In this success post, we are going to share the story of Eduardo Saverin, a new age internet entrepreneur and investor who came into the spotlight as one of the five co-founders of the social media platform, Facebook, along with Dustin Moskovitz, Chris Hughes, Andrew McCollum, and the creator Mark Zuckerberg.
With a net worth of $9 billion, comprising of a colossal 100 million Facebook shares, he is one of the front runners in the Internet Entrepreneurship field.
Eduardo Saverin Career
Eduardo met Mark in his junior year at Harvard. Mark had an idea for a social networking site online cum directory for Harvard students, but needed financial support to develop it.
Seeing that Mark had a brilliant idea that was worth investing in, Eduardo agreed to support him. Mark never saw Facebook as a way to create money. Moreover, Mark, the only intention was to create an innovative website that could connect people.
After successfully launching Facebook at Harvard, the co-founder decided to expand it’s beyond its limitations. Thus, they decided to move to Palo Alto, California. Moreover, Saverin went to New York to undertake an internship at Lehman Brothers in 2004.
Saverin was supposed to work on getting funds, setting up a company, and making a business model during the course of his internship. Saverin thus became Facebook’s first Chief Finance Officer.
Moreover, Eduardo Saverin was found to have run unauthorized ads on Facebook, without the knowledge of Mark. He even developed the Joboozle, which was a job board site.
This led to a severe conflict between the Saverin and Mark, and when Eduardo failed to offer Facebook with the required funding, Mark had to find other investors.
Sean took Eduardo place to find funds for Facebook. Peter Thiel, another investor who came in contact with Mark through Sean, helped Mark in cutting off Eduardo.
To cut Saverin off, Mark formed a new company named Facebook, a Delaware Corporation, and then distributed its new shares to everyone other than Saverin.
Eduardo had to sign an agreement that made Mark the sole director of Facebook.
In 2010, Eduardo, along with Aldo, a Mexican reporter, co-founded Aporta. It is an online portal for charity.
In 2016, he closed deals of more than $150 million in Asia, which includes the ones for the startup Ninja Van.
Also Read: Larry Ellison Biography: Success Story of Oracle Co-founder
