Here's an item that popped onto my screen today:
Eduardo Saverin, the multi-billionaire co-founder of Facebook, renounced his U.S. citizenship last year, in advance of Facebook's pending initial public offering (IPO) that values the social network at almost $100 billion. This is a move that will ultimately reduce his tax bill. He is now a resident of Singapore.
Saverin owns about 4% of Facebook, meaning after the IPO his Facebook stake will be worth close to $4 billion. He's 30 years old, he won't live long enough to spend it all. If he would spend $5,000 every day, starting today, it would take him more than 2,000 years to spend that chunk.
Several words spring to my mind when I think about people who renounce U.S. citizenship to cut their tax bills…."distasteful" is one of the nicer ones. Hey, they have a right to do it, no question about that.
My question for Saverin is: How much money do you need to be content?
My general question is: Does anyone need $4 billion?
More on folks who give up U.S. citizenship.....
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