Eduardo Saverin, a co-founder of Facebook, has renounced his US citizen last year reportedly to avoid paying the hefty tax he will have to pay once the social networking site opens its initial public offering this week. Saverin, 30 and currently living in Singapore, holds a 2% stake in the company, which would put his net worth at around $2 billion after the IPO. Saverin’s “unfriending” of United...

Apparently, video sharing sites can sell at a nice price where ever you are.  Russian media giant GazProm has just completed their acquisition of the RuTube, a russian video site aspiring to be YouTube. Don’t fret, Youtube is still number one in Russia.  RuTube on the other hand is seeing some significant growth in its local market.  this growth of course attracted GazProm to acquire them fo...

Silicon Valley Based electric car maker Tesla Motors Inc. is like any other web startup that’s going through some tough times during the economic slowdown in the country.  They are burning up a lot of cash fast and according to reports have only $9 million left in the bank. CEO and co-founder Elon Musk was recently reinstated in light of the former CEO’s failure to raise $100 million venture capit...

As the stock market plummets and the shares slide down and venture capitalists buckle down and cut costs, Fitbit managed to close is first round of funding. Fitbit unveiled its only product during the TechCrunch50 conference last month and dazzled judges.  Fitbit makes a gadget also called Fitbit that basically tracks how many calories a user has burned.  Although the idea is not new, Fitbit differentia...

Om Malik, founder of Giga Omni Media announced earlier today their completion of another venture capital round worth $4.5 million.   Giga Omni Media is the online media company Malik started with his GigaOm technology blog 27 months ago. The new venture capital round was led by Alloy Ventures, an early-stage venture capital firm with over $1 billion under management.  Also participating in the round...

Venture Capital Raising for privately held internet companies is always an exciting and inspiring activity.  Having investors infuse cash into a business for its development shows everybody, not only the company that the internet business is serious money and profits can be made with even the simplest ideas. Social news site Digg has been around long enough and is already a major player in the Web 2.0 enviro...

Cisco Systems announced yesterday that it has finalized the deal to acquire e-mail and calendar software-maker PostPath for $215 million. PostPath is a software maker specializing in e-mail and calendars. They have an Ajax client that runs a Linux-based e-mail system in the browser. PostPath also runs on mobile platforms including the iPhone. To give you an idea of what it really is, think Zimbra (which was acq...

Friendster gets new funding to the sound of $20 million and a new CEO from Google. Looks like Friendster is on a roll today.  They just announced that they’ve completed a Venture round with IDG Ventures, Kleiner Perkions, Benchmark Capital DAG Ventures and Founders Fund, pumping in $20 million.  Moreover, they hired an ex-Googler to be their CEO, Richard Kimber, former regional managing director fo...

  Omnisio is an impressive Web2.0 product that lets its users make videos more interactive.  It used to be incubated at Y Combinator and recently launched to the public in March.  Today, 4 months after launching, they’ve been scooped up by every video site’s dream, Google-backed Youtube for a rumored price of $15 million in cold hard cash. Youtube is still the web’s largest reposito...

Amazon is announcing today their plans to acquire AbeBooks.  AbeBooks is a marketplace for books mostly used, rare and hard-to-find posted by thousands of booksellers from around the world.  Amazon will not necessarily own the books on AbeBooks but only peddle them on their site. From the press release, Amazon states, "As a leader in rare and hard-to-find books, AbeBooks brings added breadth and exp...