Economics Made Economical

One Percenter Watch: Facebook’s Saverin


Facebook‘s co-founder Eduardo Saverin doesn’t have the immediate name recognition as his former partner Marc Zuckerberg. However Saverin caused a stir this week by having renounced his U.S. citizenship in favor of Singaporean statehood. He did this before Facebook’s stock IPO hit the American market on Friday to avoid having to pay the U.S. tens of millions in tax revenue. For a guy who claims a worth of several billions, and a Brazilian born, American-educated, entirely American success story who lived in the U.S. for years on a green card, this is an ultimate betrayal and a glaring example of the greedy class’s selfish greed. When he needed a handout, the Brazilian Saverin used his green card to get ahead. When it behooved him to do so, he applied for an gained citizenship so that he could rake in the Facebook millions. When it was best for him to leave to avoid paying taxes, he did that too.


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