Facebook Co-Founder Renounces U.S. Citizenship

Yesterday, we learned that Tea Party darling Michelle Bachmann (R-Minn) had renounced her Swiss citizenship, apparently in response to the controversy that followed the news that she was a dual Swiss/U.S. citizen.  Now, Bloomberg reports that  Eduardo Saverin, the co-founder of Facebook, renounced his U.S. citizenship before an initial public offering that values the social network at billions of dollars.  It apparently would benefit his tax bill.  According to the Bloomberg story, "Saverin, 30, joins a growing number of people giving up U.S. citizenship, a move that can trim their tax liabilities in that country. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm and stand to reap billions of dollars after the world’s largest social network holds its IPO."

KJ