ALLEN Career Institute
Eduardo Luiz Saverin ( born March 19, 1982) is a Brazilian-born entrepreneur and angel investor. Saverin is one of the co-founders of Facebook. In 2012, he owned 53 million Facebook shares (approximately 2% of all outstanding shares), valued at approximately $2 billion at the time. He also invested in early-stage startups such as Qwiki and Jumio. Saverin renounced his U.S. citizenship in September 2011, and therefore avoided an estimated $700 million in capital gains taxes; this generated some media attention and controversy. Saverin stated that he renounced his citizenship because of his “interest in working and living in Singapore” where he has been since 2009, and denied that he left the U.S. to avoid paying taxes.
Career
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. 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. A lawsuit filed by Facebook 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. 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.
In 2010, Saverin co-founded Aporta, an online portal for charity.
In 2016, Saverin’s fund closed initial deals of over $140 million in Asia, including $30 million in regional logistics startup Ninja Van.
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