Facebook co-founder Eduardo Saverin to save $67 million on U.S. tax bill

Washington, May 17 (ANI): Co-founder of Facebook Eduardo Saverin could save over 67 million dollars in taxes by renouncing his U.S. citizenship ahead of Facebook's multi-billion dollar IPO.

The savings were calculated based on the 15 percent capital-gains tax Saverin would owe on his holdings as a U.S. citizen, as well as the increased price of Facebook's initial public offering.

Following the renouncement, Saverin would turn into a citizen of Singapore, where he has been living for the past three years.

Facebook's IPO increased the initial stock price to as high as 38 dollars per share, putting Facebook's total value at more than 100 billion dollars, which was a lot more than giant companies such as McDonald's.

Saverin was part of a group of Harvard students who helped Mark Zuckerberg launch Facebook in 2004. Born in Brazil, he became a U.S. citizen in 1998. (ANI)