Facebook's Saverin 8th on Singapore rich list

Facebook co-founder Eduardo Saverin made his debut on Thursday on Forbes magazine's list of the 40 richest people in Singapore with a fortune estimated at $2.2 billion.

The Brazilian, who moved to the rich city-state in 2009 and is now a permanent resident, was ranked eighth in a list dominated by Singaporeans whose wealth comes from property, finance and other businesses.

Saverin, 30, was criticised for giving up his US citizenship ahead of the social networking site's stock market debut in May, but he has strongly rejected accusations of being a tax dodger.

Singapore is an Asian technology and finance hub where Saverin mingles with fellow Internet entrepreneurs and is regularly seen in exclusive clubs with a young circle of expatriate and Singaporean friends.

In a statement issued in May, Saverin said: "My decision to expatriate was based solely on my interest in working and living in Singapore, where I have been since 2009."

"I am obligated to and will pay hundreds of millions of dollars in taxes to the United States government."

Saverin was an economics major at Harvard University when he co-founded Facebook in 2004 with three fellow students including the current chief executive Mark Zuckerberg.

Saverin's role in Facebook was famously portrayed in the 2010 film "The Social Network", in which he started out as a close friend of Zuckerberg and provided initial funds for the site before they had an acrimonious split.

The website "Who Owns Facebook?" estimates that Saverin continues to hold a four percent stake in the site worth $3.4 billion based on a valuation of $85 billion for the company.

But Facebook's share price has fallen sharply since it was first traded on the NASDAQ exchange on May 18 at $38 a share.

It closed at $29.34 on Wednesday, on the eve of its first earnings report as a publicly listed firm.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • National Geographic 'Afghan girl' in Pakistan papers probe
    National Geographic 'Afghan girl' in Pakistan papers probe

    Pakistani officials are investigating after the famous green-eyed "Afghan girl" immortalised in a 1985 National Geographic magazine cover was found living in the country on fraudulent identity papers. The haunting image of the then 12-year-old Sharbat Gula, taken in a refugee camp by photographer Steve McCurry, became the most famous cover image in the magazine's history. Now Pakistani officials say that Gula applied for a Pakistani identity card in the northwestern city of Peshawar in April …

  • Lupita Nyong'o's $150,000 Oscars dress stolen from hotel
    Lupita Nyong'o's $150,000 Oscars dress stolen from hotel

    The $150,000 pearl-studded, custom-made Calvin Klein dress worn by Oscar-winning actress Lupita Nyong'o at this year's Academy Awards has been stolen, police said on Thursday. The gown, embellished with 6,000 natural white pearls, was stolen from Nyong'o's room at the London Hotel in West Hollywood, during the day on Wednesday, a spokesman for the Los Angeles County Sheriff's Department in West Hollywood said. "Ms Nyong'o was not in the room at the time of the theft," Deputy John Mitchell …

  • South Korea decriminalises adultery, condom shares soar
    South Korea decriminalises adultery, condom shares soar

    South Korea's Constitutional Court on Thursday struck down a controversial adultery law which for more than 60 years had criminalised extra-marital sex and jailed violators for up to two years. The decision saw shares in the South Korean firm Unidus Corp., one of the world's largest condom manufacturers, soar by the daily limit of 15 percent on the local stock exchange. "Even if adultery should be condemned as immoral, state power should not intervene in individuals' private lives," said …

  • ‘Noy angered by previous SAF failures to get Marwan’
    ‘Noy angered by previous SAF failures to get Marwan’

    Supt. Raymund Train, who led the SAF team that killed Marwan in Mamasapano, Maguindanao on Jan. 25, recounted in a sworn statement the meeting he and senior SAF officers had with Aquino in Malacañang on Nov. 30. Train said among the senior officers who attended the meeting were then PNP chief Director General Alan Purisima, SAF chief Director Getulio Napeñas, SAF deputy commander Chief Supt. Noli Taliño and intelligence group chief Senior Supt. Fernando Mendez. …

  • NYC, Orthodox Jews reach deal on circumcision suction ritual
    NYC, Orthodox Jews reach deal on circumcision suction ritual

    NEW YORK (AP) — The city said Tuesday it has reached a tentative agreement with members of the ultra-Orthodox Jewish community over a tradition known as oral suction circumcision. …

  • U.S. flies most advanced surveillance plane from Philippines

    By Manuel Mogato MANILA (Reuters) - The United States has begun flying its most advanced surveillance aircraft, the P-8A Poseidon, out of the Philippines for patrols over the South China Sea, the U.S. Navy said on Thursday, acknowledging the flights for the first time. The United States, the Philippines' oldest and closest ally, has promised to share "real time" information on what is happening in Philippine waters as China steps up its activities in the South China Sea. China claims most of …

  • US-led strikes on IS after group seizes 220 Christians
    US-led strikes on IS after group seizes 220 Christians

    The US-led coalition carried out air strikes Thursday against the Islamic State group in northeastern Syria, where the jihadists have launched a new offensive and kidnapped 220 Assyrian Christians. The raids struck areas around the town of Tal Tamr in Hasakeh province, the Syrian Observatory for Human Rights said, without giving information on possible casualties. The Observatory said negotiations were ongoing "through mediators from Arab tribes and a member of the Assyrian community" to …

  • Vatican seeks to quell Mexican anger over pope's drug remark
    Vatican seeks to quell Mexican anger over pope's drug remark

    VATICAN CITY (AP) — The Vatican sought Wednesday to defuse a diplomatic tiff with Mexico after Pope Francis referred to the possible "Mexicanization" of his native Argentina from drug trafficking, the latest instance of Francis' casual speaking style getting him into trouble. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options