The recent movie, “The Social Network,” delved into the business dealings and disagreements that have surrounded the formation and growth of the wildly successful Facebook. The film also told the story of the Winklevoss twins, Tyler and Cameron, who contend that Mark Zuckerberg stole their idea for an online social networking site when he created Facebook.
The New York Times recently published an article on the Winklevosses continuing litigation with Facebook. The Twins first sued Facebook and Zuckerberg six years ago. They settled the case four years later for $20 million in cash and $45 million in Facebook shares. Facebook shares have since increased in value and, according to the Times, some estimate the settlement to now be worth at least $140 million.
The Winklevosses say that their fight against Facebook was never about the money but about the principles involved, and they are planning to ask a federal appeals court in San Francisco next month to declare the settlement invalid so that they can sue Facebook all over again.
By going back to court, the Winklevosses risk losing what they have already been awarded, but the Harvard graduates and Olympic rowers argue that their original settlement with Facebook was unfair. They say that they have not been properly compensated for Zuckerberg’s alleged theft of their idea. The next post will look more closely at the Winklevosses allegations against Facebook and what they believe would fairly settle the issue once and for all.
Twins’ Facebook Fight Rages On (The New York Times)