Um, no. If your employer wires your paycheck to an account in the Bahamas you still have to pay U.S. income taxes on it (along with state and city income taxes depending on where you live).
Even if you are a U.S. citizen living and working entirely outside of the U.S., for a foreign company that only does business outside of the U.S., the IRS still demands their cut.
I read that somewhere that he started it in Hong Kong for tax reasons, but unfortunately can't find that article anymore.
I figured that he had to pay some taxes, but not what it would normally be.