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Eduardo Saverin

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Eduardo Saverin
File:EduSaverin.jpg
Born (1982-03-13) March 13, 1982 (age 42)
São Paulo, Brazil
NationalityBrazilian[1]
Alma materHarvard University (B.S., Economics, 2006)
Known forCo-founder of Facebook

Eduardo Luiz Saverin[3][4] (born March 13, 1982;[5] Portuguese: [eduˈaɾdu ˈsaveɾĩ] or [saveˈɾĩˑ]) is a Brazilian internet entrepreneur and investor.[6] Saverin is one of four co-founders of Facebook.com, along with Mark Zuckerberg, Dustin Moskovitz, and Chris Hughes.[7] As of 2012, he owns less than 5% of Facebook's shares and has a net worth of $2 billion, according to Forbes. He has also invested in early-stage startups such as Qwiki[8] and Jumio.[9]

Personal life

Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family,[10][11][12][13] and was raised in Miami, Florida. Eduardo's father was a Brazilian industrialist working in export, clothing, shipping, and real estate.[14]

By 1993, Saverin's father had become wealthy, and in 1993 it was discovered that his son Eduardo´s name had been placed on a list of kidnapping victims by gangs specializing in kidnapping for ransom. As a result, the family moved to Miami to find a safer place to live. Saverin attended Gulliver Preparatory School in Miami, and went on to Harvard University, where he was a member of the Phoenix S.K. Club as well as 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.[15][14][16] 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).

Saverin has lived in Singapore since 2009.[17][18] In September 2011, he renounced his U.S. citizenship before the Facebook IPO; the citizenship change may reduce the capital gains taxes Saverin pays after the IPO, although his taxes may increase initially.[6][19]

Facebook

During his junior year at Harvard University, 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.[20] As Facebook rapidly expanded to universities across the US, internal conflicts and differences of opinion between Saverin and Zuckerberg regarding Facebook's direction resulted in Saverin's diminished involvement and influence in Facebook. The conflict peaked when Saverin's shares were diluted from the original 34.4%.

A lawsuit filed by Saverin against Facebook was settled out of court. Though terms of the settlement were not disclosed, the company affirmed Saverin's title as co-founder of Facebook. Saverin signed a non-disclosure contract after the settlement.[21]

As of 2010, Saverin has liquidated at least $250 million worth of Facebook stock to later-stage investors such as Digital Sky Technologies [22][23], as well as via secondary exchanges like SharesPost.[24]

Depictions in media

In the 2010 film The Social Network—which depicts the relationship between Saverin and Mark Zuckerberg from the creation of Facebook to Saverin taking legal action against Zuckerberg—Saverin is played by actor Andrew Garfield. Garfield's portrayal of Saverin was met with critical acclaim and received nominations for the Golden Globe Award for Best Supporting Actor - Motion Picture, BAFTA Award for Best Actor in a Supporting Role,[25] and the Broadcast Film Critics Association Award for Best Supporting Actor.

References

  1. ^ "Facebook billionaire co-founder Eduardo Saverin renounces U.S. citizenship before selling stock to public... which may save him a fortune in taxes". Daily Mail Reporter. May 11, 2012. Retrieved May 11, 2012.
  2. ^ "Profile: Eduardo Saverin: Net Worth $2B", Forbes, #134 List of the World's Billionaires, as of March 2012
  3. ^ Internal Revenue Service (April 30, 2012). "Quarterly Publication of Individuals, Who Have Chosen to Expatriate, as Required by Section 6039G". Federal Register.
  4. ^ Feeney, Kevin J. (February 25, 2005). "Business, Casual". The Harvard Crimson. Retrieved May 11, 2012.
  5. ^ "America's Youngest Billionaires". Forbes. October 6, 2010.
  6. ^ a b Kucera, Danielle; Vallikappen, Sanat; Harper, Christine (May 11, 2012). "Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO". Bloomberg. Retrieved May 11, 2012.
  7. ^ Mezrich, Ben. The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal, 2009.[page needed]
  8. ^ Bosker, Bianca, "Facebook Co-Founder Eduardo Saverin Invests In Qwiki", The Huffington Post, January 20, 2011 (Updated: 05/25/11)
  9. ^ Wauters, Robin, "Exclusive: Facebook Co-Founder Eduardo Saverin Leads $6.5M Round For Jumio", TechCrunch, Thursday, March 17th, 2011
  10. ^ THE JCThe Jewish Chronicle, Jennifer Lipman, October 14, 2010
  11. ^ The Accidental Billionaires, Ben Mezrich, Random House Inc, 2010
  12. ^ Zuckerberg: jovem, bilionário e... trapaceiro? Lucas Amorim, Info Exame, 20/08/2009
  13. ^ Zuckerberg teria passado para trás amigo brasileiro Gustavo Chacra, Estadao, estadao.com.br, Atualizado: 2/10/2010
  14. ^ a b Tagiaroli, Guilherme; Ikeda, Ana (October 22, 2010). "Conheça Eduardo Saverin, o brasileiro que ajudou a fundar o Facebook". UOL (in Portuguese). Retrieved May 12, 2012.
  15. ^ The Truth Behind Facebook's Founding is Finally Revealed
  16. ^ "A Facebook Tale: Founder Unfriends Pals on Way Up", NPR
  17. ^ Miguel Helft (January 20, 2011). "Facebook Co-Founder Backs Start-Up". New York Times. Retrieved August 10, 2011.
  18. ^ Lacy, Sarah, "Where in the World Is Eduardo Saverin? In Singapore Funding Facebook Games", TechCrunch, Thursday, October 28th, 2010
  19. ^ Worstall, Tim (May 12, 2012). "IPO Will Increase, Not Reduce, His Tax Bill". Forbes. Retrieved May 12, 2012.
  20. ^ Mezrich, The Accidental Billionaires.[page needed]
  21. ^ Carvalho dos Santos, Alexandre (October 2009). "A misteriosa história do brasileiro que fundou o Facebook". Superinteressante (in Portuguese) (270). São Paulo: Editora Abril: 94–97. ISSN 0104-1789. OCLC 60743498. {{cite journal}}: |access-date= requires |url= (help); Unknown parameter |coauthors= ignored (|author= suggested) (help)
  22. ^ Womack, Brian; Levy, Ari, "Facebook's Saverin Agreeed to Sell Shares to Digital Sky in 2010", Business Week, 2012-02-09
  23. ^ Kroll, Luisa, "Facebook Founders Sold Shares", Forbes, 3/09/2011
  24. ^ Cohenm Jackie, "Sean Parker, Chris Hughes And Eduardo Saverin Dumped Their Facebook Shares", allfacebook.com, February 1, 2012
  25. ^ Singh, Anita (January 18, 2011). "Andrew Garfield: Famous? I just don't have the time ..." The Telegraph. Retrieved May 12, 2012.

Further reading

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