Eduardo Saverin
Encyclopedia
Eduardo P. Saverin is a Brazilian-born American internet entrepreneur
and investor
. Saverin is best known for co-founding Facebook
, along with Mark Zuckerberg
, Dustin Moskovitz
, and Chris Hughes. He is reported to have a 5% stake in the company, worth about US$2.75 billion .
, State of São Paulo
, Brazil, to a wealthy Brazilian Jewish
family, and was raised in Miami, Florida, United States. Eduardo's father was a Brazilian industrialist working in export, clothing, shipping, and real estate.
Saverin attended Gulliver Preparatory School in Miami, and went on to Harvard University
, where he was a member of the Phoenix S.K. Club, and president of the Harvard Investment Association. While an undergraduate at Harvard, Saverin made $300,000 by strategic investments in the oil industry by taking advantage of lax insider trading regulations in Brazil. http://wallstcheatsheet.com/breaking-news/the-truth-behind-facebooks-founding-is-finally-revealed.html/ In 2006, Saverin graduated magna cum laude from Harvard University with a Bachelor of Economics. He is a brother of the Alpha Epsilon Pi
Fraternity (Eta Psi chapter of Harvard University
). He is currently living in Singapore
since January 2011.
Facebook
During his junior year at Harvard University, Saverin met fellow Harvard classmate 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. As co-founder, Saverin held the role of CFO and business manager. As Facebook rapidly expanded to universities across the US, internal conflicts and differences of opinion between Saverin and Zuckerberg arose. The following summer, as Saverin was staying in New York (where he worked briefly as an intern at Lehman Brothers
), The Facebook relocated operations to California, having already attracted interest as a fast-growing Silicon Valley
start-up.
After outside investors—principally venture capitalist and PayPal
co-founder Peter Thiel
and an early employee of the file-sharing service Napster
, Sean Parker
—took control of the start-up's finances and capital needs and backed Zuckerberg as its CEO, Saverin's direct involvement and influence diminished.
A lawsuit filed by Saverin against Facebook was settled out of court. Though terms of the settlement were sealed, the company affirmed Saverin's title as co-founder of Facebook. Saverin signed a non-disclosure contract
after the settlement.
He has liquidated at least $250 million worth of Facebook stock through late venture rounds and secondary markets such as SecondMarket
, as of late 2010, according to Forbes Magazine.
—which depicts the relationship between Saverin and Mark Zuckerberg from the creation of Facebook to Saverin taking legal action against Zuckerberg—Saverin is played by actor Andrew Garfield
.
Internet entrepreneur
An Internet entrepreneur is an entrepreneur that applies innovation to create new businesses on the Internet.Internet entrepreneurs are part of the more general category of digital entrepreneurs...
and investor
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...
. Saverin is best known for co-founding Facebook
Facebook
Facebook is a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc. , Facebook has more than 800 million active users. Users must register before using the site, after which they may create a personal profile, add other users as...
, along with Mark Zuckerberg
Mark Zuckerberg
Mark Elliot Zuckerberg is an American computer programmer and Internet entrepreneur. He is best known for co-creating the social networking site Facebook, of which he is chief executive and president...
, Dustin Moskovitz
Dustin Moskovitz
Dustin Moskovitz is an American internet entrepreneur who co-founded the social networking website Facebook along with Mark Zuckerberg, Eduardo Saverin and Chris Hughes. Moskovitz owns a 6% share of Facebook. He is also a co-founder and the CEO of Asana. Moskovitz is Jewish...
, and Chris Hughes. He is reported to have a 5% stake in the company, worth about US$2.75 billion .
Personal life
Eduardo Saverin was born in São PauloSão Paulo
São Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world's seventh largest city by population. The metropolis is anchor to the São Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among...
, State of São Paulo
São Paulo (state)
São Paulo is a state in Brazil. It is the major industrial and economic powerhouse of the Brazilian economy. Named after Saint Paul, São Paulo has the largest population, industrial complex, and economic production in the country. It is the richest state in Brazil...
, Brazil, to a wealthy Brazilian Jewish
History of the Jews in Brazil
A Brazilian Jew is a Brazilian person of Jewish ancestry or a Brazilian who has converted to Judaism....
family, and was raised in Miami, Florida, United States. Eduardo's father was a Brazilian industrialist working in export, clothing, shipping, and real estate.
Saverin attended Gulliver Preparatory School in Miami, and went on to Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
, where he was a member of the Phoenix S.K. Club, and president of the Harvard Investment Association. While an undergraduate at Harvard, Saverin made $300,000 by strategic investments in the oil industry by taking advantage of lax insider trading regulations in Brazil. http://wallstcheatsheet.com/breaking-news/the-truth-behind-facebooks-founding-is-finally-revealed.html/ In 2006, Saverin graduated magna cum laude from Harvard University with a Bachelor of Economics. He is a brother of the Alpha Epsilon Pi
Alpha Epsilon Pi
Alpha Epsilon Pi , the Global Jewish college fraternity, has 155 active chapters in the United States, Canada, United Kingdom and Israel with a membership of over 9,000 undergraduates...
Fraternity (Eta Psi chapter of Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
). He is currently living in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
since January 2011.
Mark Zuckerberg
Mark Elliot Zuckerberg is an American computer programmer and Internet entrepreneur. He is best known for co-creating the social networking site Facebook, of which he is chief executive and president...
. Noting the lack of a dedicated social networking website for Harvard students, the two worked together to launch The Facebook, in 2004. As co-founder, Saverin held the role of CFO and business manager. As Facebook rapidly expanded to universities across the US, internal conflicts and differences of opinion between Saverin and Zuckerberg arose. The following summer, as Saverin was staying in New York (where he worked briefly as an intern at Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
), The Facebook relocated operations to California, having already attracted interest as a fast-growing Silicon Valley
Silicon Valley
Silicon Valley is a term which refers to the southern part of the San Francisco Bay Area in Northern California in the United States. The region is home to many of the world's largest technology corporations...
start-up.
After outside investors—principally venture capitalist and PayPal
PayPal
PayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....
co-founder Peter Thiel
Peter Thiel
Peter Andreas Thiel is an American business magnate, venture capitalist, and hedge fund manager. With Elon Musk and Max Levchin, Thiel co-founded PayPal and was its CEO...
and an early employee of the file-sharing service Napster
Napster
Napster is an online music store and a Best Buy company. It was originally founded as a pioneering peer-to-peer file sharing Internet service that emphasized sharing audio files that were typically digitally encoded music as MP3 format files...
, Sean Parker
Sean Parker
Sean Parker is an American technology businessman and entrepreneur. He co-founded Napster, Plaxo, Causes, and Airtime, and was Facebook's founding president. His net worth is estimated at $2.1 billion.-Early life:...
—took control of the start-up's finances and capital needs and backed Zuckerberg as its CEO, Saverin's direct involvement and influence diminished.
A lawsuit filed by Saverin against Facebook was settled out of court. Though terms of the settlement were sealed, the company affirmed Saverin's title as co-founder of Facebook. Saverin signed a non-disclosure contract
Non-disclosure agreement
A non-disclosure agreement , also known as a confidentiality agreement , confidential disclosure agreement , proprietary information agreement , or secrecy agreement, is a legal contract between at least two parties that outlines confidential material, knowledge, or information that the parties...
after the settlement.
He has liquidated at least $250 million worth of Facebook stock through late venture rounds and secondary markets such as SecondMarket
SecondMarket
SecondMarket is an online marketplace for buying and selling illiquid assets, including auction‐rate securities, bankruptcy claims, limited partnership interests, private company stock, restricted securities in public companies, structured products, and whole loans.SecondMarket's participants...
, as of late 2010, according to Forbes Magazine.
Depictions in media
In the 2010 film The Social NetworkThe Social Network
The Social Network is a 2010 American drama film directed by David Fincher and written by Aaron Sorkin. Adapted from Ben Mezrich's 2009 book The Accidental Billionaires, the film portrays the founding of social networking website Facebook and the resulting lawsuits...
—which depicts the relationship between Saverin and Mark Zuckerberg from the creation of Facebook to Saverin taking legal action against Zuckerberg—Saverin is played by actor Andrew Garfield
Andrew Garfield
Andrew Russell Garfield is an American-English actor who has appeared in radio, theatre, film, and television. His early roles include the films Lions for Lambs, The Imaginarium of Doctor Parnassus, and Boy A, which garnered him the 2007 BAFTA Television Award for "Best Actor".Garfield achieved...
.