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THE HARVARD TWINS at the centre of a long-standing dispute over their role in the founding of Facebook have opted not to appeal a court ruling which blocked them from renegotiating a settlement.
Cameron and Tyler Winklevoss claimed that Facebook’s chief executive Mark Zuckerberg had stolen the idea for the social networking site from a similar project, which they had hired Zuckerberg to work on.
The power struggle – as documented in the Oscar-winning film The Social Network – had ultimately led to a settlement which saw the twins and their co-partner, Divya Narendra, accepting a $65m settlement including $45m in stock.
The twins’ stock deal was based on an individual share value of $36 each – while Facebook staff were offered the same shares for $9 each.
When the Winklevoss twins – dubbed the ‘Winklevii’ – learned of this, they went to court looking to undo the settlement, saying they should have been told about the internal valuation when the negotiations were going ahead.
But in April, the 9th US Circuit Court of Appeals told the pair that their litigation had to “come to an end”. Today, after rumours of an appeal, the twins confirmed they would not appeal to the Supreme Court.
Narendra had chosen not to take part in that failed bid to renegotiate the deal.
Had the twins taken $40m worth of shares at $9 each instead of $36, they would have taken four times as much of an ownership in the site.
Since the site now has an estimated total worth of $70bn, any extra stake the twins could have wrangled would have made them a fortune.
The twins continued with their own project in spite of Facebook’s success; their site Harvard Connection later became ConnectU, which closed last year.
The pair also represented the US at rowing in the Beijing Olympics, and last year represented Oxford in the Boat Race against Cambridge.
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A credit to these workers and their families who seemed to be doing most of the protesting,picketing and online campaigning themeslves ,very proud to be Irish because of them this week.
The important lesson here is that the people stood together, they stayed loyal to each other and their strength came from themselves. They did this for us, for employees that may be in a horrible situation like they have been in the past few months.
They have set a precident for all. It’s not what they received in money in the end, it was people power. I wish them well in their future and I hope it’s a good and positive one.
Hooray! And they should get double nay treble for the trouble they had to go to in order to achieve their rights.
Up the workers – up the workers – up the workers.
Its great that they got a result, well done to all involved and those that supported them all over the world through social networks….. People power is alive and kicking
Just a question? Why didn’t we get a list of the main customers of Vita Cortex customers so we could arrange a boycott unless it is sorted.
Get them where it hurts.
Credit to the VC32 and their families for standing strong through thick and thin for what was right not just for them but for every worker in the country.
Brilliant United bunch – now if we hold together in the Referendum – we too can teach Government and Europe a lesson in not taking the Irish Population for granted as being austerity mugs for the Bankers and inept Politicians !
Fair f?!?! To you all- got what u were entitled to- fair play
have your say