Facebook co-founder renounces citizenship before IPO

May 11, 2012 11:10:44 AM PDT
One of the co-founders of Facebook has renounced his U.S. citizenship just ahead of the company's multibillion-dollar initial public offering.

Bloomberg is reporting that a spokesman for 30-year-old Eduardo Saverin said he recently found it more practical to become a resident of Singapore. The move could reduce his tax bill.

Saverin is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm. He has about a four percent stake in the company and could gain nearly $4 billion from Facebook's IPO.