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In 2004, Facebook had 70,000 users—most of them Ivy League elites. Most people had no idea it existed. But before the site hit the nearly billion yokels it boasts today, one kid traveled NYC to sell the idea. This is what it looked like.
That kid was Eduardo Saverin, since immortalised in The Social Network as Mark Zuckerberg’s treachery victim, also known as a tax-avoiding enemy of the state. On a summer jaunt through New York City, he presented the Facebook to skeptical ad execs, who weren’t sure if this “profile” and “friends” thing would really take off. Now, of course, every corporation on the planet is desperate for you to give a damn about its vacuous Facebook page.
Things were different then, as you can see from this media deck obtained by Digiday, depicting a social network in its infancy, concerned only with college kids and the classes they took. Explaining Facebook to someone who’s never heard of it sounds like a scene from a terrifying time travel flick, and comes across hilariously quaintly today:
“Thefacebook.com website allows your company to reach college students, alumni, faculty, and staff at the library, their work, home or dorm room.”
The library! Oh brother. Now most Facebook users are barely able to read.
For the rest of the precious slides, head over to Digiday.
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“a tax-avoiding enemy of the state” “Dirtbag IPO tax dodger”
Oh please Biddle. He paid all the tax that was required of him while he was working in the USA. He lived in Singapore when the company went public so why should be pay tax to the USA for money he earned while not living in the country?
Agree with you entirely. A bit sensationalist to say the least. But, and i stand to be corrected. If you are a resident/citizen. No matter where you are in the world, your income is always taxable by the US. Unless, of course, you renounce your US citizenship. Which i believe Mr. Saverin has now done.
All the articles just seem to be pissy that he came to America, made lots of money and then left. Never mind the fact that he helped start a company that employs 3,000+ people
If its like what it is in the UK then no it wouldn’t be. Interesting question gonna do some digging
I think the US has some strange Capital Gains laws
Yep… ’tis as i summised…
“If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.”
http://www.irs.gov/businesses/small/international/article/0,,id=97324,00.html
And the ad execs remain sceptical to this day…