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.
This article is from the archive of our partner The Wire.