Eduardo Saverin

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Eduardo Saverin
Eduardo Saverin CHINICT.JPG
Saverin at the CHINICT conference
on May 25, 2012
Born
Eduardo Luiz Saverin

(1982-03-19) 19 March 1982 (age 37)
ResidenceSingapore
CitizenshipBrazil[1][2]
Alma materHarvard University (BA)
Known forCo-founder of Facebook
Net worthUS$10.1 billion[3] (June 2019)
Spouse(s)Elaine Andriejanssen (m. 2015)
Websitewww.facebook.com/saverin

Eduardo Luiz Saverin (/ˈsævərɪn/; Portuguese: [eduˈaɾdu luˈis ˈsaveɾĩ]; born March 19, 1982)[4] is a Brazilian entrepreneur and angel investor.[5] Saverin is one of the co-founders of Facebook.[6] In 2012, he owned 53 million Facebook shares[7] (approximately 2% of all outstanding shares), valued at approximately $2 billion at the time.[8][9] He also invested in early-stage startups such as Qwiki[10] and Jumio.[11]

Saverin renounced his U.S. citizenship in September 2011,[12][13] and therefore avoided an estimated $700 million in capital gains taxes; this generated some media attention and controversy.[5][14][15] Saverin stated that he renounced his citizenship because of his "interest in working and living in Singapore" where he has been since 2009,[16] and denied that he left the U.S. to avoid paying taxes.[12]

Early life and education[edit]

Eduardo Luiz Saverin was born in the city of São Paulo, to a wealthy Jewish Brazilian family,[6][17][18] and his family later moved to Rio de Janeiro. Saverin's father, Roberto Saverin,[19] was a businessman working in clothing, shipping, and real estate.[20] His mother, Sandra, was a psychologist. He has two siblings.[21] His Romanian-born grandfather, Eugenio Saverin (born Eugen Saverin), is the founder of Tip Top, a chain of children's clothing shops.[21] In 1993, the family migrated to the U.S., settling in Miami.[22]

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.[20][23][24] In 2006, Saverin graduated magna cum laude from Harvard University with a bachelor's degree in economics.[25] He is a member of the Alpha Epsilon Pi fraternity (Eta Psi chapter of Harvard University).[26]

Career[edit]

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. They each agreed to invest $1,000 in the site. Later, Zuckerberg and Saverin each agreed to invest another $18,000 in the operation.[27] As co-founder, Saverin held the role of chief financial officer and business manager.[6] On May 15, 2012, Business Insider obtained and released an exclusive email from Zuckerberg detailing how he cut Saverin from Facebook and diluted his stake.[28] Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreements Saverin signed in October 2005 was invalid. Saverin then filed a suit against Zuckerberg, alleging Zuckerberg spent Facebook's money (Saverin's money) on personal expenses over the summer.[29] In 2009, both suits 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.[30][31]

In 2010, Saverin co-founded Aporta, an online portal for charity.[22][32]

In 2016, Saverin's fund closed initial deals of over $140 million in Asia, including $30 million in regional logistics startup Ninja Van.[33]

Personal life[edit]

Saverin met Elaine Andriejanssen, a Chinese Indonesian woman who was educated at Raffles Girls' School and Tufts University. She comes from a family which runs several businesses in Indonesia.[34] On March 27, 2014, they got engaged and were married on June 25, 2015, in the French Riviera.[35][36] Ben Mezrich wrote The Accidental Billionaires: A Story of Sex, Money, Genius and Betrayal about the founding of Facebook.[citation needed]

Saverin is played by Andrew Garfield in the film The Social Network, which is based on Mezrich's The Accidental Billionaires.

References[edit]

  1. ^ Kucera, Danielle; Harper, Christine; Drucker, Jesse (May 12, 2015). "Facebook Co-Founder May Gain Choosing Singapore Over the U.S." Bloomberg. Retrieved May 14, 2015. Saverin still does hold Brazilian citizenship, Goodman said.
  2. ^ "Saverin 'has no plans to become S'pore citizen'" (PDF). Today. May 17, 2012. Archived from the original (PDF) on May 26, 2013. Retrieved May 17, 2012.
  3. ^ "Eduardo Saverin Net Worth". Forbes.
  4. ^ Internal Revenue Service (2012). "Quarterly Publication of Individuals, Who Have Chosen to Expatriate, as Required by Section 6039G". Federal Register.
  5. ^ a b Kucera, Danielle; Vallikappen, Sanat; Harper, Christine (May 11, 2012). "Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO". Bloomberg L.P. Retrieved May 11, 2012.
  6. ^ a b c Mezrich, Ben. The Accidental Billionaires. Doubleday. ISBN 978-0-385-52937-2.
  7. ^ Eduardo Saverin (May 17, 2012). "UNITED STATES SECURITIES AND EXCHANGE COMMISSION INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES - Eduardo Saverin". U.S. Securities and Exchange Commission.
  8. ^ https://www.forbes.com/sites/briansolomon/2012/05/18/eduardo-saverins-net-worth-publicly-revealed-more-than-2-billion-in-facebook-alone/#26d547432ac4
  9. ^ "The World's Billionaires 2017". Forbes. Retrieved February 9, 2018.
  10. ^ Bosker, Bianca, "Facebook Co-Founder Eduardo Saverin Invests In Qwiki"
  11. ^ Wauters, Robin, "Exclusive: Facebook Co-Founder Eduardo Saverin Leads $6.5M Round For Jumio", TechCrunch, Thursday, March 17, 2011
  12. ^ a b Mathews, Merrill (May 23, 2012). "In Praise Of Eduardo Saverin's Tax Avoidance". Forbes. Retrieved February 9, 2016.
  13. ^ "So How Much Did He Really Save?". Wall Street Journal. May 18, 2012. Retrieved February 9, 2016.
  14. ^ McCormick, Jason (July 11, 2012). "5 citizens who left the United States to avoid paying tax". CBS News. Retrieved June 17, 2014.
  15. ^ Worstall, Tim (May 12, 2012). "IPO Will Increase, Not Reduce, His Tax Bill". Forbes. Retrieved May 12, 2012.
  16. ^ David Benoit (May 17, 2012). "Facebook Co-Founder Saverin Fires Back At 'Misinformation'".
  17. ^ The Social Network: How Jewish is Facebook?, The Jewish Chronicle, Jennifer Lipman, October 14, 2010
  18. ^ Amormim, Lucas (2009). "Zuckerberg: jovem, bilionário e... trapaceiro?" [Zuckerberg: young billionaire ... cheater?]. Exame (in Portuguese). Editora Abril. Retrieved May 23, 2016.
  19. ^ "Fábio Altman: Eduardo Saverin, o brasileiro do Facebook, conta sua história" (in Portuguese). May 25, 2012.
  20. ^ 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.
  21. ^ a b Antunes, Anderson (May 27, 2012). "Eduardo Saverin Finally Opens Up: 'No Hard Feelings Between Me And Mark Zuckerberg". Forbes. Retrieved May 26, 2016.
  22. ^ 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. May 26, 2012. Retrieved May 23, 2016.
  23. ^ The Truth Behind Facebook's Founding is Finally Revealed
  24. ^ "A Facebook Tale: Founder Unfriends Pals on Way Up", NPR
  25. ^ "Facebook Founders Bios". Facebook.
  26. ^ "Eduardo Saverin: 10 Things To Know About The Facebook Co-Founder". International Business Times. May 4, 2012. Retrieved March 28, 2017.
  27. ^ Hoffman, Claire (September 15, 2010). "The Battle For Facebook". Rolling Stone. Wenner Media. Retrieved July 4, 2017.
  28. ^ Carlson, Nicholas (May 15, 2012). "EXCLUSIVE: Here's The Email Zuckerberg Sent To Cut His Cofounder Out Of Facebook". Business Insider. Business Insider Inc. Retrieved February 9, 2016.
  29. ^ "EXCLUSIVE: How Mark Zuckerberg booted his co-founder out of the company". Retrieved November 22, 2018.
  30. ^ https://gawker.com/5143256/facebook-founders-settle-their-feud
  31. ^ 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.
  32. ^ "Eduardo Saverin - CrunchBase". CrunchBase. Retrieved May 26, 2016.
  33. ^ Russell, Jon (May 19, 2016). "Facebook co-founder Eduardo Saverin's new fund closes initial $140 Million for deals in Asia". TechCrunch. Retrieved May 23, 2016.
  34. ^ Chia, Stacey (June 20, 2015). "Eduardo Saverin's lover studied at Raffles Girls' School, Indonesian family runs several businesses". AsiaOne. Singapore Press Holdings Ltd. Archived from the original on August 19, 2015. Retrieved July 30, 2015.
  35. ^ Iyengar, Rishi (July 26, 2015). "Facebook Co-Founder Eduardo Saverin Confirms News of Wedding in Facebook Post". TIME. Time Inc. Retrieved February 9, 2016.
  36. ^ Karmali, Naazneen (June 25, 2015). "Secret Wedding Celebration Of Facebook Co-Founder Eduardo Saverin Kicks Off". Forbes. Retrieved July 30, 2015.

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