Eduardo Saverin: The Co-Founder Who Helped Shape Facebook
Eduardo Luiz Saverin, born on March 19, 1982, in São Paulo, Brazil, is a Brazilian entrepreneur and investor best known for being one of the co-founders of Facebook. Saverin played a crucial role in the early development of the social media platform and was Facebook’s first Chief Financial Officer. Although his relationship with Facebook’s more famous co-founder, Mark Zuckerberg, became strained, Saverin has since established himself as a successful investor with a diverse portfolio of ventures.
Early Life and Education
Eduardo Saverin was born into a wealthy Brazilian family of Jewish descent. His father, Roberto Saverin, was a successful businessman involved in various industries, including textiles and real estate, while his mother, Paula, was a psychologist. Growing up, Saverin lived a comfortable life in São Paulo, but his family relocated to Miami, Florida, in the early 1990s due to concerns about rising crime rates in Brazil. This move proved to be a turning point for Saverin’s future career.
Saverin attended the prestigious Gulliver Preparatory School in Miami before enrolling at Harvard University in 2001. At Harvard, Saverin majored in economics and was a member of the Phoenix S.K. Club, a prestigious final club. It was during his time at Harvard that Saverin would meet Mark Zuckerberg, which would lead to the creation of Facebook.
Co-Founding Facebook
In 2004, while still a student at Harvard, Eduardo Saverin and Mark Zuckerberg, along with other students including Dustin Moskovitz and Chris Hughes, co-founded “TheFacebook,” a social networking site initially intended for Harvard students. Saverin provided the initial funding for the company, contributing $15,000 to help get the platform off the ground. In exchange for his financial investment and his role as the company’s first business manager, Saverin received a 30% stake in the company and was named Facebook’s Chief Financial Officer.
While Zuckerberg focused on the technical development of the site, Saverin handled business operations and led the company’s early efforts to monetize the platform. However, as Facebook began to grow rapidly, tensions arose between Saverin and Zuckerberg. Saverin remained in New York to work on monetization strategies while Zuckerberg moved to Palo Alto, California, where he was building a team of developers and seeking venture capital funding.
Legal Dispute with Facebook
By mid-2004, the relationship between Saverin and Zuckerberg had deteriorated. Saverin’s role in the company was reduced, and he was eventually cut out of Facebook’s operations. In 2005, Saverin filed a lawsuit against Facebook and Zuckerberg after his ownership stake was diluted. The legal dispute was settled out of court, with Saverin reportedly receiving a settlement that included a 4% to 5% stake in Facebook, as well as being credited as a co-founder.
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