Saverin

Saverin: Facebook's rapid growth is its 'biggest risk'

Facebook co-founder Eduardo Saverin isn't convinced that the social network's fast-growth strategy is a good one.

Speaking at a conference in Singapore today, Saverin said that while growth is a "huge asset," it can lead to a very real problem that shouldn't be overlooked.

"The biggest risk is growing too fast," he said, according to Bloomberg, who had a reporter at the event. "When you grow too fast, it's hard to iterate, educate."

Facebook is making no secret that it wants to grow as quickly as possible. Last month, CEO … Read more

Leaked media kit points to 2004 ad sales pitch for 'TheFacebook'

Facebook seems to have understood from the very beginning that in order to make some cash, it would need help from advertisers.

Digiday today published an early Facebook media kit purportedly developed in the spring of 2004. The kit was designed to inform marketers on why they should place their ads on TheFacebook, the original name of what has become the world's largest social network.

The slides published by Digiday show off Facebook's earliest features -- which at the time, were only accessible by college students -- including personal information like relationship status and political views, as well … Read more

Facebook's Saverin: 'No hard feelings' against Zuckerberg

Facebook co-founder Eduardo Saverin says he bears no resentment against Mark Zuckerberg for being forced out of the company and even goes so far to call the social network's CEO a "visionary."

"I have only good things to say about Mark, there are no hard feelings between us," Saverin said in an extensive interview with Brazilian publication Veja, according a Forbes translation. "He was a visionary, he always knew that the only way to get Facebook to grow was to maintain its central idea, that of people truly presenting themselves as they are, without … Read more

Facebook IPO more fizz than pop

week in review The world's largest social-networking company finally went public -- but the event lacked the punch many had expected from the third-largest IPO in history.

After a 30-minute delay in the stock's anticipated opening, shares took observers on a bit of a rollercoaster ride, shooting up to $43.20 from their $38 opening and then dropping back down to a break-even price.

The company raised $16 billion on the sale of 421.2 million shares in the offering, putting it at a valuation of $104.1 billion.

Facebook's IPO maneuver (roundup) Facebook raises $16 billion … Read more

Saverin posts congrats to 'Zukerberg'

After all the coin that's about to come his way, you would think that Eduardo Saverin would know how to spell the name of his co-founder at Facebook. Apparently not.

In a post on his personal Facebook page, Saverin offered props to one `Mark Zukerberg.'

On the eve of the Facebook public float, 8 plus year in the making, I as co-founder wanted to look back and cherish Facebook's early beginning. Congrats to everyone involved in the project from day one till today, and I especially wanted to congratulate Mark Zukerberg on keeping tremendous stead-fast focus, however hard … Read more

You can't deny Eduardo Saverin a visa for being a jerk

So if I've got this straight Raul Castro's daughter Mariela deserves a visa to enter the United States but not (former American citizen) Eduardo Saverin.

Saverin, as you may have heard, has renounced his U.S. citizenship and will avoid paying capital gains taxes on windfall profits after Facebook goes public tomorrow. As the company's co-founder, Saverin's 4 percent share of the company is worth around $4 billion, give or take a few shekels. That has infuriated the morality police, and now the chatter has turned to how the U.S. may -- ought to? -- … Read more

Pinterest joins the billion-dollar network club

It's a good day for pinning photos, protecting privacy and paying your taxes:

Yet another social network joins the billionaires club. The social photo-sharing network Pinterest has been valued at $1.5 billion. The valuation comes after it received a $50 million investment from a Japanese e-commerce site. Pinterest makes no money, but you can bet that investors will push to change that by integrating e-commerce tools. And if you want to see what all the fuss is about, here are some tips and tricks to getting started on Pinterest.

Facebook co-founder Eduardo Saverin is under fire for dropping … Read more

Saverin: 'I'm ready to pay what I owe'

A statement from Facebook co-founder Eduardo Saverin says he will pay taxes on investment profits he earned while an American citizen. But this is not a change of his previous position.

Earlier today, Sen. Charles Schumer (D-N.Y.) said he planned legislation aimed at refusing U.S. visas to anyone believed to have renounced their citizenship as a ploy to avoid paying taxes. It would also levy a 30 percent capital gains tax. (Watch video of Schumer's statement below.)

"Eduardo Saverin wants to defriend the U.S. just to avoid paying taxes and we aren't going to … Read more

U.S. senators take aim at Saverin over citizenship move

Facebook co-founder Eduardo Saverin has angered two senators with his decision to renounce his U.S. citizenship -- the timing of which will allow him to avoid paying taxes on the IPO windfall.

Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.) announced today they will host a news conference at 8 a.m. PT to unveil a plan to stop people from renouncing their U.S. citizenship to avoid paying taxes. In addition, the plan will describe a new law that would bar "individuals like Saverin from reentering the country."

Saverin came under fire earlier this week … Read more

Facebook's Saverin: I'm a 'global citizen,' not a tax dodger

Facebook co-founder Eduardo Saverin, who is simultaneously becoming one of the richer and more reviled people around, wants to set the record straight.

Saverin, who helped Mark Zuckerberg launch Facebook in 2004, will become an instant billionaire when the social-networking giant goes public in its massive IPO later this week. But Uncle Sam's tax bite is expected to be tempered by the fact that Saverin, a Brazilian who immigrated to the U.S. as a boy to avoid kidnapping plots, has renounced his U.S. citizenship.

The recent revelation has raised the consternation of many, including my ZDNet colleague … Read more