Summary
- The Social Network inaccurately portrays Eduardo Saverin's role in creating Facebook and his dismissal from the company; his unavailability and failure to fulfill tasks led to his firing. However, he went on to have a successful career as an entrepreneur.
- Eduardo Saverin founded Aporta, B Capital, and invested in Jumio, among other successful business ventures. He also had some unsuccessful ventures, such as Qwiki.
- Saverin controversially renounced his U.S. citizenship in 2011 to avoid paying $700 million in taxes. His net worth has massively grown since then, with an estimated value of $10.8 billion, primarily due to his ventures and owning two percent of Facebook.
The Social Network depicts how the revolutionary social media sensation Facebook came to be when Mark Zuckerberg first came up with the idea in 2003, but it doesn't show what happened to his partner and friend Eduardo Saverin after he was ousted from the company. Played by Andrew Garfield in the movie, Saverin gave Facebook its startup money and was fully onboard with the business. However, creative differences between Saverin and Zuckerberg led to tension at the company. Once Sean Parker came into the picture, Zuckerberg adhered to his advice more than Saverin's. This led to Saverin's dismissal from Facebook, an end to his friendship with Zuckerberg, and a lawsuit.
Saverin's role in creating Facebook is among the biggest things The Social Network gets wrong about what really happened. Saverin's unavailability was what really led to his being fired from Facebook. Zuckerberg tasked Saverin with providing the site with funding, setting up the company, making the business the model, and signing off the reformation of Facebook under Delaware law to make deals, to which he failed on all accounts because he couldn't be reached. He was let go primarily because his unavailability was hurting the company's progress, but even after all that came about from his time with Facebook, Saverin went on to have a very successful career as an entrepreneur.
Related
The Social Network Cast: Where The Actors Are Now
David Fincher's Mark Zuckerberg biopic The Social Network was acclaimed upon its release in 2010. What has the talented A-list cast been up to since?
Eduardo Saverin Founded Aporta & Invested In Various Start-Ups
Saverin started up B Capital, Qwiki, & Jumio
The real-life Eduardo Saverin went on to have several successful business ventures after his entanglement with Facebook. Among the other companies he co-founded was Aporta, an online donation portal that allows people to donate money to thousands of Mexican non-profit organizations via credit card without bureaucracy. He also established B Capital, a venture capital firm that backs entrepreneurs in the technology information field. Saverin also invested in Jumio, an online company that automates the online identity verification process, which helps protect customers from incoming fraud and possible identity theft.
Not every single one of his ventures has worked out. Every entrepreneur has their duds, like investing in Qwiki in Saverin's case. Qwiki was an automated video production company that allowed its users to turn the pictures and videos from their camera roll into movies that they could share online. After Yahoo acquired it in July 2013, Qwiki was among the products the company shut down in November 2014.
Related
The Social Network Ending Explained
All storylines reach the only possible conclusion in The Social Network's ending, building on small details disseminated throughout the Facebook film.
Saverin Controversially Renounced His US Citizenship In 2011
Saverin renounced his citizenship to evade $700 million in taxes
Eduardo Saverin, a Brazilian native, created some controversy in 2011 when he renounced his U.S. citizenship. Saverin had actually been living in Singapore since 2009 but renounced his U.S. citizenship shortly before Facebook gave an Initial Public Offering that would have made him a multi-billionaire. Doing so helped Saverin evade $700 million in capital gains taxes. Should Saverin re-enter the country, he will be forced to pay his back taxes and may be taxed 30 percent on any future U.S. investment (via CBS News). Saverin has not returned since, and for pretty self-explanatory reasons it appears he probably won't for the rest of his life pending any urgent issues.
The Real Eduardo Saverin Massively Grew His Net Worth In The Years Since Facebook's Lawsuit
Saverin's net worth in 2023 is estimated at $10.8 Billion
Eduardo Saverin's investments as an entrepreneur have made him a very wealthy man. Ever since he sued Facebook — he ended up reaching a settlement with terms that have not been disclosed — he has seen his net worth skyrocket to as much as $10.8 billion. Because the terms of the settlement have never been disclosed, no one knows if Saverin's high net worth came primarily as a result of the amount of money Facebook was liable for. Saverin has also made some business-savvy moves like closing initial deals of $140 million in Asia through B Capital.
Saverin still has Facebook shares even after suing the company, and the site is currently valued at around $815 billion. Saverin owns two percent of the company, meaning that he has around $1.6 billion from Facebook alone. Since Saverin's net worth is at $10.8 billion, Facebook proved to be possibly his most fruitful venture, but certainly not the only one that made him one of the richest billionaires on the planet.
