Young Rag-to-Large List : Eduardo Saverin

eduardo-saverin

Facebook cofounder Eduardo Saverin, who was born in Brazil, has been living in Singapore since renouncing his United States citizenship in 2012. He rarely makes media appearances and now spends his time as an angel investor. “My life is not about creating another Facebook,” he said at a Wall Street Journal conference in Singapore last year.

Eduardo Luiz Saverin  is a Brazilian internet entrepreneur and investor Saverin is one of five co-founders of Facebook, along with Mark ZuckerbergDustin MoskovitzChris Hughes, and Andrew McCollum As of 2012, he owns less than 5% of Facebook’s shares and has a net worth of $4.2 billion, according to Forbes. He has also invested in early-stage startups such as Qwikiand Jumio.

Family and early life

Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family, and his family later moved to Rio de Janeiro. Eduardo’s father, Roberto Saverin, was an industrialist working in export, clothing, shipping, and real estate. His mother, Paula, was a psychologist and he has two siblings.[16] His Romanian-born grandfather, Eugenio Saverin, is the founder of Tip Top, a chain of kidswear retail shops.[17] In 1993, the family emigrated to the US, settling in Miami, Florida.[18]

Education

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. 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 Pifraternity (Eta Psi chapter of Harvard University).

Career

Facebook

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.

A lawsuit filed by Facebook against Saverin and a countersuit filed by Saverin against Facebook were 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.

Post-Facebook

Saverin has lived in Singapore since 2009.In September 2011, he renounced his U.S. citizenship; the citizenship change was speculated to have been an attempt to reduce the capital gains taxes Saverin would have paid after the Facebook IPO.The Wall Street Journal estimated the tax savings at over $700 million.In response, SenatorChuck Schumer introduced the Ex-PATRIOT Act, which could have prevented Saverin from ever entering the U.S. again, but the bill died in committee.

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