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Winklevoss Twins Call It Quits in Suit Against Facebook

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  • The Winklevoss Twins
    (Photo: Reuters / Stephen Lam)
    Cameron Winklevoss (L) and twin brother Tyler Winklevoss are shown in this combination photo leaving the 9th Circuit Court of Appeals after a hearing on a settlement dispute with Facebook's Mark Zuckerberg in San Francisco, California January 11, 2011.
By Simon Saavedra, Christian Post Correspondent
June 23, 2011|6:07 pm

Cameron and Tyler Winklevoss on Wednesday may have finally put an end to their Facebook settlement saga in a filing to a federal appeals court in San Francisco where the twins stated that "after careful consideration" they would not proceed for a Supreme Court review.

The twins along with business partner Divya Narendra, also from Harvard University, together established a company called ConnectU Inc, and have been in a legal battle against Facebook for seven years over whether its CEO, Mark Zuckerberg, stole the idea of what is today's most famous social networking website.

Last April, the same appeals court in San Francisco ruled that the ConnectU trio had to live with the original settlement that gave them $20 million in cash and $45 million in Facebook stock.

In 2008, the ConnectU partners initially accepted the settlement but later on retracted their agreement, stating that Facebook had concealed relevant information. Hence, they deserved more money.

The twins were expected to appeal for a Supreme court review on Wednesday, but to the surprise of many, they didn't.

No reason was given for such an unexpected move but one reason the twins may have called it quits is due to the fact that they are walking away with much more than the $65 million cash-stock option they had originally settled for.

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In 2008, Facebook was valued at approximately $15 billion. Today it may be valued more than $100 billion in an IPO, according to CNBC which means that the Winklevoss may be walking away with close to $200 million, according to the LATimes.

 

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