Lately there has been a lot of writings and editorials after it was discovered that Facebook’s Saverin has renounced his US Citizenship earlier this year. Sens. Chuck Schumer and Bob Casey has gone all out to vilify Schumer and even outlined legislation that would prevent the Facebook co-founder from ever returning to the United States. This is because the Sens. did not like Saverin’s decision and labeled his tactics a “scheme.”
According to them, “Saverin has turned his back on the country that welcomed him and kept him safe, educated him, and helped him become a billionaire. This is a great American success story gone horribly wrong”
I have a message for our dear Sens. – Be Optimistic!
Today Facebook would not have existed, if it was not for Saverin. Saverin reached into his pocket and bank rolled Facebook when no one ever knew about this site. He could have lost all his money if FB did not catch on. So many other dotcoms that went bust and his venture could also have faced the same fate. Who would have come to Saverin’s rescue and cover his losses?
Saverin supported Facebook because he believed in Mark Zuckerberg. Because of his contribution and decision, today the IRS is able to tax hundreds of people in this ecosystem – This would not have existed if Saverin had not bank rolled Facebook.
It is like Saverin planted the seed and nurtured it up until the point where the plant was on its own leg. And today you are bitching when Saverin took his share of the fruits legally and did not pay full tax. In the scheme of things, it makes no sense. Because of Saverin we had a US$16B IPO last friday. Because of Saverin we will tax the other hundreds of people today and the years ahead. Be thankful to Saverin. Be an optimistic. This is a great example of American success story. Do not make it a horror story just because Saverin is smart. We should not be using Saverin as an excuse to grab the limelight.
We can all get caught up in “coulda,” shoulda,” or “woulda” and argue that Facebook would have existed without Saverin. But remember it was Saverin who wrote the checks not the Sens. No one else did either. People come up with Ideas everyday. Not all of them get funded. And not all of them become as much successful as Facebook.
Let us not cry over the spilled milk. Tax the other hundreds of people who are still in the US and let us be happy. Let us not cry over the $1B we lost out on revenue.