The Brazilian-born entrepreneur, who many say owes his good fortune to his very American Harvard education and the California-fueled Internet boom, has renounced his U.S. citizenship, allegedly to avoid paying millions to Uncle Sam when Facebook goes public.
“The openness of our economy,” says Edward Kleinbard, a professor at the USC Gould School of Law, “the willingness to encourage and incubate start-up businesses, made Facebook worth what it is today and made him the extraordinarily wealthy man he is today.”
The news sparked outrage across social networks. Billionaire businessman Mark Cuban tweeted, “This pisses me off.” Journalist James Fallows tweets, “New candidate for most unlikable Facebook founder.”
Saverin is being hailed in some quarters for drawing attention to high taxes. He plans to continue living the high life, in Singapore, where there are no capital gains taxes.