Facebook co-founder Eduardo Saverin abandons U.S. citizenship ahead of IPO

Eduardo Saverin, the co- founder of Facebook, renounced his U.S. citizenship before an IPO that values the social network at as much as $96 billion, a move that may reduce his tax bill.

Facebook co-founder Eduardo Saverin has renounced his U.S. citizenship, a move expected to save him hundreds of millions of dollars in taxes stemming from the company's impending initial public offering.

SINGAPORE (AP) -- Facebook co-founder Eduardo Saverin has renounced his U.S. citizenship, a move expected to save him hundreds of millions of dollars in taxes stemming from the company's impending initial public offering....

Eduardo Saverin, Facebook co-founder immortalized by his falling out with Mark Zuckerberg in the movie The Social Network, has renounced his U.S. citizenship ahead of the company's IPO.

? Eduardo Saverin, the 30-year-old co-founder of Facebook, renounced his U.S. passport, sometime last year. The news became public just weeks ahead of the anticipated IPO. Tax purposes are probably the biggest reason for his citizenship renouncement. If Saverin kept his U.S. passport, he would be paying up to 40 percent in income tax, next ...

WASHINGTON — Two senators on Thursday denounced Facebook Inc. co-founder Eduardo Saverin as a tax dodger for renouncing his U.S.