(CNN) – Eduardo Saverin, one of the co-founders of Facebook, gave his first major interview published Thursday in the wake of a growing backlash against his renunciation of U.S. citizenship.
Pressure has grown from U.S. lawmakers to tighten tax code on expatriates after press reports surfaced that Saverin – a native of Brazil who became a U.S. citizen as a teenager after his family moved to the U.S. – renounced his U.S. citizenship, which was published April 30 on the U.S. Federal Register. Saverin, who has lived in Singapore since 2009, is now a permanent resident of the city.
The public release of his renunciation, coming on the eve of Facebook’s initial public offering (IPO), has raised hackles.
“I’m not a tax expert,” Saverin told the New York Times. He said he filed to renounce his citizenship in January 2011 and it became official in September. “We complied with all the known laws. There was an exit tax.” Bloomberg estimates the billionaire paid exit taxes of about $365 million.
(CNN) – Which platform is better to advertise on, Google or Facebook?
On Tuesday, General Motors announced it will stop paid advertising on Facebook. "This happens as a regular course of business and it's not unusual for us to move things around various media outlets," the company said in a statement. But coming the week Facebook has its initial public offering, the announcement is raising more than a few eyebrows and begs the question:
Is Facebook really worth $100 billion?
WordStream, a U.S.-based search engine marketing company, released a study Tuesday comparing the advertising influence of display ads on Google versus ads on Facebook. The results: While Facebook is good, Google is better.
Hong Kong (CNN) – The frayed relationship between Eduardo Saverin and Mark Zuckerberg served as the emotional core of the 2010 movie, “The Social Network.”
As Zuckerberg stands to make billions from the Facebook IPO, where is his one-time friend, Saverin? For the past three years, Saverin has made Singapore his home.
As the Wall Street Journal reports, the 30-year-old has become a local celebrity in Singapore, where he has provided investment for a handful of companies and mentored a former Miss Singapore in her cosmetics venture. Compared to Zuckerberg’s spendthrift reputation – driving an Accura and his modest home in Palo Alto, California – Saverin owns a luxury penthouse apartment, drives a Bentley and has a reputation for running Cristal Champagne-fueled bar tabs that can climb as high as $50,000 a night.
Hong Kong, China (CNN) - Facebook may soon update its status from “private” to “public” in what will likely be the biggest tech IPO in history. Reports say the social network could file registration papers as soon as Wednesday, for an initial public offering this May.
The tech giant is aiming to raise a whopping $10 billion. That would eclipse the previous U.S. IPO tech record set by Google. In 2004, the search engine and e-mail provider, raked in just under $2 billion.
If that $10 billion goal is met, it would give Facebook a value of between $75 billion and $100 billion. FULL POST
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