Eduardo Saverin

Early Life and Background

Eduardo Luiz Saverin was born on March 19, 1982, in São Paulo, Brazil, into a wealthy Jewish family. His father, Roberto Saverin, was an industrialist involved in clothing, shipping, and real estate, and his mother, Paula, was a psychologist. He has two siblings, Eugenio and Michele. The family's lineage includes ties to prominent Brazilian business figures; his paternal grandfather, Eugenio Saverin, was the founder of the chain of retail stores called 'Tip Top'. In 1992, at the age of 10, Saverin's family emigrated from Brazil to the United States, settling in Miami, Florida. This relocation was reportedly prompted by a rise in kidnappings of wealthy individuals in Brazil, a concern for his family's safety and security. In Miami, he attended Gulliver Preparatory School, a private school known for its rigorous academic programs, where he developed a keen interest in mathematics and economics, laying the groundwork for his future endeavors in business and finance.

Education

Following his graduation from Gulliver Preparatory School, Eduardo Saverin enrolled at Harvard University in Cambridge, Massachusetts. He pursued a Bachelor of Arts degree in Economics, demonstrating an early aptitude for financial markets and business strategy. During his time at Harvard, he was an active member of the Phoenix S.K. Club, a prestigious final club, which exposed him to a network of influential peers and alumni. It was during his junior year at Harvard, in 2004, that he became involved in the project that would later transform into Facebook. He graduated from Harvard University in 2006, having completed his degree even amidst the burgeoning success and demands of the rapidly expanding social media platform.

Career

Co-founding Facebook

Eduardo Saverin's most globally recognized career milestone is his role as a co-founder of Facebook. While a student at Harvard, he met Mark Zuckerberg. In February 2004, Zuckerberg launched "The Facebook" from his dormitory room. Saverin's critical early contributions included providing the initial seed funding for the platform, reportedly $15,000, and later an additional $10,000. He served as the nascent company's first Chief Financial Officer (CFO) and was responsible for developing its initial business plan, securing early advertising partnerships, and handling the legal and financial aspects of the startup. He worked diligently on monetizing the platform, securing deals with advertisers to run ads on the site, a crucial step in the company's early growth. His initial focus was on creating a revenue stream for the platform, an area where he held significant responsibility.

Dispute and Dilution

The partnership between Saverin and Zuckerberg became strained as Facebook grew. Disagreements arose over the company's direction, particularly regarding the integration of advertising and the overall business model. Saverin's perceived reluctance to fully commit to moving to Palo Alto, California, where Zuckerberg and other key team members were based, further exacerbated tensions. This culminated in a highly publicized dispute and a series of actions taken by Zuckerberg and others to dilute Saverin's stake in the company. In April 2005, Facebook was incorporated in Delaware, and a new company, Thefacebook Inc., was formed. Saverin's ownership stake, initially around 34%, was significantly reduced to less than 10% through various corporate maneuvers, including the issuance of new shares to other founders and investors. Saverin subsequently filed a lawsuit against Facebook, alleging breach of fiduciary duty. The lawsuit was settled out of court in 2009 under undisclosed terms, though reports suggested Saverin retained a stake of approximately 4-5% of the company, and his name was reinstated as a co-founder on Facebook's corporate website.

Post-Facebook Investment and B Capital Group

Following the Facebook settlement, Saverin embarked on a successful career as a venture capitalist and angel investor. In 2009, he relocated to Singapore, a move that positioned him strategically in the rapidly growing Asian tech market. In 2011, he made headlines again when he renounced his U.S. citizenship, a decision he stated was primarily for investment and business reasons, though it also had significant tax implications. From Singapore, Saverin began actively investing in a diverse portfolio of early-stage technology companies across various sectors. Notable early investments include Jumio, a mobile payments and identity verification company; Qwiki, a video production startup acquired by Yahoo; and RecomN.com, a Malaysian services marketplace. He also invested in Silvercar, a car rental company, and Aporta, a logistics platform.

In 2015, Saverin co-founded B Capital Group with Raj Ganguly, a former partner at Bain Capital. B Capital Group is a global multi-stage investment firm that focuses on growth-stage companies in various sectors, including enterprise technology, healthcare, fintech, industrial transformation, and consumer enablement. The firm leverages its strategic partnership with Boston Consulting Group (BCG) to provide its portfolio companies with unique access to industry insights and a vast network of corporate clients. Under Saverin's leadership as co-founder and managing partner, B Capital Group has grown into a significant player in the global venture capital landscape, managing billions of dollars in assets and investing in companies across North America, Asia, Europe, and Latin America. His strategic vision and extensive network have been instrumental in the firm's success, particularly in identifying and nurturing high-potential tech ventures.

Major Achievements

Eduardo Saverin's most significant achievement is undoubtedly his foundational role in Facebook, a platform that revolutionized global communication and social interaction, connecting billions of people worldwide. His early financial contributions and business acumen were critical in transforming a university project into a global phenomenon. Beyond Facebook, his successful pivot into venture capital, particularly with the establishment and growth of B Capital Group, marks another major achievement. He has demonstrated a keen eye for identifying promising technology startups and has contributed to the growth of numerous companies through his investments and strategic guidance. His philanthropic endeavors, though often kept private, also form part of his legacy, with reports indicating support for various causes.

Personal Life

Eduardo Saverin maintains a relatively private personal life, despite his public profile. On June 27, 2015, he married Elaine Andriejanssen, an Indonesian-Chinese woman originally from Singapore, in a lavish ceremony held in the French Riviera. The couple reportedly met through mutual friends and dated for several years before their marriage. They have two children. Saverin is known for his substantial wealth, estimated by Forbes to be around $19.5 billion as of early 2024, placing him among the wealthiest individuals globally. He is a permanent resident of Singapore and holds Brazilian citizenship. He is also known for his passion for chess and has been involved in philanthropic activities, although details often remain undisclosed to the public.

Legacy

Eduardo Saverin's legacy is multifaceted. He will forever be known as one of the pivotal figures in the creation of Facebook, a company that fundamentally altered the digital landscape and global connectivity. His story, including the dramatic legal battles, has become a cautionary tale and a compelling narrative about the complexities of startup partnerships, famously depicted in the film 'The Social Network'. Beyond his initial fame, Saverin has carved out a new legacy as a discerning and impactful venture capitalist. Through B Capital Group, he continues to shape the future of technology by identifying and funding innovative companies. His move to Asia and focus on emerging markets underscores a global perspective on investment and entrepreneurship. His journey from a college co-founder to a global investment magnate exemplifies the dynamic possibilities within the tech industry and the enduring influence of early visionaries.