Posted on 05/11/2012 2:24:03 PM PDT by SeekAndFind
Billionaire Facebook cofounder Eduardo Saverin is renouncing his citizenship ahead of the company's IPO at the end of next week.
Saverin is the cofounder who got booted from the company WAY back in 2005. They made a movie about it.
His 4 percent stake is worth about $4 billion and he's going to save a boatload on taxes with the move.
Singapore, where Saverin lives, does not have a capital gains tax.
He will have to pay an exit tax on his holdings, but it will be at Facebook's valuation now, not after the IPO.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, a spokesman for Saverin, tells Bloomberg's Danielle Kucera, Sanat Vallikappen and Christine Harper.
Mostly, Saverin got in the way of Facebook's early development. At one point, he froze the company's bank account because he wasn't getting enough attention. Still, he was its first outside investor. And for that, insiders have described him as one of the most important people in company history.
(Excerpt) Read more at businessinsider.com ...
It’s mark to market.
Since he can’t sell them at moment, the IRS decides just what the “fair” market price would be. I’d be really surprised if the IRS doesn’t think his shares are worth +/- $4 billion.
Like that IRS likes to say... “Bend over”. Followed by a evil chuckling laugh.
Their gun control is not our gun control. They have what I call the "Singapore Solution"--possess or use a firearm, and you're as good as dead. The "Singapore Solution" will disarm criminals, and for those criminals who commit non-gun crimes, they have other very strict justice. The problem with the Singapore Solution, of course, is that you become completely dependent on the government not turning on you. The dicator had better be benevolent.
Our gun control idea is to disarm citizens while coddling criminals. That might be even dumber.
PS: No knowledge or opinion about Singapore medical system.
LOL!
Today, China openly threatens war upon any tiny nation around it that disputes China owning the natural resources of the entire South China Sea, even if it's right off the coast of Malaysia in the Spratley Islands some 600-1000 miles off China's coast.
Good luck living to old age in that ten mile wide city-state of Singapore with your big ass pile of Quatloos, Mr. Saverin.
Good. Starve the B.
RE: No knowledge or opinion about Singapore medical system.
A brief introduction to Singapore’s Healthcare system can be found here:
http://en.wikipedia.org/wiki/Healthcare_in_Singapore
If you don’t like Obamacare, I’m not sure you’ll like Singapore’s system.
But what does Eduardo care? With $4 Billion, he can get the best healthcare in the world.
That's not the way it is now.
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