Eduardo Luiz Saverin is a Brazilian billionaire investor and entrepreneur who is the co-founder of Facebook. He is also an angel investor and has invested in early-stage start-ups. In 2012, he held 53 million shares of Facebook, which were worth $2 billion.
Background
Eduardo Saverin is one of the world’s youngest billionaires. He is best known as co-founder of Facebook. The entrepreneur has recognized for his business acumen and has invested in many companies.
Eduardo Saverin was born in Sao Paulo, Brazil in 1982. His family moved to Miami, Florida when he was eleven. From there, he graduated from Harvard University with a degree in economics.
As a teenager, he interned at Lehman Brothers. In 2004, he became a founding member of an online portal for charities. At age 13, he targeted by kidnap gangs in Brazil.
He was also the co-founder of an online job board site called Joboozle. Since he was a young man, he has made successful investments in other companies and started several other business ventures.
As the chief finance officer of Facebook, Eduardo Saverin has a wealth of experience in the tech field. The entrepreneur has made significant contributions to the U.S. economy, and he is likely to receive a large portion of his wealth from investments in various businesses.
While he is not a celebrity, he has been the subject of several documentaries. One of the most famous is “The Social Network.” He portrayed by Andrew Garfield in the movie.
Although he is an excellent entrepreneur, Eduardo Saverin often criticized. During his time at Facebook, he ran unauthorized ads on the social networking site, without knowledge of Mark Zuckerberg. This was a controversial move at the time, as it believed that he was using the site to run ads for his own start-up company.
Career
Eduardo Luiz Saverin is a Brazilian-American entrepreneur. He is best known as one of the co-founders of Facebook. Aside from Facebook, he is also an angel investor and venture capitalist. In 2012, he held 53 million Facebook shares, worth $2 billion at the time.
Born in Sao Paulo, Brazil, Eduardo Saverin graduated with a degree in economics from Harvard University. He has a net worth estimated at around $7.5 billion.
Saverin has a penthouse suite in Singapore. His real estate portfolio in the United States is estimated at $10 million. He also has a house in Coral Gables, Florida.
Eduardo Saverin is a strong-willed man who enjoys a glitzy lifestyle. He is a member of several prestigious clubs at Harvard.
When he was a junior at Harvard, he met Mark Zuckerberg. Their relationship clearly strained. But despite this, Eduardo agreed to support Mark’s idea. As the two grew close, Saverin began investing in early-stage startups, including Jumio, Qwiki, and Shopsavvy.
He was the first to invest in Facebook, writing a check to the firm in late 2003. But in the summer of 2004, he removed from the list of Facebook co-founders. However, when the company went public, Saverin credited with a 2 percent stake in the company.
In 2010, Saverin launched an online portal called Aporta that provides help to the underprivileged in South America. At the time of his graduation, Saverin was president of the Harvard Investment Association.
Investments
Eduardo Saverin is one of the richest tech entrepreneurs in the world. He is the co-founder of Facebook. His net worth estimated at around USD $12 billion.
Aside from his work with Facebook, Saverin is also a venture capitalist. In fact, he is the founder of a venture fund, B Capital, which focused on technology and e-commerce companies.
Saverin is based in Singapore, but has business interests in the United States, Asia, and South America. Before he moved to Singapore, he lived in Miami, Florida, where he attended prep school and Harvard University.
After earning a bachelor’s degree in economics at Harvard, Saverin went on to invest in the oil industry. He earned $300,000 from oil futures investments while he was at Harvard.
In 2009, Saverin partnered with a former Bain Capital consultant, Raj Ganguly, to start B Capital. Their initial fund raised over $140 million in deals in the Asian market. This included investments in logistics start-up Ninja Van, video streaming application Denso, and Singapore-based Anideo.
Saverin and Ganguly are responsible for managing more than $1 billion in assets. They also oversee four offices, including one in New York and another in California. While most of the the fund’s investments are in the US, Saverin and Ganguly do favor Asian and European companies.
Saverin’s wealth continues to grow. He owns an exclusive penthouse in the tallest residential building in Singapore.
Renunciation of US citizenship in 2011 to evade capital gains taxes
Eduardo Saverin, the co-founder of Facebook, renounced his U.S. citizenship before the company went public. He was born in Brazil, but moved to the United States at a young age, due to fears of kidnappers in his native land.
Saverin has made a few Quora posts about his renunciation. According to his spokesman, US citizens severely limited in the types of investments they can make.
Saverin’s move came at a time when the Internal Revenue Service was stepping up enforcement of foreign bank accounts. This has created a great deal of paperwork for American expats.
In the end, Eduardo Saverin saved himself hundreds of millions of dollars in capital gains taxes. But he also accused of greed.
While some people have questioned Saverin’s decision, others have said it’s a savvy move. Using his renunciation, he could avoid taxes on his Facebook stake.
Saverin is not the only American who has renounced his US citizenship. Others have given it up for financial, family, or other reasons. The list of those who have revoked their citizenship published by the IRS.
As a result, Saverin’s renunciation attracted media attention. Several congressional officials, including senators Chuck Schumer and Robert Casey, expressed their displeasure. Among their complaints: that the renunciation was too soon, that it was for personal convenience rather than tax reasons, and that the move would have little to do with the Facebook IPO.
Diluting stake in Meta
Eduardo Saverin, the Brazilian-born co-founder of Facebook, recently filed a lawsuit against Mark Zuckerberg for diluting his stake in Facebook. Specifically, the suit claims that Mark tried to sell his Class B shares to other investors and thereby dilute his share in the company.
As a result, the company’s net worth fell by more than 71 billion dollars this year. That’s one-fifth of Zuckerberg’s fortune. However, he can still keep control of the company if he and his wife Priscilla pass away.
Currently, Mark has 351 million Meta shares, with a net worth of around $18 billion. He owns 13 percent of the company.
The company’s shares traded in US dollars and subject to market changes. In fact, the value of the Meta stock has dropped by more than a quarter this year. This makes it a bad time to buy.
One of the largest shareholders of the company is Dustin Moskovitz, the Facebook co-founder. Moskovitz owns 1% of the shares. However, he lost nearly $4 billion in the market this week.
Another big investor in the company is BlackRock. BlackRock owns 6% of the shares. According to the company’s financial statement, Microsoft also holds Meta shares.
Other large investors include Fidelity. Fidelity holds 5% of the shares. Meanwhile, the Jonhson family, who owns Fidelity, holds 49% of the voting power.
Despite the controversies, Mark Zuckerberg remains the CEO of the company. He will remain so until his share power gets diluted.
Co-founding B Capital Group in 2015 with Raj Ganguly
B Capital Group is a global multi-stage investment firm that invests in startups and transformative companies that are experiencing rapid growth. Led by legendary investor Howard Morgan and co-founders Eduardo Saverin and Raj Ganguly, the firm’s investments focus on the enterprise, financial technology, and healthcare sectors.
The company has offices in the US and Asia, with an emphasis on the U.S. and China. It has more than $6.3 billion in assets under management.
Founded in 2015 by Eduardo Saverin and Raj Ganguly, B Capital invests in technological companies from seed to late-stage growth. In addition to its venture-focused investments, the firm also offers comprehensive assistance to partner firms.
B Capital is an early-stage and later-stage venture firm that focuses on bridging the gap between corporate lenders and entrepreneurs. As part of its global strategy, the firm works with Boston Consulting Group (BCG), one of the world’s leading management consulting firms, to identify scalable opportunities.
As of March 2017, Kabir Narang joined the firm as a partner. He previously served as the managing director of Eight Roads Ventures India.
In addition to its venture-focused investments, B Capital also provides financial services to clients. For example, the firm recently backed Khatabook, a start-up that helps small businesses accept payments. And it is currently evaluating Series B and C stage investments into Indian startups.
B Capital is a venture capital firm that invests in companies with an annual revenue of $10 million to $50 million. Most candidates for the firm’s funds are cross-border businesses, though it has also invested in European and Indian startups.
