Senin, 07 Maret 2011

Winklevoss brothers attempt to reverse $65m Facebook settlement

Last year The Social Network was probably one of the best films I have seen and it told the story of the founders of Facebook and how three Harvard graduates Tyler/Cameron Winklevoss and Divya Narendra were suing Mark Zuckerburg for stealing what they believe was their concept.

In the end the above parties were silenced after Zuckerburg settled on a lump sum of money involving $20m in cash and $45m in stock based on a valuation of $36 a share.

You would think that this was enough money, but no, millions of dollars is just not enough for the trio as they are looking to re-open the case. They feel at the time of the settlement the stock price was mis-represented, thus robbing them of millions.

Today the parties involved will ask the Ninth Circuit Court of Appeals in San Francisco to undo the settlement above, this they hope will allow them to re-open the case in an attempt to get more money and gain an admission from Zuckerberg that he stole their idea.

It’s a big gamble, but if the trio win they could make a shed load of money, but if they lose they would likely forfeit the $65m which they secured in the original settlement.

Personally I feel this is more to do with principle, rather than money, after all why risk $65m otherwise?

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