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FACEBOOK LOOKING TO LEAVE THE U.S. AHEAD OF IPO
May 11 2012
Menlo Park, CA – When Facebook finally launches its IPO it will undoubtedly become one of the biggest companies in the world. The little website that could, starting in a dorm room, has had a remarkable story documented in new stories and even a hit movie and now, finally, the people involved will take their rightful place as real power players.
The person with the most to gain is certainly Mark Zuckerberg who is really responsible for the whole party. His genius invention will make a lot of people very wealthy, himself most of all. When the IPO launches, Zuckerberg will reportedly be worth in the neighbourhood of $17 billion dollars. Not bad at all for owning a website where people trade pictures of dogs and kids.
Everyone else involved with the company will also become incredibly wealthy, particularly the people who were there on the ground floor. Some, though, will become wealthier than others owing in part to the shares they own in the country but also to their location in the world. Already one founder, Eduardo Saverin, has decided to give up his U.S. citizenship, hoping to take advantage of lax tax laws in Singapore, where he currently lives. That move has inspired some of the other members of company to think in the same way and even consider moving the company itself abroad so they can keep even more of the billions they are earning.
“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 a spokesperson for Saverin, who was born in Brazil.
Saverin has lived in Singapore for a number of years which doesn’t have a capital gains tax, something which will be very beneficial to his bank account.
Currently Facebook proper is located n California but the move by its co-founder has reportedly inspired some decidedly foreign thinking in and around the company.
“Look, no one wants to be anywhere near Saverin and it is official company policy to say that every idea he comes up with is lousy, but there is no denying that he is going to save a lot of money by doing this and that isn’t something we can just ignore. Obviously we are going to have to spin it in such a way so as to not give credit to him, but it is a good idea,” said a Facebook insider. “We just don’t want to lose all that money to taxes. That would be silly just for principal or being loyal to our country. We are talking about a lot of cash here and just throwing that into the garbage would be silly.”
It’s not clear where Facebook would move but it will probably be far from Saverin.
“Sure, it will be controversial at least that the beginning but once people see how much money we are saving from not paying the government they will certainly understand. I’m sure that most people would do the same thing if they could, but they can’t. We can and so that’s what we will do,” continued the insider. “The last people we want having our money is the government. It’s ours and we will keep as much or as little as we want. It’s not just the cash, it’s the principle of the thing. We have to remain independent and decide for ourselves and not have anyone, not the government, not Saverin, decide how much money we have or we keep.”
Zuckerberg is reportedly considering becoming a citizen of the moon once his home there is finished.
Martin Philton, Technology Correspondent