One of the four multi-billionaire founders of Facebook has renounced his US citizenship in a move that could save him millions of dollars of tax ahead of the planned flotation of the social network.

Eduardo Saverin owns 4% of Facebook  which has a value of $96 billion. Woah. Saverin would still face an exit tax paid by those who give up their US citizenship though this is certain to be far less than what he would incur by not doing so.

Tom Goodman, a spokesman for Saverin, told Bloomberg that: “Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time.“