Mid-day Update

Facebook co-founder renounces U.S. citizenship

Jeremy Hobson and David Brancaccio May 14, 2012

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.

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