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Facebook's Eduardo Saverin Gives Up Citizenship: Shrewd Tax Move?

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Published on May 11, 2012

Here's a tax tip for Mark Zuckerberg: Give up your U.S. citizenship.

The 27-year-old Facebook Inc. founder could face a tax bill of more than $1 billion after the company's initial public offering, expected next week.

His former Harvard classmate who is known as "the other Facebook founder" may have found a way to cut the bill. Eduardo Saverin, who now lives in Singapore, has given up his U.S. citizenship. Tax experts say it's a shrewd move.

Saverin, who was immortalized in the film "The Social Network" as Zuckerberg's contentious former friend and business partner, has a 4% stake in the company, according to the Who Owns Facebook? website. His stake could be worth nearly $4 billion after the IPO.

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