In letting go of his U.S. citizenship now, Eduardo Saverin will also be able to avoid paying nearly $600 million in U.S. capital gains taxes when Facebook goes public.
Facebook has set its valuation at $76 billion to $96 billion, and shares will be at $28 to $35 each. What does this tell us about the company and about CEO Mark Zuckerberg?
The social media company Facebook is expected to sell its stock publically sometime this month and would likely be valued by the stock market something like $100 billion. It could start officially selling stock on May 18th.
California is looking forward to both the Yelp and Facebook IPOs in the near future. One analyst estimated it could bring as much as $2.5 billion to the financially struggling state.