Ditching US Will Save Saverin Around $67M

Pundits call the Facebook co-founder 'ungrateful'
By Kevin Spak,  Newser Staff
Posted May 16, 2012 8:54 AM CDT
Ditching US Will Save Saverin Around $67M
Eduardo Saverin, co-founder of Facebook attends the 7th Annual Common Sense Media Awards honoring Bill Clinton at Gotham Hall on April 28, 2011 in New York City.   (Getty Images)

Eduardo Saverin's decision to abandon the United States like an old MySpace account will save the Facebook co-founder at least $67 million in federal income tax, according to a Bloomberg analysis—and those savings will only grow in the not-unlikely event that Facebook stock soars. That's because Saverin will only pay an "exit tax" on his stake's September valuation (about $2.44 billion), even though it's grown since. But a Saverin spokesman says Bloomberg's figures are "erroneous" and that Saverin's departure "had nothing to do with tax."

Most people, of course, assume it did have something to do with tax, and many are furious. "It's ungrateful and it's indecent," fellow immigrant Farhad Manjoo fumed in Pando Daily, saying Saverin owed America "nearly everything"—let's not forget, US courts saved his Facebook stake, and its government created the Internet itself. But the Economist disagrees. "Facebook created wealth," it argues. "Mr. Saverin is leaving having deployed his capital in a manner that made America better off than it was when he arrived." (More Eduardo Saverin stories.)

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