Eduardo Saverin Net Worth
Eduardo Saverin net worth: Eduardo Saverin is a Brazilian-born internet entrepreneur who has a net worth of $12 billion. Eduardo Saverin is famous for being one of the co-founders of Facebook.
Early Life: Eduardo Luiz Saverin was born on March 19, 1982, in Sao Paulo, Brazil to a wealthy Jewish family. His family moved to Rio de Janeiro while he was growing up. His father, Roberto, worked in the clothing, shipping, and real estate industries. His mother, Sandra, was a psychologist. He has two siblings. His Romanian-born grandfather, Eugenio Saverine was the founder of the chain of children's clothing stores called Tip Top. In 1993, Eduardo's family immigrated to the U.S. and settled in Miami, Florida after Eduardo's name was discovered on a list of kidnapping victims by gangs specializing in kidnapping for ransom.
Saverin attended Gulliver Preparatory School in Miami. He then attended Harvard University, where he was a resident of Eliot House, president of the Harvard Investment Association, a member of Alpha Epsilon Pi fraternity, and a member of the Phoenix S.K. Club. While an undergraduate at Harvard, he used his interest in meteorology to predict hurricanes and make $300,000 through investing in oil futures. He graduated magna cum laude with a bachelor's degree in economics in 2006.
Career: Saverin met Mark Zuckerberg during his junior (and Zuckerberg's sophomore) year at Harvard. The two worked together to fill the gap created by a lack of a social networking website for Harvard students, so they co-founded The Facebook in 2004. They each initially invested $1,000 in the site. Later on, they both invested another $18,000 each in Facebook. As co-founder, Saverin held the positions of chief financial officer and business manager. Saverin is one of four co-founders of Facebook.com, along with Mark Zuckerberg, Dustin Moskovitz, and Chris Hughes.
By the end of 2010, Saverin liquidated at least $250 million worth of Facebook stock to later-stage investors such as Digital Sky Technologies, as well as via secondary exchanges like SharesPost. He also invested in early-stage startups including Shopsavvy, a price-comparison mobile application; Qwiki, a multimedia video website; and Jumio, which created the online payment system Netswipe. That same year, Saverin co-founded Aporta, an online portal for charity.
In 2012, Saverin owned 53 million shares of Facebook, which was approximately 2% of all outstanding shares at the time. The value of those shares was about $2 billion. On May 15, 2012, an email was obtained and released from Zuckerberg detailing how he cut Saverin from Facebook and diluted his stake. Basically Saverin ran Facebook's business side while Zuckerberg worked on the product. However, instead of joining the company out in Palo Alto, Saverin stayed on the East coast and worked on another startup. Eventually, he started to feel left out, and he froze Facebook's bank account. To ease Saverin out and limit his say over how Facebook would be funded, Zuckerberg reduced Saverin's stake in the company. Zuckerberg dropped Saverin's 34% ownership share of Facebook to below 10%, resulting in a lawsuit brought by Saverin. Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreements Saverin signed in October 2005 were invalid. Saverin filed a countersuit against Zuckerberg, alleging Zuckerberg spent Facebook's money (Saverin's money) on personal expenses over the summer. In 2009, both suits were settled out of court. Terms of the settlement were not disclosed and the company affirmed Saverin's title as co-founder of Facebook. Saverin signed a non-disclosure contract after the settlement. Saverin is the only co-founder to have no decision making power in the company.
In 2016, Saverin's fund closed initial deals of over $140 million in Asia, including $30 million in regional logistics startup Ninja Van. Saverin has also invested in Singapore-based Anideo, headed by Andrew Solimine, a longtime friend. The company developed a video-streaming application, Denso, that specializes in selecting videos based on a user's personal taste.
Personal Life: In September 2011, Saverin renounced his U.S. citizenship. As a result, he was able to avoid an estimated $700 million in capital gains taxes. He has been a resident of Singapore since 2009 and stated that he renounced his U.S. citizenship because he wanted to live and work in Singapore. He denied accusations that he left the U.S. to avoid paying taxes.
Saverin met Elaine Andriejanssen when they were both college students in Massachusetts and reconnected after he moved to Singapore, where she lived. They got engaged in the spring of 2014 and threw a lavish engagement party in Bali that featured a performance by John Legend. The couple married on June 25, 2015, in the French Riviera. She is a Chinese Indonesian woman who was educated at Singapore's Raffles Girls' School and Tufts University. She worked as a quantitative research analyst at Franklin Templeton Investments. Her family runs several businesses in Indonesia.
Saverin is played by Andrew Garfield in the film The Social Network, a film depicting the years during the founding of Facebook.
Salary Highlights: After Facebook went public, the filing showed that Saverin held 53,133,360 shares worth a total of $2.18 billion, or just under 2% of Facebook's outstanding shares. That would have been worth a lot more had he not sold off more than half of his shares before the IPO.
Real Estate: In 2019, Saverin bought a home on two acres in Singapore for $167 million. The two-story house is located on a tree-lined street in one of Singapore's most expensive neighborhoods and is accessed via a gated driveway. The property has a pool, a tennis court, and a large yard.
Saverin also reportedly owns a luxury penthouse suite in Singapore's tallest residential building.
|Net Worth:||$12 Billion|
|Date of Birth:||Mar 19, 1982 (38 years old)|