Facebook Co-Founder Eduardo Saverin Renounces His U.S. Citizenship

Eduardo Saverin, the 30 year old co-founder of Facebook, has renounced his U.S. citizenship. The Brazilian born Saverin has decided to become a resident of Singapore. He has decided to live in Singapore for a indefinite period of time. Saverin helped found Facebook with Mark Zuckerberg in a HArvard University dormitory. The news comes right before Facebook launched its IPO as Saverin stands to make quite the sum of money as his stake is somewhere around 4 percent. He joins a long list of Americans who are renouncing their citizenship due to possible increases to their tax burden.