you are a “covered expatriate.”

[GoodTaste]

I understand "you are a “covered expatriate”" as "you are the person who will have to pay expatriation tax" if "Your net worth is $2 million or more on the date of your expatriation or termination of residency."

That is, if "Your net worth is less than $2 million or more on the date of your expatriation or termination of residency", you don't need to pay the tax since you are not included/covered by the rules.

Am I on the right track?

=====================
If you expatriated on or after June 17, 2008, the new IRC 877A expatriation rules apply to you if any of the following statements apply.


Your average annual net income tax for the 5 years ending before the date of expatriation or termination of residency is more than a specified amount that is adjusted for inflation ($151,000 for 2012, $155,000 for 2013, $157,000 for 2014, and $160,000 for 2015).
Your net worth is $2 million or more on the date of your expatriation or termination of residency.
You fail to certify on Form 8854 that you have complied with all U.S. federal tax obligations for the 5 years preceding the date of your expatriation or termination of residency.
If any of these rules apply, you are a “covered expatriate.”

Source:
[h=2]Expatriation Tax | Internal Revenue Service[/h]

 

[Charlie Bernstein]

Right. Adding "less than" means no one has to pay the tax, regardless of net worth. It cancels the entire message.

 

[Tdol]

The text at the bottom doesn't use less::

Your net worth is $2 million or more on the date of your expatriation or termination of residency.

I think it may be a copy and paste error in the OP.

 

[Tdol]

Same difference ;-)