If you’ve seen The Social Network, you know all about Eduardo Saverin, Mark Zuckerberg’s best friend in Harvard, who put up the money to get Facebook started. You may even empathize with Saverin, who was later run out of the Facebook office as bigger, more powerful investors stepped in.
His share was diluted from 34 percent to three-hundredths of a percent. Zuckerberg later settled with Saverin, and increased his holdings in the company. Though the exact amount of shares Saverin owns remains undisclosed, it is believed to be about 5 percent. If Facebook is worth about $50 billion, that means he is worth at least $2.5 billion.
Reports are now being released that Saverin is cashing in on at least 20 percent of his Facebook stock, worth approximately $500 million. It’s a tidy sum, available for some of Saverin’s other investments, such as Jumio, an online and mobile payments start-up based in Mountain View.
More recently, someone from Goodman Media International claiming to represent Saverin says that he did not sell $500 million worth of stock. They did not say whether he sold any stock, or if so, how much.
Read More at NBC Bay Area.
Read More at the Business Insider.
