As that first summer went on and TheFacebook.com grew more popular than anyone imagined, the company needed money to keep running. Hes now a venture capitalist but most of his wealth comes from his stake in Facebook. "I was fascinated by it, and, already having some scientific knowledge, I was able to see the eye of the hurricane, literally. The Way To Preserve Your Body Wave Hair Is Curly Or Wavy? This tale of the founding of Facebook by Mark Zuckerberg and friends at Harvard University in 2004 is very recent history indeed. Mark discussed this plan with confidants over IM several times. Worse, the ads were for a startup Saverin was running entirely on his own, a job boards site called Joboozle. First, Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreements he had signed in October were invalid. Saverin provides $1,000 in seed funding, assuasive . Which Are The Best Jeep Models For Off-Roading? What investments do insurance companies make? What Is The Best Way To Iron On Patches Without Iron? It's a good flick. Is There An Alternative To Cure Depression? Saverin received a degree in economics from Harvard in 2006, and in 2009 settled in Singapore while on a world tour with his freshman-year Harvard roommate, Andrew Solimine. "The Social Network" is a work of fiction, of course. Eduardo and Sean have been friends since college, and hes been out for some time. Following are some of the highlights from the interview. He hasn't since 2005, when CEO Mark Zuckerberg diluted Saverin's stake in Facebook and then booted him from the company. What Are The Best Physical Therapy Exercises For Chronic Back Pain, The Best Tanzanite Jewelry to Own This Winter, How a Semaglitude Injection Can Help with Weightloss, Importance Of Chatbots For Customer Service, A Comprehensive Overview on Drug Testing for Employment. Mr Zuckerberg, Facebook's founder and chief executive of Meta, owns about 12.8% of the company - which is still valued at more than $660bn. In a move that stunned Silicon Valley, Google announced it will purchase popular social network Facebook in a cash and stock deal valued at $25 billion. Mark Zuckerberg is the only co-founder. Since Facebook went public in May 2012, Zuckerberg and CZI have sold more than 132 million shares of the social media giant, worth nearly $15 billion in total. How Do You Know If What You Are Eating is Healthy. Can Intake of Kratom Lead to Heart Damage? Saverin eventually sued Facebook over breach of fiduciary duty. What You Need to Know About First Party Fraud? Here, Parker was referring to Harvard classmates Eduardo Saverin and Dustin Moskovitz, both of whom have also been credited with the site's founding. What Is Socially Responsible Investing? How much did Mark Zuckerberg have to pay the Winklevoss? This probably comes as a shock to anyone who has seen The Social Network and watched the fallout between Saverin and Zuckerberg unfold on the big screen. Saverin sues Facebook and receives settlement. Facebook CEO Mark Zuckerberg celebrates his 37th birthday on May 14, 2021. Eduardo Saverin, who saw his 600 investment in Facebook turn into a 1.28 billion fortune, seems to be enjoying himself more than Mark Zuckerberg with beautiful girls flinging themselves at him. Skills Needed to Become a Brand Ambassador, What To Expect On A Clinical Placement: A Complete Guide, 5 Crucial Questions You Should Ask The Vendor Before Purchasing CBD Gummies, Museums Where You Can Find Albert Bierstadts Paintings. Cremation Jewelry for Men: Types, Costs & Where to Buy One, The Ultimate Straw Boater Hat Guide for Men, The Benefits of Investing in a Quality VPN, Things to Consider Before Using CBG Oil For Sale, What Kind Of Physical Therapy Helps Balance Issues. Beyond Style and Comfort: How Bespoke Uniforms Can Benefit Your Business. 15. 1. In what order should I get my AWS certifications? How a Child Custody Attorney Can Help You Win Your Case. 3 Steps To Letting A Bank Help You Grow As A Person. Sign up for notifications from Insider! All Rights Reserved. Finding investors wasn't hard. Are Mark and their friends still there? Not only is it one of Michael B. Jordan's best roles to date, but it's also his . Ngi ta khng bit anh s hu bao nhiu c phn ti Facebook t khi n khng phi l mt cng ty kinh doanh cng khai, tuy nhin nh bo . So Zuckerberg appears to have approached Saverin because Saverin had money and a vision for how to make more of it. Is their friendship still strong? How To Write A Great Essay? And in case youre wondering, what exactly happened in the backyard? Facebook settlement (2008): The twins reach a settlement with Zuckerberg for $65 million in a mix of Facebook shares and cash. #1 Mark Zuckerberg 29.3% US $54.3 billion (March 2020). Kevin David Lehmann is the worlds youngest billionaire thanks to his 50% stake in Germanys leading drugstore chain, dm (drogerie markt), which brings in over $12 billion in annual revenue, Forbes reported. 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Class B shares, which are primarily owned by Mark Zuckerberg and a small group of insiders, have 10 votes each. That stake is now worth close to $5 billion. Your email address will not be published. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. citizen.". Saverin's exit from Facebook was the central plot of "The Social Network.". Mark was close friends with Saverin in the film. Where do insurance companies invest annuity money? Why Are THC Gummies Perfect for A Picnic Day? Now, he was taking forever to sign off on important documents that were necessary for Facebook to succeed. Zuckerberg: But that's OK because the business is fun. Now, tens of billions of dollars later, the Brazil-born, Miami-bred billionaire finally addressed some of the topics that have been fueling people's imagination for years. The Countrys Government Network Was Forced To Shut Down Due To Massive Cyber Attack, Life Events That Can Require You to Revise Your Budget. On the choice of giving up his U.S. citizenship: "The decision was strictly based on my interest of living and working in Singapore. Do they still get along? The two students from Harvard began to work on their idea of Facebook in 2004 with an . By signing up on Facebook you can easily communicate and stay connected with people from all around the world. What Makes a Masters of Business Administration Degree Attractive? What Are the Top Benefits of Purchasing a Waterfront Home? He moved to Singapore, where he now heads up B Capital, the venture capital firm he founded in 2015. In fact, he thinks Zuckerberg is a visionary. Even when his lawyers raised the same point during the deposition, Mark tried to stop them. Saverin eventually sued Facebook over breach of fiduciary duty. By April, the site was doing so well that Zuckerberg, Saverin, and a third Harvard sophomore named Dustin Muskovitz formed The Facebook as a limited-liability company (LLC) under Florida law. ". Is he just a greedy jerk who wants to make a quick buck off of you? By clicking Sign up, you agree to receive marketing emails from Insider Eduardo had sued Mark for diluting his shares in Facebook. Do You Know How to Build a Strong Strategy to Pass Amazon AWS Certified Cloud Practitioner (CLF-C01) Certification Exam? Sociology Tutor Near Me | Sociology Class Online | Nurtem, The Civil Rights Act Of 1964 Prohibits Religious Discrimination In Employment The BlackWell Firm. On October 31, 2004, Saverin signed a shareholder agreement that alloted him 3 million shares of common stock in the new company. That stake is now worth close to $5 billion. Some notable companies in his portfolio: Bird (scooters) and Bellevue (software). It is an update to a previous story of ours, which included previously unpublished emails and instant messages between Mark Zuckerberg and early Facebook colleagues and confidants. Mark was always a geek with women, but Eduardo had the right stuff and was a math genius. Saverin eventually sued Facebook over breach of fiduciary duty. Investguiding is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. What Are the Services Offered in a Beauty Spa? 5 Ways to Appear Professional When Running a Business from Home, 4 Questions to Ask While Choosing a Personal Injury Lawyer, An Ultimate Guide to Understanding How Predictive Analytics Works, 11 Reasons Why You Need Annual Health Checkups. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Royal Pitch is dedicating to providing visitors the best of the reading experience, with an emphasis on multiple niches including Technology, Business, Lifestyle, Health, Education, Fashion, Beauty. Makes a half million dollars his first year. After the expulsion of certain personnel, Chris Hughes doesn't have to deal with as many PR nightmares as he did before. Answer (1 of 2): Eduardo Saverin sued Facebook over breach of fiduciary duty. What are the Roles and Responsibilities of a Private Investigator in Phoenix, AZ? He left the Board of Directors in June 2017. SmallHoop Earrings Are the Latest Accessory Craze for Women. At one point, Zuckerberg emailed Saverin to offer him frequent flyer miles if it would get him out to Palo Alto. It was this moment in history that "The Social Network" attempted to capture in the scene we embedded at the start of this story. They became friends and founded a tech company worth billions of dollars. They claimed he copied their idea and some of the code they'd paid him to create. 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After the transaction, the new company was divided between Zuckerberg, with 40%, Saverin, with 24%, Moskovitz, with 16%, and Thiel with 9%. The Best Smartphone Cameras: Overview of the Most Popular Models, Get A Stunning Look With Klaiyi Human Hair Wigs, Why Zenith Arc Is the Best Artificial Structure To Have, Everything You Need To Know About Balding, Emberifys Tips for Retaining Your Followers on Instagram, Introducing Best Sop Writers In India, Crafting Unrefusable Sops For Years, Photovoltaic System On The North Side Of The Roof. What Tips Help You Be A Professional In Crypto? Which companies are worth investing in now? Stages of Language Acquisition in Children, 4 Essential Ways for Nurses to Stay Healthy. Also know, is Mark Zuckerberg still friends with Eduardo? Opinions expressed by Forbes Contributors are their own. Fifteen days after that letter was sent from TheFacebook.com's HQ, one came back from Eduardo's lawyers. In an IM exchange with Parker after a meeting with Peter Thiel, who would soon become Facebook's first outside investor, Mark and Sean discussed the Saverin problem. Is there any hope for them? I looked around the site and saw that it was "a Mark Zuckerberg production". ", ALSO READ: Eduardo Saverin's Net Worth Publicly Revealed: More Than $2 Billion In Facebook Alone, This is a BETA experience. Analyzes how facebook ceo joins billionaires' vow to give away wealth. Zuckerberg forced out Eduardo because it is alleged that simply after getting the initial seed money from Eduardo (and some code), Zuck didn't need him anymore and Zuck wanted more power and therefore forced his buddy out. Effective Property Marketing Strategies Today. There was no other way. The majority of Saverin's fortune is derived from his stake in Meta Platforms, formerly Facebook. On September 27, 2004, Peter Thiel formally acquired 9% of the new company with a convertible note worth $500,000. Described by Altman as a shy, and yet strong-willed person, Saverin began his chat with the journalist explaining how his family immigrated to the United States from Brazil, in the early 1990s. Access your favorite topics in a personalized feed while you're on the go. Lehmanns father transferred ownership of his 50% stake in dm to Kevin David in 2017. How muchRead More Required fields are marked *. Although Saverin didnt consider it a big deal according to reports, the two men sued each other for a majority share of Facebook. Honestly, Mark Zuckerberg is probably the easiest famous person to manage in terms of PR. Facebook, American online social network service that is part of the company Meta Platforms. Tips to Optimize Your Website for Organic Search, Can You Brush Your Teeth After A Root Canal. Facebook cofounder Chris Hughes wrote an unexpectedly critical opinion piece in the New York Times on Facebook, calling for the breakup of . VAT Schemes: Do You Know Which One is Right for Your Business? How to trade bitcoin using an android phone? Technology-Assisted Review: How AI is Helping Lawyers Review Documents Faster? 10. Why Do Cross Country Runners Have Skinny Legs? What is the Best Physiotherapy for Hip Replacement? Jessica Alona, believed to be Zuckerbergs real (ex) girlfriend at the time, has never spoken to the media. So Marks lawyers were looking for arguments against Eduardo which supports the fact that his actions jeopardized the company. Advantages Of Cash Refinancing For Commercial Real Estate, 4 Ways A Medicare Specialist In South Florida Can Help. So, Eduardo left the place angrily. Zuckerberg, who is the worlds fifth richest person, has now winnowed his stake in Facebook to about 14%, down from 28% at the time of the companys IPO. Answer (1 of 5): Well, considering the movie "The Social Network" and more importantly some other internet sources I would say he did. What to do after started a real estate investment company? Now a venture capitalist, he still derives most of his wealth from his small but valuable stake in Facebook. How much did Mark Zuckerberg pay his friend? 5 Ways MBA Programs Are Changing To Keep Up With The Trends, Maximize Your Productivity By Learning These Mac Keyboard Shortcuts. Facebook's co-founder Eduardo Saverin really wants the world to know that he doesn't hold a grudge against Mark Zuckerberg for being pushed out of the company in its early days. We need to remember, while Saverin bankrolled the initial stages of Facebook, he was very detached from the project when it was gettin. 4 Most Effective Language for Android App Development, The Complete Guide to Blockchain Game Development A Beginners Guide. 13. Parker's first task was to do one of things Saverin was supposed to do, but hadn't yet: help Facebook find money. But also like the Winklevosses, Saverin won huge in the end. What percentage of Facebook does Mark Zuckerberg own? Different Ways To Make A Profit From Ethereum! Read on to find out! May 28, 2012, 6:26 AM. Two months later, on June 10, 2004, a Harvard commencement speaker mentioned the amazing popularity of thefacebook.com. My eyes. positive light is Eduardo Saverin, Zuckerberg's friend and co . Today Mr. Zuckerberg . What is a real estate investment holding company? Exploring Different Ways to Manage Your Business. Will People Use The App After The Pandemic? For Zuckerberg, this only reinforced the idea that Saverin was expendable. 1 'Creed III' (2023) The highly anticipated sequel Creed III is coming to theaters soon, and it's bound to be a hit. The latest Eduardo Saverin scandal was a shock to many people. In one IM to a friend, Zuckerberg described his new partner, Saverin, as the "head of the investment society." What Are Gas-Powered RC Cars And How to Buy Them? Facebook and Saverin settled, and he walked away with 4% or 5% of the company. How Useful Are Advertising Management Tools? Invisible Lace Wig Review: Is It Really Worth It? Saverin went to New York for an internship at Lehman Brothers. Along with his wife, a psychologist, and his three children--Eduardo being the youngest one--Roberto settled in the Florida city which is a favorite destination for Brazilian tourists and immigrants. Which Is the Best International Courier Service, How To Enhance Your Mac Privacy And Security: 5 Quick Tips, Four Multi-Family Property Equity Investment Strategies You Should Know, How Blockchain Technology Has Impacted E-Commerce, Digital Yuan: Drastic Changes In The Global Trade, Best-Going Cryptocurrency Exchanges In 2022. "Friends do not rat their Friends" Eduardo had sued Mark for diluting his shares in Facebook. But the fall in his net worth to $85bn takes the 37-year-old down to 12th in the Forbes billionaires list, having been rated at fifth last year. Confidant: How are you going to get around Eduardo? Facebook and Saverin settled, and he walked away with 4% or 5% of the company. Parkers interest in music led him to invest in Spotify in 2010. The jilted Saverin grew bitter. Eduardo Saverin (sinh ngy 19 thng 3 nm 1982 ti Sao Paulo, Brasil) l doanh nhn ngi M gc Brasil v l ngi ng sng lp Facebook cng vi Mark Zuckerberg, Dustin Moskovitz v Chris Hughes. Like the Winklevoss brothers, Eduardo Saverin clearly felt he got screwed by Mark Zuckerberg in Facebook's early days, and in one way, he did. The only close friend of Mark Zuckerberg before Facebook was Eduardo. Which Teeth Are Normally Considered Anodontia. He moved to Singapore, where he now heads up B Capital, the venture capital firm he founded in 2015. The two were once in a friendship that lasted for years. I've recently been cc'd on e-mails sent to Eike Batista [Brazil's richest man]. Mark Zuckerberg turns 37 on Friday. Things were going so well, in fact, that Mark soon decided to commit to the company and not return to Harvard for his junior year. Then Saverin sued Zuckerberg, alleging he spent Facebook's money (his money) on personal expenses over the summer. How Can You Enjoy The Fair Chances Of IPO Allotment? 6 Ways Your Child Can Increase Confidence At School. It's now a $475 billion tech giant, but only Mark Zuckerberg is still at work there. But putting ads up on Facebook to advertise it, especially for free, is just mean. Is a Medical Assistant Career Right For Me? Why are people spending millions of money on NFTs? Eduardo was under the mistaken impression that Mark and Eduardo were close friends. Comments ( 102) According to that movie from 2010, Justin Timberlake persuaded Mark Zuckerberg to screw his college friend (and Facebook cofounder) Eduardo Saverin out of . Trust is the foundation of business and Eduardo did not have a strategy to keep him . Things You Must Consider While Searching For A Dispensary In Portland, Oregon? Facebook was founded in 2004 by Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes, all of whom were students at Harvard University. But the fall in his net worth to $85bn takes the 37-year-old down to 12th in the Forbes billionaires list, having been rated at fifth last year. What Is the Total Cost of PMP Certification in India? as well as other partner offers and accept our. Much of what people say about him is--he states--nothing but "Hollywood fantasy. September 25, 2021 9:09am. Zuckerberg used Eduardo's trust to eliminate him from the business when the business grew. Begin Your Dropshipping Journey With These Helpful Steps, 5 Reasons Why Renting a Home in SF on a Monthly Basis is Better Than Buying, Top 6 Forex Chart Patterns You Should Know About. Saverins exit from Facebook was the central plot of The Social Network.. Sean Parker hurt Eduardo when he refused to sign the updated shares agreement.He said that he will get them signed. Indirect Auto Transport Explained, 9 Ways to Make Your Business Travels Run More Smoothly, Outstanding Blockchain Platforms You Need To Know. After Saverin began talking to Mezrich, he and Facebook settled their lawsuits. From there, a good chunk of equity went to Eduardo's replacement, TheFacebook.com's new COO, Sean Parker. How To Make Facebook Friends Private Facebook is a popular social media platform that enables users to upload their photos and videos and share their thoughts with other Facebook users. He left the Board of Directors in June 2017. Nicholas Carlson. Few minutes later, Mark said to Sean, that he need not be that rough on him. For the other side, it was the investors who screwed him up. 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Why is CBD Oil an Alternative to Cure Sleep Conditions? ", Funny story: Saverin first made international headlines at the tender age of 13, when he beat a chess grandmaster during a match in Orlando. Saverin certainly has plenty of reason to be upset at Zuckerberg, who was responsible for diluting his stake in Facebook and ultimately booting him from the company in 2005, but Saverin claims to be over it. The Cremation Process Step-by-Step: How Does it Work? The money, Mark promised, would go toward the servers needed to host a site that Mark wanted to develop. 5 Top Benefits of Online Flower Delivery Services, Plan The Perfect Abu Dhabi Tour From Dubai, YouTube Ads for Beginners: How to Launch & Optimize a YouTube Video Advertising Campaign, Essential Characteristics of Aircraft Fasteners. Saverin didn't take the offer. 6 Questions To Ask Before Hiring Truck Crash Lawyers, How To Order Fish Online In Singapore Without A Problem, Benefits Of Choosing A Factoring Company In Singapore, Learn About The Different Strains Of Kratom, Different Ways to Make A Pipe and Why They Can Be a Good Alternative. Facebook and Saverin settled, and he walked away with 4% or 5% of the company. He gets a $40,000 bank loan, borrows another $40,000 from his in-laws, opens a store, and calls it Victoria's Secret. After all, Saverin had the idea and was thrown out. Saverin eventually sued Facebook over breach of fiduciary duty. Or, is he the real deal? Saline vs. Silicone: Which Breast Implant Is Better? 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Top-5 Districts To Buy Commercial Facilities In Dubai, First Aid 101: Basic First Aid For Dummies, A Comprehensive Guide On Economy Shipping Services, 6 Skills Your Business Needs to Drive Digital Transformation, What To Look For In A Cosmetic Professional, 5 Questions To Ask Your OBGYN At The First Prenatal Visit, Choosing QA Outsourcing: Software Testing Outsourcing, Insurance For Nursing Home: Factors To Consider And Available Policies, 8 Reasons To Hire a Lawyer in Your Time of Need. Nh ng sng lp Facebook - Eduardo Saverin. With billions of users Facebook serves as a common platform for people to connect with one another. Thanks to Mark Zuckerberg and the rest of the Facebook team. What happened to Mark Zuckerbergs friend Eduardo? Advanced Certified Scrum Master (A-CSM) Certification, How to Choose the Best Art Therapy Course for You, Five Ways To Make Your Visit To Tennessee Memorable, 6 Proven Tips To Enjoy Trouble-Free Vacays. The excuses all came later. What Is Eco-Friendly Plumbing and How Does It Help? On the movie 'The Social Network,' where he is portrayed by American-English actor Andrew Garfield: "That's Hollywood fantasy, not a documentary. Who is the youngest billionaire in the planet? Seth Fiegerman. Here are 8 Good Reasons, 6 Rules For A Healthy Lifestyle When You Are A Student, Diabetic Foot Ulcers: The Best Treatment Plan, Tips to Get Accepted to the College of Your Choice, Does Rise of Bitcoin Mean Decline of Central Banks, Systematic Study and Assessment of Bitcoin Buyer, Exchange Cryptocurrency With Immediate Edge Pro, Significance of Trading with Bitcoin Up Platform, Bitcoin Prime An Updated Online Software In 2022, Join An Exclusive Digital Community To Earn Exclusively, Trading Is Made More Accessible With The Bitcoin Code, Best Solution to Beat the Current Inflation. They seemed friendly, joking it up, and whatnot. Justin Sullivan / Getty. Factors That Contribute to a Great Wrestler, Tips to Address Cybersecurity in Organizations. It's now a $475 billion tech giant, but only Mark Zuckerberg is still at work there. Tips To Buy The Best Office Supplies Online, 4 Factors To Consider Before Buying A VPN, Best Advice For Sponsors Hiring Expats in the UK. Erica Albright probably doesnt exist DOES exist, in a roundabout kind of way: those LiveJournal entries were actually (apparently) about someone called Jessica Alona. In late 2003, Harvard sophomore Mark Zuckerberg asked a Harvard student named Eduardo Saverin, a junior, to deposit $15,000 in a bank account that would be accessible to both of them. My guess is in healthcare.". How much did Mark Zuckerberg have to pay the Winklevoss? 2023 Investguiding. At first, it was just a cultural divide. Mark Zuckerberg, in full Mark Elliot Zuckerberg, (born May 14, 1984, White Plains, New York, U.S.), American computer programmer who was cofounder and CEO (2004- ) of Facebook, a social networking Web site. In the middle of that summer, Zuckerberg's plan to oust his cofounder went off without a hitch. 1. Eduardo Saverin cofounded Facebook with Harvard classmate Mark Zuckerberg in 2004. NEM (XEM) New Economy Movement in the Crypto World, Tourmaline Stone Meaning, Powers & Benefits For Health, How to Manage a Successful Dental Practice, Learn About 3 Ways to Grow Your Investment Account. Brazil Bounces Back With A Slew Of New Billionaires, Fortune Magazine's New Owner Is Member Of Thailand's Richest Family, Southeast Asia's Richest Woman Signs $6.5 Billion Deal For 50 Airbus Jets, The Indonesian Tycoons Behind Lion Air, Whose Plane Crashed Off Jakarta on Monday, How This Video Gaming Billionaire Invests His More Than $2 Billion, LinkedIn Cofounder Reid Hoffman On His Billion-Dollar Impact Investing Bet, Jeff Bezos Is $1.8 Billion Richer As Amazon's Market Cap Briefly Hits $1 Trillion, The $4 Billion Crypto Billionaire Who No One Has Heard Of, revealing, world-exclusive interview with reporter Fbio Altman published this weekend by Veja, Eduardo Saverin's Net Worth Publicly Revealed: More Than $2 Billion In Facebook Alone. The situation soon became critical, because without financing, TheFacebook.com would end up running on Zuckerberg family loans. How to Start Accepting Bitcoin Payments on Your eCommerce Site? The lawsuit ended with Saverin walking away with 4% or 5% of Facebook, which he still owns today. What investment companies are in chicago il? After this I have control, "Eduardo is refusing to co-operate at allWe basically now need to sign over our intellectual property to a new company and just take the lawsuitI'm just going to cut him out and then settle with him. Without advertising income, we can't keep making this site awesome for you. Eduardo Saverin was CFO for Facebook which means that he had to sign off on Facebook's financial decisions. What are Rails Design Patterns & Anti-Patterns? In the exclusive email to Business Insider, Saverin admitted that he stripped down to his boxer briefs in the backyard with Dustin and Sean. 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eduardo saverin and mark zuckerberg still friends