Eduardo Saverin, one of the founders of Facebook, officially defriended the United States in September, giving up his American citizenship for the more tax-friendly residency status of Singapore.Read the rest here.
Mr. Saverin, who was born in Brazil and has lived in Singapore since 2010, plans to remain in the Asian island nation indefinitely. Singapore has a maximum personal income tax rate of 20 percent and no taxes on capital gains. He gained American citizenship in 1998.
A spokesman for Mr. Saverin insisted his client did not renounce his citizenship for financial reasons. “I have worked with him for over a year, and that never came up,” said Tom Goodman, the spokesman. “Obviously, it was a big decision, but he’s making all these investments in Europe, Asia and the U.S. It just seemed a lot simpler.”
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One thing I don't understand is why is Facebook valued so much? It doesn't produce anything. I don't click any of the ads on its site.
ReplyDeleteExactly. That's why the IPO is stalled. There are a good number of analysts who think it's a bad investment.
ReplyDeleteJohn, I don't know if you read libertarian Karl Denninger's Market Ticker blog, but he posts on economic and political issues from a libertarian perspective.