Facebook co-founder renounces U.S. citizenship

Eduardo Saverin, co-founder of Facebook attends the 7th Annual Common Sense Media Awards honoring Bill Clinton at Gotham Hall on April 28, 2011 in New York City. Saverin recently renounced his U.S. citizenship.

Facebook is set to go public this week, which is going to create some overnight billionaires. One of them is Eduardo Saverin, who helped start the company.

But news recently came out that Saverin has renounced his U.S. citizenship, meaning he will apparently avoid about $600 million in taxes on his new wealth. Jesse Drucker, reporter from Bloomberg News, talks more about what Saverin is doing and how he will be benefiting tax-wise.

About the author

Jeremy Hobson is host of Marketplace Morning Report, where he looks at business news from a global perspective to prepare listeners for the day ahead.

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