Benzinga - by Ramakrishnan M, Benzinga Editor.
Eduardo Saverin, co-founder of Meta Platforms Inc (NASDAQ:META), formerly Facebook, is now Singapore’s wealthiest resident, boasting a staggering net worth of $16 billion.
What Happened: His wealth has surged by $6.4 billion this year, primarily driven by Meta’s stock prices, which skyrocketed by nearly 70% since the last wealth assessment, according to Fortune.
Saverin is not only a key figure at Meta but also co-owns B Capital Group, a prominent venture capital firm managing assets worth $6.3 billion. This substantial wealth gain propelled him ahead of former leader Li Xiting, the chairman of Shenzhen Mindray Bio-Medical Electronics.
This transition occurred amidst Singapore’s economic slowdown, which witnessed a modest 3.6% growth the previous year, with expectations of a meager 0.5% to 1.5% rise in 2023. Nevertheless, the collective wealth of Singapore’s 50 richest individuals surged by 8%, reaching a combined total of $177 billion.
Why It Matters: Saverin’s journey includes a famous lawsuit against Mark Zuckerberg over a reduced stake in Facebook, later settled out of court, as depicted in the 2010 movie “The Social Network.”
He reportedly renounced his U.S. citizenship in September 2011, avoiding an estimated $700 million in capital gains taxes, citing his interest in working and living in Singapore, but has denied doing so for tax evasion.
The majority of Saverin’s fortune stems from his Meta Platforms stake, approximately 2% of the company, as per its 2022 proxy statement, as per Bloomberg.
Although Meta’s stock experienced a commendable 138% increase this year, driven by cost-cutting measures, it has been on a slide for over a month as the company struggles to retain users on Threads, its recently launched rival to Elon Musk’s X.
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