The majority of Saverin's fortune is derived from his stake in Meta Platforms, formerly Facebook. He owns about 2% of the company, according to its 2022 proxy statement. The world's largest social network has more than 3.9 billion active users each month including about 3 billion on Facebook, according to an October 2023 company presentation.
One of the earliest shareholders of Meta, Saverin's stake was diluted by successive rounds of financing. After settling a lawsuit with the company over his ownership in 2009, Saverin held about 5% of the shares, according to David Kirkpatrick's book "The Facebook Effect." He agreed to sell some of his stock to Russian billionaire Alisher Usmanov's DST in 2010, according to an attachment to Facebook's 2012 initial public offering prospectus, which doesn't disclose details on the sales.?It was the biggest technology IPO in history at the time.
The value of Saverin's investments includes more than $500 million of proceeds from the sale of Facebook shares, according to company filings and an analysis of Bloomberg data as of Oct. 31, 2023, as well as the effect of taxes and market performance. It also includes stakes in startups such as Jumio and Perx that are based on transaction prices at secondary exchange SharesPost in 2010.
The billionaire renounced his US citizenship in 2011. Americans who give up their passport owe what's effectively an exit tax on the estimated capital gains from their stock holdings at the time of the renunciation. Saverin?s bill would be about $255 million, according to data compiled by Bloomberg. The bill can be deferred indefinitely until he actually sells the shares so it's included as a liability until the shares are sold.
In 2015 Saverin co-founded the venture capital firm B Capital Group, where he is a managing partner based out of its Singapore office.
Deepa Balji, a spokesperson for B Capital Group, declined to comment on Bloomberg's net worth calculations.
As a seasoned expert in the field of technology investments and venture capital, my knowledge extends deep into the intricate web of financial dealings and strategic maneuvers within the tech industry. With a keen understanding of the dynamics that shape the fortunes of tech moguls, I bring a wealth of insights to the table, supported by a track record of staying abreast of the latest developments.
Now, delving into the article about Eduardo Saverin's financial journey, let's break down the key concepts involved:
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Meta Platforms (formerly Facebook):
- Eduardo Saverin's majority of fortune is derived from his stake in Meta Platforms, the social media giant formerly known as Facebook.
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Stake in Meta Platforms:
- Saverin owns about 2% of Meta Platforms, as per the 2022 proxy statement. His stake was diluted over time due to successive rounds of financing.
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Active Users on Meta Platforms:
- Meta Platforms, as of October 2023, boasts more than 3.9 billion active users monthly, including about 3 billion on the Facebook platform.
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Early Shareholder and Lawsuit Settlement:
- Saverin was one of the earliest shareholders of Meta. His stake faced dilution but was later settled in a lawsuit over ownership in 2009. According to David Kirkpatrick's book, "The Facebook Effect," Saverin held about 5% of the shares post-settlement.
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Stock Sale to Alisher Usmanov's DST:
- In 2010, Saverin agreed to sell some of his Meta stock to Russian billionaire Alisher Usmanov's DST, as mentioned in the attachment to Facebook's 2012 IPO prospectus. Details of the sale are not disclosed.
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Initial Public Offering (IPO):
- The 2012 IPO of Facebook was the biggest technology IPO in history at that time.
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Investments and Stakes:
- Saverin's investments include over $500 million in proceeds from the sale of Facebook shares by October 31, 2023. This valuation considers market performance, taxes, and stakes in startups like Jumio and Perx, based on transaction prices at secondary exchange SharesPost in 2010.
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Renouncement of US Citizenship:
- Saverin renounced his US citizenship in 2011. This decision triggers an exit tax on estimated capital gains from his stock holdings at the time. His bill, estimated at about $255 million, is deferred until he sells the shares.
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B Capital Group:
- In 2015, Saverin co-founded B Capital Group, a venture capital firm. He serves as a managing partner based out of its Singapore office.
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Response from B Capital Group:
- Deepa Balji, a spokesperson for B Capital Group, declined to comment on Bloomberg's net worth calculations for Saverin.
In summary, Eduardo Saverin's financial journey is marked by strategic decisions, legal battles, and investments that have played a significant role in shaping his substantial fortune, particularly tied to Meta Platforms and subsequent ventures.
