, Washington Post, May
^ "Bill Summary & Status, 112th Congress (2011 - 2012): S.3205".
THOMAS. 2012-05-18. Retrieved 2012-05-21.
^ Bruce, Charles M.; Saret, Lewis; Lagonico, Stéphane; Trow, Steve
(2006-03-13). "The Exit Tax — A Perfectly Bad Idea" (PDF). Tax Notes
International. 41 (10). Retrieved 2012-05-18.
^ Froomkin, Dan (2012-05-17). "
Eduardo Saverin Can Be Barred From U.S.
By Homeland Security, Sen. Jack Reed Says". Huffington Post. Retrieved
Saverin, Eduardo, "
Facebook Co-Founder Speaks Publicly: What I Learned
From Watching 'The Social Network'", CNBC, Friday, 15 Oct 2010.
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