Pinterest completed a $200 million funding round that values the company at $2.5 billion. Valiant Capital Management is said to have led the round, with previous investors Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital also participating. [AllThingsD]
IBM is making a push into mobile, and plans to provide customers with software, data and security services on mobile devices. [NYT]
Calling all youth correspondents: the social network Pheed is said to be gaining in popularity, especially with teens. [Forbes]
Facebook isn’t the only tech company to catch heat for using stock option deductions to avoid paying corporate taxes. The Center for Tax Justice says LinkedIn has used the deduction to avoid paying federal taxes for the last three years. [New York Post]
Eduardo Saverin talked about life after the Facebook, the challenges faces the social media company he helped found, and his decision to move to Singapore. “No, I did not rescind my citizenship for tax purposes,” is what he says. [WSJ]
Nowadays Facebook is very cautious around the third rail that is sexual orientation. Sure, there’s a timeline icon just for gay marriage, but the company won’t serve up ladies seeking ladies to advertisers. But that wasn’t always the case.
Digiday has gotten its hands on an interesting piece of Internet history: the social network’s very first pitch to advertisers, from way back in spring 2004. The site was still thefacebook.com, it was only available on select college campuses, Peter Thiel hadn’t invested yet and that random dude was still chilling in the upper lefthand corner.
However, Eduardo Saverin was already talking up the site’s biggest advantage: data, and the targeting that allows advertisers to do.
“I would never throw a laptop at someone, like it appears in the movie. Not even at Mark.” – Eduardo Saverin [CNET]
Was buying Skype for $8.5 billion worth it for Microsoft? [New York Times]
The headphones you use to block out the sound of your annoying coworkers may actually be harming your productivity. [Wall Street Journal]
Meet Flame, the terrifying spy malware spreading across the Middle East. [Wired]
The Museum of Endangered sounds includes–of course–the sound of dial-up. [Savethesounds.info via Hacker News]
Farewell, Yellow Pages. [PaidContent]
It may look like Eduardo Saverin, international playboy and man of very few public pursuits, renounced his American citizenship in favor of a lesser tax bill, but that’s just a coincidence, you guys. A very unfortunate coincidence. Mr. Saverin actually filed to renounce his citizenship way back in January 2011, because there’s no way he could have had the slightest inkling that Facebook might go public soon, being a cofounder and all.
“I’m not a tax expert,” he told the New York Times, while refusing to offer any other explanation for why he’d agree to a move that could mean he is never allowed back into the U.S. again. “This had nothing to do with taxes,” he insisted.
If you’re a dual citizen, and you think the U.S. helps itself to far too large a chunk of your hard-earned cash, here’s a new lesson from Facebook cofounder Eduardo Saverin: renounce your citizenship, and you, too, can avoid a hefty tax bill.
Bloomberg reports that Mr. Saverin, a Brazilian-born resident of Singapore, has decided to forfeit his U.S. citizenship days before Facebook’s IPO, in “a move that may reduce his tax bill.” They pulled the information from a list published by the Internal Revenue Service that names people who have decided to renounce their citizenship as of April 30th.
YOU KNOW WHAT'S AWESOME? A BAZILLION DOLLARS.
Around the time of the demise of Jumo, the social network for nonprofits and activists started by Facebook co-founder Chris Hughes, Betabeat got an email from a source intimately familiar with the social media startup sector. “I’m intrigued by the fact that Facebook doesn’t seem to be proving to have the kind of second-act momentum among early employees that PayPal had, and I wonder why that is,” the source wrote. “I don’t have high hopes for Asana, Quora, or Path either, but maybe it’s too early to make a judgment call.”
With the rise of secondary trading, many Facebook employees have already cashed out. The company’s hefty exodus of early employees has been well-documented. Sarah Lacy, writing for TechCrunch, identified the emergence of a “Facebook mafia” as “early and distinct” last year. But with the Facebook-spawned startups still unproven, is it fair to say that yet?
Facebook is going to become a stock you can invest in as of today. If you haven’t already heard this news, you probably don’t even know what Facebook is (in which case: How’d you get here?).
Either way, Eduardo Saverin—the press-shy founder of Facebook who was famously ousted from the company in its early days, thus giving The Social Network a plot and Saverin a decent-sized cash settlement—has spoken on the matter of the Facebook IPO…