Eduardo Saverin

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Born in Singapore, Eduardo Luiz Saverin (Portugus lu save) is a Brazilian billionaire and angel investor based in Singapore. Saverin is one of Facebook's co-founders. He owned 53 million Facebook shares (roughly 2% of all outstanding shares) in 2012, and it was worth around $2 billion at the time. He has also invested in early-stage startups, such as Qwiki and Jumio.

Early life and education

Eduardo Luisz Saverin was born in So Paulo, Brazil, to a wealthy Jewish-Brazilian family, and his family later moved to Rio de Janeiro. Roberto Saverin, Saverin's father, was a businessman who worked in clothing, shipping, oil, and real estate. Sandra, his mother, was a psychologist. He has two siblings. Eugenio Saverin (born Eugen Saverin) is the founder of Tip Top, a chain of children's clothing stores. The family immigrated to the United States in 1993, settling in Miami, Florida.

Saverin attended Gulliver Preparatory School in Miami. He later attended Harvard University, where he was a resident of Eliot House, a member of the Phoenix S.K. The Harvard Investment Association's president and the Club of the Harvard Investment Association are among the members. Saverin predicted hurricane patterns while an undergraduate at Harvard University and made $300,000 on oil futures. Saverin obtained a Bachelor of Arts in Economics from Harvard University in 2006. He is a member of Alpha Epsilon Pi fraternity (University's Eta Psi chapter).

Personal life

Saverin immigrated to Singapore in 2009, renouncing his U.S. citizenship two years later. Saverin and Elaine Andriejanssen, an Indonesian national of Chinese descent, married on March 27, 2014, and on June 25, 2015. They met in Massachusetts, he at Harvard and she at Tufts, respectively, while the others were both studying at their respective universities. Andriejanssen comes from a wealthy family that owns several companies in Indonesia.

Saverin renounced his citizenship in the United States in September 2011, thereby saving an estimated US$700 million in capital gains taxes. This caused media coverage and controversies. Saverin said he renounced his citizenship because of his "intention in working and living in Singapore" where he has been living since 2009, and denied that he left the United States to avoid paying taxes.

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Career

During his junior year at Harvard, Saverin met fellow Harvard undergraduate, sophomore Mark Zuckerberg. Noting the lack of a dedicated social networking website for Harvard students, the two worked together to launch The Facebook in 2004. They each agreed to invest $1,000 in the site. Later, Zuckerberg and Saverin each agreed to invest another $18,000 in the operation. As co-founder, Saverin held the role of chief financial officer and business manager. On May 15, 2012, Business Insider obtained and released an exclusive email from Zuckerberg detailing how he cut Saverin from Facebook and diluted his stake. Zuckerberg privately stated at the time, "Eduardo is refusing to co-operate at all ... We basically now need to sign over our intellectual property to a new company and just take the lawsuit ... I'm just going to cut him out and then settle with him. And he'll get something I'm sure, but he deserves something ... He has to sign stuff for investments and he's lagging and I can't take the lag." Zuckerberg's attorney warned Zuckerberg that the dilution might trigger a lawsuit for breach of fiduciary duty. Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreement Saverin signed in October 2005 was invalid. Saverin then filed a suit 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.

In 2010, Saverin co-founded Aporta, an online portal for charity. In 2015, Saverin established his venture capital firm, B Capital, investing in Southeast Asia and India. In 2016, Saverin's fund closed initial deals of over $140 million in Asia, including Ninja Van, a Singaporean logistics company that engages in last mile parcel delivery in Southeast Asia.

To expand into the East Asian market, B Capital hired Lehman Brothers and Grab veteran, John Chua to oversee the China business. Chua will have Daisy Cai reporting to him.

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