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What happened between Mark Zuckerberg and Eduardo Saverin?

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by

Deanna Ellis

on 25 August 2013

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Transcript of What happened between Mark Zuckerberg and Eduardo Saverin?

What happened between Mark Zuckerberg and
Eduardo Saverin? 2003: TheFacebook begins Eduardo Saverin gave $15,000 to
start the servers for "thefacebook.com" 2004: TheFacebook launches www.thefacebook.com goes live in January with CEO Mark Zuckerberg and CFO Eduardo Saverin Summer 2004 Zuckerberg and Moskovitz move to California, Saverin interns at the Lehman Brothers in New York "to set up the company, get funding, and make a business model." Eduardo ran unauthorized ads on Facebook for his own solo website, Joboozle You developed Joboozle knowing that at some point Facebook would probably want to do something with jobs. This was pretty surprising to us, because you basically made something on the side that will end up competing with Facebook and that's pretty bad by itself. But putting ads up on Facebook to advertise it, especially for free, is just mean. 2004: The era of Sean Parker Sean Parker owned Napster, so he knew
connections around Silicon Valley, so he was
given the task of finding people to
invest 2004: Thiel invested Originally the shares were:
Zuckerberg - 68%
Saverin - 30%
Moskovitz - 5%

After the transaction, the new company was divided between Zuckerberg, with 40%, Saverin, with 24%, Moskovitz, with 16%, and Thiel with 9%. The rest, about 20%, went to an options pool for future employees. 2004: Saverins shareholder agreement Eduardo signed a shareholder agreement that alloted him 3 million shares of common stock in the new company. In the agreement, he handed over all relevant intellectual property and turned over his voting rights to Mark Zuckerberg. 2005: Zuckerberg diluted Saverins share Mark caused Facebook to issue 9 million shares of common stock in the new company. He took 3.3. million shares for himself and gave 2 million to Sean Parker and 2 million to Dustin Moskovitz. This share issuance instantly diluted Eduardo's stake in the company from 24% to below 10%. 2009: Lawsuit
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