If it looks and smells like tax evasion...
Eduardo Saverin, a Facebook co-founder has reportedly given up his U.S. citizenship as the company’s Initial Public Offering (IPO) approaches.
While he insists he has nothing against the U.S., his ‘defriending’ of the United States is seen as what it most likely is – a move to avoid paying federal taxes on his impending windfall.
Facebook will officially debut on the Nasdaq Stock Market (listed as “FB”) on Friday, May 18th, 2012.
The Chicago Tribune reports:
Saverin is Mark Zuckerberg’s Facebook co-founder, and his role in the business venture was immortalized in the Oscar-winning film, “The Social Network.”
He has a reported 4% stake in the company, a stake that could be worth nearly $4 billion after Facebook’s highly anticipated initial public offering, expected next week.
Most of the feedback on social networks has bordered on outrage given that Saverin, who made made his riches off Facebook-loving U.S. taxpayers seems to be giving the finger to the country that made him rich when it comes times to send some money back to U.S. tax coffers.
Saverin’s spokesperson confirmed to Bloomberg Businessweek:
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.
Yeah, right, Eduardo. Sounds more like tax evasion to me.
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