Instagram Was Mark Zuckerberg's Last Hurrah as Facebook's Hacker King
Are you done feeling sorry for shafted Facebook founder-turned-Singaporean resident Eduardo Saverin? By renouncing his U.S. citizenship, the new non-American will save at least $67 million in taxes from Facebook's IPO. "Saverin’s stake may be worth as much as $2.89 billion, based on the company’s 1.898 billion total shares outstanding. His stake was worth about $2.44 billion in September," reports Bloomberg's Jesse Drucker. "Bloomberg calculated the $67 million figure by applying the 15 percent U.S. capital gains rate to the approximate $448 million spread between the two values." As we had mentioned last week, Singapore does not have a capital gains tax.
Want to add to this story? Let us know in comments
or send an email to the author at
aabadsantos at theatlantic dot com.
You can share ideas for stories on the Open Wire.
Alexander Abad-Santos
User Comments
Please type your comment and click Post. If you’re not already logged in you will be prompted to log in or register