Yet another social network joins the billionaires club. The social photo-sharing network Pinterest has been valued at $1.5 billion. The valuation comes after it received a $50 million investment from a Japanese e-commerce site. Pinterest makes no money, but you can bet that investors will push to change that by integrating e-commerce tools. And if you want to see what all the fuss is about, here are some tips and tricks to getting started on Pinterest.
Facebook co-founder Eduardo Saverin is under fire for dropping his U.S. citizenship and not having to pay U.S. taxes for the billions he will earn from Facebook going public. (He applied to renounce his U.S. citizenship in January 2011, he told the New York Times, and it took effect in September. But it was made public days before Facebook's IPO. He's lived in Singapore since 2009.) Saverin issued a statement saying he has to pay hundreds of millions of dollars in taxes on everything he's earned while a U.S. citizen, and will pay anything else he owes. In light of the media attention, U.S. senators proposed a law that would punish anyone renouncing citizenship to avoid paying taxes.