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May 30th, 2012
06:21 AM ET

MYB: Facebook stock hits new lows and co-founder Saverin speaks out on paying his U.S. taxes

It was the stock everyone thought couldn't lose. But yesterday, Facebook stock lost another nearly 10% yesterday.

Since it's IPO, the stock has lost nearly a quarter of its value, closing below $30 yesterday. This morning in pre-market trade, it's down again.

The new lows are partly due to speculation that the company is prepping to buy a Norwegian mobile browser developer called Opera. Facebook needs help in mobile operations but investors questioned whether this would be the right fit.

In other Facebook news, co-founder Eduardo Saverin took time to talk with Brazilian newspaper "Veja" to address speculation that he moved to Singapore to avoid paying taxes on his Facebook holdings.

"The decision was strictly based on my interest of living and working in Singapore," Saverin tells the paper. "I am obligated and I will pay hundreds of millions of dollars in taxes to the American government."

He also said he has already paid and will continue to pay his taxes in the U.S.

Filed under: Minding Your Business
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