Winklevoss Twins Lose Appeal for More Money on Facebook Deal

Winklevoss Twins Lose Appeal for More Money on Facebook Deal against Mark ZuckerbergiTechWhiz (April 12, 2011) - A US appeals court played down Tyler Winklevoss and Cameron Winklevoss appeal to resettle Facebook deal with Mark Zuckerberg to get more money.

The twins had signed a binding contract in 2008 yielding them $20 million in cash and a partial ownership of Facebook. That would make the settlement now worth about $160 million.

But as the social networking site grew, they wanted more, and filed a lawsuit saying Zuckerberg wasn't 100% forthcoming with information when the agreement was signed. They were hoping to have the $100+ million deal thrown out in exchange for a new settlement that would be worth billions.

Their case had already been rejected, but they filed an appeal. That appeal has now also been turned down. Chief justice Alex Kozinksi summarily said:
For whatever reason, they now want to back out. Like the district court, we see no basis for allowing them to do so. At some point, litigation must come to an end. That point has now been reached.
The Winklevoss twins, of course, became household names when last year's hit film The Social Network put all of Facebook's behind-the-scenes drama front and center. Although they came up with the idea of a connected online portal for Harvard students, it is Zuckerberg who turned it into a global phenomenon.

The twins will now have to live with the $160 million they get for doing nothing more than having an idea.

That is, unless the Supreme Court decides to hear the case. The Winklevosses haven't said if they plan to pursue that option, but it would most likely be a fruitless endeavor.
Winklevoss Twins Lose Appeal for More Money on Facebook Deal Reviewed by Adnan Malik on 11:53 PM Rating: 5

No comments:

The editors reserve the right to edit/remove any comments that are abusive, offensive, contain profanity, serves as spam or attempting to harbor irrelevant text links for any purpose. Please read our Comments Policy for details.

All Rights Reserved. iTechwhiz™ Apple, Android, Phones, Gadgets, Games, Cars. Copyrights © 2011 - 2016
Powered by Google Blogger.
Contact Form


Email *

Message *

Powered by Blogger.