Facebook co-founder Eduardo Saverin drops U.S. citizenship ahead of IPO

Facebook co-founder Eduardo Saverin drops U.S. citizenshipFacebook co-founder Eduardo Saverin (yes, the guy from The Social Network) has officially renounced his U.S. citizenship. Why? Because he’s probably about to make a boatload of money from Facebook’s forthcoming IPO, and being an American means handing over a massive chunk of those dollars into the greedy mitts of ol’ Uncle Sam.

As Bloomberg reports, dumping U.S. citizenship could mean Saverin “may reduce his tax bill.” Boy, this is exciting stuff.

Saverin, whose name appears on the Internal Revenue Service’s most recent quarterly list of  new expatriates, reportedly owns about 4 percent of Facebook, which is expected to receive a valuation of about $96 billion when its stock goes public later this month. At those numbers, Saverin would walk away with about $3.4 billion. And when you have that kind of money, you really can’t afford to be just throwing it away into the national wishing pool.

Saverin was one of a number of people who helped Mark Zuckerberg launch “TheFacebook” in a Harvard dorm room back in 2004. As we all know, Justin Timberlake Sean Parker came in and made Saverin seem like business imbecile, and Saverin was eventually forced out of the company. (And later, so was Parker.) At least, that’s what Hollywood wants us to believe. (Non-disclosure agreements have made knowing such details quite difficult.)

Born in Brazil, Saverin is currently a full-time resident of Singapore, which does not have any capital gains taxes, which Saverin would have to pay in the US if he chooses to sell his Facebook stock, but does tax “certain foreign-sourced income.”

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in a statement to the press.

Saverin is just one of an increasing number of people choosing to renounce their U.S. citizenship. According to government reports, 1,280 people expatriated in 2011, compared to just 235 who did so in 2008.

Gaming

The history of Battle Royale: From mod to worldwide phenomenon

Battle royale games like PlayerUnknown's Battlegrounds’ and Fortnite have become the biggest trend in video games. The genre is also pushing the envelope in streaming and eSports in a way that might hint at the future of the industry.
Photography

Grit and gear: How Chris Hershman went from retail clerk to music video director

How did Chris Hershman go from working a music retail job to working with bands like NEEDTOBREATHE and Switchfoot? The music video director and filmmaker talks to us about video, tech, and Nikon's new mirrorless.
Emerging Tech

Parker Solar Probe captures first image from within the atmosphere of the sun

NASA has shared the first image from inside the atmosphere of the sun taken by the Parker Solar Probe. The probe made the closest ever approach to a star, gathering data which scientists have been interpreting and released this week.
Movies & TV

Sit down and watch some of the best stand-up comedy on Netflix

Feeling a little funny? There are hundreds of hilarious comedy specials out there, and you can't be expected to comb through them all. Lucky for you, we've compiled a list of the best stand-up specials on Netflix.
Social Media

This event topped Facebook’s biggest moments of the year — again

As the year comes to a close, Facebook is looking back on what users discussed most over the last year. For two years in a row, International Women's Day topped the list. So what else is on the list?
Social Media

This band owns Twitter, according to list of top accounts and tweets for 2018

What was the biggest buzz on Twitter in 2018? Twitter's 2018 Year in Review highlights the biggest tweets, accounts, and hashtags. The most-tweeted celebrities, movies, TV shows, athletes, politicians and more in Twitter's 2018 trends.
Social Media

What do yodeling and Kylie Jenner have in common? YouTube’s top 2018 videos

In a true nod to the variety found on YouTube, the platform's top 10 list of videos from 2018 range from celebrities to sports, from perfectly tossing a picture frame on the wall to a kid yodeling in aisle 12 at Walmart.
Home Theater

It took Tom Cruise to raise awareness of this troublesome TV setting

Tom Cruise, in an unexpected PSA tweet, asks you to turn off motion interpolation on your TV, but stops short of how to do it. Here's more on the topic, along with links to a guide on how to rid your TV of the dreaded "soap opera effect."
Computing

Make a GIF of your favorite YouTube video with these great tools

Making a GIF from a YouTube video is easier today than ever, but choosing the right tool for the job isn't always so simple. In this guide, we'll teach you how to make a GIF from a YouTube video with our two favorite online tools.
Business

Amazon scouted airport locations for its cashier-free Amazon Go stores

Representatives of Amazon Go checkout-free retail stores connected with officials at Los Angeles and San Jose airports in June to discuss the possibility of cashier-free grab-and-go locations in busy terminals.
Social Media

Snapchat facial recognition could soon power a new portrait mode, code suggests

Digging into Snapchat's code suggests a handful of upcoming camera features, including a portrait mode. The feature appears to use facial recognition A.I. to blur the background. The code also suggests an updated camera interface.
Computing

Google+ continues to sink with a second massive data breach. Abandon ship now

Google+ was scheduled to shut its doors in August 2019, but the second security breach in only a few months has caused the company to move its plan forward a few months. It might be a good idea to delete your account sooner than later.
Social Media

Walkie-talkie voice messaging finally comes to Instagram

In its latest grab from messaging apps, Instagram now lets you send walkie-talkie style voice messages. Apps such as Facebook Messenger, WhatsApp, Snapchat, and iMessage have offered the feature for some time.
Social Media

‘YouTube Rewind 2018’ is about to become its most disliked video ever

YouTube is about to achieve a record it really doesn't want — that of "most-disliked video." Yes, its annual recap of featuring popular YouTubers has gone down really badly this year.