People may receive compensation for some links to products and services on this website. Only Zukerburg knows the exact details. It is an update to a previous story of ours, which included previously unpublished emails and instant messages between Mark Zuckerberg and early Facebook colleagues and confidants. (3) Eduardo Saverin, 36 Cofounder of B Capital, a venture capital firm. The third cofounder is legendary investor Howard Morgan. Gangulys worked with Saverin since 2012, when the friends from their Harvard daysGanguly got his business school degree therereconnected in Singapore. Then in 2010,Columbia Pictures made a movie based on the book. In the years since he secured his once-in-a-lifetime stake$2 billion at the time of IPOhes embraced a new role as venture capitalist at B Capital, the firm he cofounded in 2015. Eduardo was polite and unassuming. I already paid and I will keep paying whatever taxes I owe based on my time as a U.S. Eduardo and the team asked the right questions, says Lai Chang Wen, CEO of Ninja Van. Saverin is the founder of several companies like Bird (scooters), and Bellevue (Software). This led to Zuckerberg choosing to effectively cut out Saverin. [16] His Romanian-born grandfather, Eugenio Saverin (born Eugen Saverin), is the founder of Tip Top, a chain of children's clothing shops. A lawsuit was filed against Eduardo Saverin by Facebook in October 2005. What Eduardo Saverin failed to do, Sean Parker was able to achieve. The rest, about 20%, went to an options pool for future employees. Saverin was eventually fired, though the diluting of his shares did happen as a way to get him out of the company. The Social Network told the story of Facebook's creation, but it took many liberties for the sake of drama. Hes always denied moving to Singapore for tax reasons and cringes at his Hollywood alter egohes more comfortable behind a spreadsheet than on the silver screen. And to hear Saverin talk about it, hes at peace with his Facebook past (and remains one of the biggest individual shareholders, with a 2% stake in the $475 billion company). The Harvard University it was the place where he was born Facebook. He was charged for signing the invalid signature in the stock-purchase agreement. Also key: an alliance with Boston Consulting Group providing Saverins portfolio companies access to the elite consultancys brain trust and its clients. Eduardo had sued Mark for diluting his shares in Facebook. Eventually, Zuckerberg decided to solve the problem by cutting Saverin out of the company. Facebook co-founder Eduardo Saverin has renounced his US citizenship in order to avoid a boatload of taxes after Facebook's $15 Billion IPO. His plan: Reduce Saverin's stake in TheFacebook.com by creating a new company, a Delaware corporation, to acquire the old company (the Florida LLC formed in April), and then distribute new shares in the new company to everybody but Saverin. "Imagine sitting in a movie . On the now infamous e-mail sent by Mark Zuckerberg to another Facebook cofounder, Dustin Moskovitz, in which he discusses how Saverin's stake in the site could be reduced: "I have only good things to say about Mark, there are no hard feelings between us. Saverin, then a college junior, invested $15,000 in Facebooks future. Only years after moving to the U.S. he found that his father and Eduardo's grandfather, Eugnio Saverin, was on a list of potential kidnapping targets. Her mother Est Tristan Tate was dating Romanian TV presenter and journalist Bianca Dragusanu in 2018. Parkers main task was to get money for the site, something he was familiar with as he raised money for Napster and knew his way around Silicon Valley. The gorgeous and delicate Soledad O'Brien working as a correspondent for CNN morning show Starting Point with Soledad OBrien was born in 19 September 1966 at Saint James, New York; USA. Students from other schools quickly clamored for the site's expansion, and Mark and his colleagues obliged. Founders who meet with Saverin and B Capital in 2019 cant be sure if theyre sitting down with a future Midas List-caliber tech investor or a billionaire dilettante. Then it acquired the old company, formed back in April as an LLC in Florida. [23][24], In 2010, Saverin co-founded Aporta, an online portal for charity. Two months later, on June 10, 2004, a Harvard commencement speaker mentioned the amazing popularity of thefacebook.com. He is listed as one of the richest businessmen in the world. As that first summer went on and TheFacebook.com grew more popular than anyone imagined, the company needed money to keep running. Their first effort was Velos Partners, an $80 million private equity vehicle with a consumer bent they launched with several other friends. But he rolls with it, all in the name of furthering what he wants the world to know about the Eduardo Saverin of 2019, the cofounder of B Capital, a rapidly expanding venture capital firm thats on the cusp of taking bigger swings. The longtime president of Angola died Friday, but the financial impact of his rule lingers on. That reported $700 million was a speculative back-of-the-envelope figure, says his spokesperson. 36 years (May 14, 1984) Further, Eduardo Saverin filed a suit against Zuckerberg claiming he spent Facebook's money on his expenses over the summer. Giving B Capital even more street cred: Howard Morgan, the cofounder of First Round Capital, known for his early investments in Uber and Warby Parker, came out of retirement in 2017 to become chairman of the entire firm. He seemed to be the fast follower. This is the story of how Saverin got so angry at Zuckerberghow, from Saverin's perspective, Zuckerberg screwed him out of a huge chunk of Facebook stock. Sign up for notifications from Insider! Eventually, sources say, Saverin decided to attack Zuckerberg's reputation. Eduardo Saverin and his co-partner Sophomore Mark Zuckerberg launched Facebook in 2004. Julie Anke: Fresh Video Of 10 Years Old Chrisland School Girl With Another Boy Pop Up Online. No matter how lucky or blessed I might be, I will never retire on a beach, says Saverin. Parkers time at Facebook came to an end in 2005. And I would never throw a laptop at someone, like it appears in the movie. It was the high point in the relationship between the cofounders. Wikipedia And And Facts To Know. Saverin didn't take the offer. But as in his second act as venture capitalist, Saverin is uniquely positioned to guide entrepreneurs through the perils of success. [14], Saverin attended Gulliver Preparatory School in Miami. A Brazilian native, Saverin has been a Singapore resident since renouncing his U.S. citizenship in 2012 ahead of Facebook's IPO. Saverin, Eduardo (October 15, 2010). "Facebook Co-Founder Speaks Publicly: What I Learned From Watching 'The Social Network'". Parker's first task was to do one of things Saverin was supposed to do, but hadn't yet: help Facebook find money. Bryce Young is an American football quarterback for the Alabama Crimson Tide. Mark Zuckerberg was a Harvard computer science student when he, along with classmates Eduardo Saverin, Dustin Moskovitz, and Chris Hughes invented Facebook. Saverin was the kind of guy who wore suits to class at Harvard, and he left peopleincluding Zuckerbergwith the impression that he was connected to the Brazilian mafia. The money, Mark promised, would go toward the servers needed to host a site that Mark wanted to develop. Fans suspected Bianca of cheating on Tate when they were together. He quickly proved himself capable. Im incredibly proud of what Mark has done, to build an institution of its size and value. In 2008, he left Facebook to co-found Asana with Justin Rosenstein.In March 2011, Forbes reported Moskovitz to be the youngest self-made billionaire in the world . Guillermo del Toro said hi to her once. What exactly happened to Eduardo? And make sure you dont make that mistake again., Cover photograph by Bryan van der Beek for Forbes, Covering venture capital, cloud and startups. For Bryce to achieve his dreams, his parents have equally played an important role a Judge Elizabeth Scherer is an American circuit judge, equestrian, and advocate lawyer. His focus on the company since its very first day is anything short of admirable. In another IM conversation, this one from January 8, 2004, Mark described the arrangement this way: Zuckerberg: Eduardo is paying for my servers.Friend: A sucker born every day.Zuckerberg: Nah, he thinks it will make money.Friend: What do you think?Zuckerberg: Well I don't know business stuff Zuckerberg: I'm content to make something cool. The Social Network begins with then 19 year-old Mark Zuckerberg being dumped by his girlfriend Erica Albright (Rooney Mara). Contrary to what has been said, the Saverins didn't choose to leave the South American nation because of kidnapping threats. [11], Eduardo Luiz Saverin was born in the city of So Paulo to a wealthy Jewish-Brazilian family,[6][12][13] and his family later moved to Rio de Janeiro. Mark discussed this plan with confidants over IM several times. Who Is Mark Sievers And What Did He Do? Across two interviews, Saverin says the company is incredibly close to my heart and shares praise for Zuckerberg and COO Sheryl Sandbergs leadership. citizen.". Heres everything The Social Network got wrong. On September 27, 2004, Peter Thiel formally acquired 9% of the new company with a convertible note worth $500,000. After making that clear, Saverin, who's worth an estimated $2 billion as of Forbes' last count, credited his grandparents for inspiring him to become successful. Latest Media & Entertainment News and Updates. Is Bryce Young Related To Vince Young? At the meeting, he presents a billion-dollar visionfor the company, which impresses Zuckerberg, prompting him to move to Palo Alto. Fifteen days after that letter was sent from TheFacebook.com's HQ, one came back from Eduardo's lawyers. Before the transaction, Facebook ownership was divided between Zuckerberg, with 65%, Saverin, with 30%, and Moskovitz, with 5%. Facebook went live a year later, with Saverins money paying for the servers. A close friend of Mark's, the two co-found Facebook together, with Eduardo providing the funds to get started. Who Is Ambsofficialxo Aka Amber Ajami? Unsurprisingly, Mark Zuckerbergs reaction to the film wasnt as good and welcoming as that of critics. On the choice of giving up his U.S. citizenship: "The decision was strictly based on my interest of living and working in Singapore. He was a visionary, he always knew that the only way for Facebook to grow was to maintain its central idea, that of people truly presenting themselves as they are, without nicknames or pseudonyms. Zukerberg befriended Sean Parker. B Capital Groupan investment firm led by Facebook cofounder Eduardo Saverin, legendary investor Howard Morgan and former Bain Capital executive Raj Gangulyraised $250 million from outside investors for its early stage venture capital fund. Governor Rick Scoot appointed her on December 2012, replacing retired judge David. I am obligated and I will pay hundreds of millions of dollars in taxes to the American government. So Zuckerberg appears to have approached Saverin because Saverin had money and a vision for how to make more of it. Facebook wasn't built out of a Harvard dorm window. Zuckerberg, Facebook, and Saverin declined interview requests for this story, but we can infer some of Zuckerberg's thinking from instant messages he wrote during the time. As he speaks via Google Hangout in January, Forbes asks if hes used a Facebook Portal, the video chat device the company launched in October to some criticism. Racy flash trend confuses users, How to add music to BeReal with Spotifys new personalization feature, Share This Post On WhatsApp, Facebook, Twitter, Instagram & Telegram. Both Saverin and Zuckerberg have been able to maintain their wealth over the years. Saverins discomfort and frustration with Facebook, Zuckerberg, and Parker only grows after learning that the investment deal with Peter Thiel diluted his share. That is not true, he says. A year later he renounced his American citizenship, reportedly avoiding some $700 million in U.S. taxes. Zuckerberg: But that's OK because the business is fun. Eduardo Saverin and his co-partner Sophomore Mark Zuckerberg launched Facebook in 2004. Elaine Andriejanssen is the beloved wife of entrepreneur Eduardo Saverin. The 39-year-old Eduardo Saverin is a Brazalian entreprenuer. On October 31, 2004, Saverin signed a shareholder agreement that alloted him 3 million shares of common stock in the new company. Eduardo Saverin first encountered Elaine Andriejanssen during his universities days. Citizenship Before IPO", "United States Securities and Exchange Commission Initial Statement of Beneficial Ownership of Securities - Eduardo Saverin", "Eduardo Saverin's Net Worth Publicly Revealed: More Than $2 Billion in Facebook Alone", "Facebook Co-Founder Eduardo Saverin Invests In Qwiki", "Exclusive: Facebook Co-Founder Eduardo Saverin Leads $6.5M Round For Jumio", "The Social Network: How Jewish is Facebook? Eduardo Saverin is a billionaire entrepreneur, known as one of the co-founders of Facebook. The former Box and Apple executive is joining B Capital in its San Francisco office, giving the firm seven partners. Later, Eduardo was titled the co-founder of Facebook. So, did she have an affair? Parker eventually replaced Saverin and became president of the company. Eduardo Saverin on the cover of Veja (Photo by Gilberto Tadday), It took almost a decade, one Hollywood flick and roughly a billion friends for Eduardo Saverin to agree on telling his side of the story about the founding of Facebook, the social-networking website that since 2004 has changed the way we communicate. There was no other way. Not even at Mark. Saverin was unreachable at that point, and the site had to live off of Zuckerberg family loans. He moved to Singapore, where he now heads up B Capital, the venture capital firm he founded in 2015. Estelle Macron; maman, photo, biographie, nephrologue, mdecin, age, enceinte. Saverins name is later removed from the masthead as co-founder, and he sues Zuckerberg. Saverin was a competitive chess player from 1997 to 2001. But then Saverin did something that really pissed Zuckerberg off: He ran unauthorized ads on Facebook. Elaine Andriejanssen belongs to a business background family. In later emails and IMs, we learn what "dirty tricks" Zuckerberg intended to pull to get TheFacebook.com funding without having to wait for sign-off from Saverin. Eduardo Saverin cofounded Facebook with Harvard classmate Mark Zuckerberg in 2004. At first, it was just a cultural divide. Saverin filed a lawsuit shortly after being fired by Zuckerberg in April 2005. Elaine Andriejanssen is popularly known as the wife of the billionaire entrepreneur Eduardo Saverin. She is a Chinese Indonesian. What was his total settlement after his lawsuit against Facebook? What Happened To Eduardo Saverin? We are still so early into making the technologies that will impact the world.. They didnt start working together right away as in the film they ran into each other months after that first meeting on the streets of Palo Alto. What was Saverin's settlement after his lawsuit? Eduardo Saverin cofounded Facebook with Harvard classmate Mark Zuckerberg in 2004. The site was a hot or not comparison of female students, and drew a lot of attention in just a couple of hours. It was great. 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. | On December 22, 2021 01:25 PM. Prior to that, Eduardo Saverin owned 53 million shares of Facebook that valued at approximately $2 billion in 2012. Sequoia has funded Google, Yahoo, PayPal, Zappos, and many other massive tech companies. Saverin, originally born in Brazil, renounced his U.S. citizenship one year after The Social Network hit theaters. Finding investors wasn't hard. Adrienne Tyler is a features writer for Screen Rant. [22] In 2009, both suits were settled out of court. In short, he wasdriven by resentment and revenge for being dumped, when in reality, Zuckerbergs motivations were completely different. ", In a revealing, world-exclusive interview with reporter Fbio Altman published this weekend by Veja, Brazil's leading newsmagazine, Saverin explained that he never talked to the media before due to contract restraints with the other Facebook shareholders. Scherer is a circuit judge for Florida. Facebook, American online social network service that is part of the company Meta Platforms. But also like the Winklevosses, Saverin won huge in the end. She is born to her parents who are both migrants. Zukerberg had a falling out with Saverin. On the movie 'The Social Network,' where he is portrayed by American-English actor Andrew Garfield: "That's Hollywood fantasy, not a documentary. Thanks to Zuckerberg and the rest of the Facebook team, most of Saverin's $10 billion wealthstill comes from his little $15,000 investment, with no further effort from himself. Market Realist is a registered trademark. Everything To Know. Tim Van Patten is an American director, actor, screenwriter, and producer. Today, hopefully he doesnt become a user at his age, hes too young. The film also portrays him as an antagonist, as Saverin doesnt agree with him making business decisions, but in reality, Parkers actions when working at Facebook were for the companys benefit. It took a lawsuit and a settlement to make that happen. Reflects change since 5 pm ET of prior trading day. "I've always wanted to live in the United States, that was a dream I decided to fulfill because Brazil was facing a crisis, [former president] Fernando Collor had just freezed all saving accounts, the situation wasn't easy," said Roberto Saverin, Eduardo's father, who now runs a Miami-based pharmaceutical drugs export business and was also interviewed by Altman. After one year of their engagement, Eduardo and Elaine tied the knot with each other on 25 June 2015. No fun things though?Zuckerberg: Eh, enough. 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. In response, Zuckerberg's lawyer issues a prescient warning: "As Eduardo is the only shareholder being diluted by the grants issuances there is substantial risk that he may claim the issuances, especially the ones to Dustin and Mark, but also to Sean, are a breach of fiduciary duty later on if not now. ), or wondering what life would have been like had Pushing Daisies, Firefly, and Limitless not been cancelled. We can tell from the previously unpublished letter included in this story that Zuckerberg didn't really want Saverin to notice his stake in Facebook was being diluted. Zuckerberg met Saverin and they agreed to invest $1000 in the site, which went towards the servers needed to host Thefacebook. Join Facebook to connect with Eduardo Saverin and others you may know. Of course, that would have been too boring for Hollywood's standards. But putting ads up on Facebook to advertise it, especially for free, is just mean. "Facebook Co-Founder May Gain Choosing Singapore Over the U.S.", "Saverin 'has no plans to become S'pore citizen', "Status update: Facebook co-founder Eduardo Saverin marries Singapore-based Elaine Andriejanssen", "Quarterly Publication of Individuals, Who Have Chosen to Expatriate, as Required by Section 6039G", "Facebook Co-Founder Saverin Gives Up U.S. But: Zukerburg dropped out of school and moved to California to focus on Facebook. As of 2021, we estimate Eduardo Saverins net worth around $12 billion. He moved to Singapore, where he now heads up B Capital, the venture capital firm he founded in 2015. But he did this not because he wanted to, but because he had no other choice as a foreigner living in Singapore, where financial transactions are more restricted and bureaucratic for those who hold a U.S. passport. Besides that, she is a qualitative researcher and financial analyst by profession. 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. Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreement Saverin signed in October 2005 was invalid. However, the disagreement of both parties was settled out of court in 2009. 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This new version includes new material: Previously unpublished email correspondence between Zuckerberg and Facebook's early lawyers. Eduardo Saverin, the estranged co-founder of Facebook, has posted on the CNBC Guest Blog sharing his thoughts after seeing The Social Network. In July 2022, B Capital raised $250 million to invest in early stage startups. A lawsuit was filed against Eduardo Saverin by Facebook in October 2005. [20] As co-founder, Saverin held the role of chief financial officer and business manager. First, Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreements he had signed in October were valid. Facebook cofounder Eduardo Saverins B Capital Group has appointed Goldman Sachs veteran Sheila Patel as vice chairman as the venture capital firm pursues global expansion, particularly in China. Every time she manages to commit to a TV show without getting bored, an angel gets its wings. Eduardo Saverin's VC firm B Capital just raised $406 million in a first close of its new fund, according to a filing obtained by Forbes. After Saverin began talking to Mezrich, he and Facebook settled their lawsuits. Eduardo Saverin and Rajarshi "Raj" Ganguly are two of the three cofounders of B Capital Group, a venture capital firm with close to $800 million, split between a first and a second fund (still being raised). 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. In 2016, he launched venture fund B Capital, with BCG and Bain Capital veteran Raj Ganguly. It's also the story of how Zuckerberg solved an early problem at Facebook, one that could have potentially prevented the company from becoming the global behemoth it is today. How To Delete Your Facebook Account (Properly). The Social Network was very well received by critics, who praised its direction, acting, editing, and score, and has been named as one of the best films of the decade. The site would be called TheFacebook.com. 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I'm just going to cut him out and then settle with him. He then attended Harvard University, where he was a resident of Eliot House, a member of the Phoenix S.K. 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. The Facebook question. [5][35][36] Saverin stated that he renounced his citizenship because of his "interest in working and living in Singapore",[37] and denied that he left the U.S. to avoid paying taxes.[33]. Facebook (now Meta) is perhaps the largest and most recognized social media company in the U.S. Parker soon joined TheFacebook.com. On this topic, Saverin's father, Roberto, told Altman how he feels about his son giving up his U.S. citizenship: "It was hard for me, because of the life I built in the U.S., hearing from Eduardo that he had to give up on his citizenship. Live now at GIC Stage, #GlobalInvestorSummit #SGFinTechFest pic.twitter.com/gv6Otdm0UE, SG FinTech Festival (@sgfintechfest) November 14, 2018. 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%. She holds an Indonesian nationality. While an undergraduate at Harvard, Saverin used his interest in meteorology to predict hurricane patterns and made $300,000 via investment in oil futures. In April 2004, Zuckerberg, Saverin, and their new business partner, Dustin Moskovitz, formed Facebook as a limited liability company (LLC) under Florida law. He owned B Capital, the venture capital firms in Singapore. While he did create Facemash and the site was taken down by the Harvard administration (and Zuckerberg faced expulsion, along with being charged with breach of security and violating individual privacy), his intention to create a bigger site was so that people around the university could connect, and then the concept was obviously expanded so people from different parts of the world could connect. As time progressed, Zuckerberg noticed that getting Saverin to sign off on things related to company funding or the reformation of Facebook under Delaware law (for tax purposes) was difficult. The jilted Saverin grew bitter. Stay up to date with what you want to know. Let's take a look at what went down with Eduardo, pre, and post-Facebook exit. In addition to that, Zuckerberg has explicitly said he didnt create Facebook to get girls, but because he enjoyed building things. [18] He is a member of the Alpha Epsilon Pi fraternity (Eta Psi chapter of Harvard University). At that time, he was studying at Harvard and Elaine at Tufts University. With its first fund nearly fully committed, B Capital will go out to raise a second fund expected to be twice as large, sources tell Forbes. Saverin, originally born in Brazil, renounced his U.S. citizenship one year after The Social Network hit theaters. Saverin's exit from Facebook was the central plot of "The Social Network.". Eduardo Saverin is a billionaire entrepreneur, known as one of the co-founders of Facebook. Dustin Moskovitz, and Eduardo Saverin created Facebook while students at Harvard. Ready to set the record straight, and after months of negotiations, Saverin welcomed Altman and photographer Gilberto Tadday at his new multi-million dollar condo in Singapore, where he lives since 2009, which also serves as his office. October 15, 2010. Eduardo Saverin is on Facebook. A prominent Romanian Jew, Eugnio founded. They each agreed to invest $1,000 in the site. Saverin was already writing smaller checks to startups, but with Ganguly, a former consultant and vice president at Bain Capital, he set out to raise formal funds from outside investors. Now a venture capitalist, he still derives most of his wealth from his small but valuable stake in Facebook.. It was nothing related to the news at the time. It all starts at Harvard In 2003 Zuckerberg and Saverin were both students at Harvard and created Facebook together. 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. university of illinois women's swimming roster; what happens if you don't pay a seatbelt ticket; maid cafe miami Where? He keeps connected to the world through his iPhone, iPad, and his 3 Mac displays, one of which is constantly running weather softwares about hurricanes and tsunamis, a childhood hobby deepened by the time when he saw how Hurricane Andrew struck South Florida, in 1992. Here are his favorite restaurants when taking clients out in Miami. Noting the lack of a dedicated social networking website for Harvard students, the two worked together to launch The Facebook in 2004. [16] In 1993, the family immigrated to the U.S., settling in Miami, Florida. The Social Network portrayed the founding of Facebook and the lawsuits that followed, offering a look at how the concept for the website came to be, what it took to get it up and running, and the obstacles founder Mark Zuckerberg came across with in the process. Two years after directing the fantasy drama The Curious Case of Benjamin Button, David Fincher returned with a different type of drama film with The Social Network, based on the book The Accidental Billionaires by Ben Mezrich.
