The Winklevoss twins are finally done milking “Facebook The Cash Cow.” Maybe.
Way back in 2004, the twins initiated a legal action against accusing Mark Zuckerberg, a fellow Harvard classmate, of stealing their social network idea.
In 2008, the case was settled for $65 million, most of which was Facebook stock. That settlement is now worth $200 million. Apparently that wasn’t good enough. The Winklevosses went on to claim that Facebook misled them on the true value of its stock. They’ve been appealing in court for a higher settlement ever since.
After being rejected again and again, their only hope lay in the U.S. Supreme Court. But after “careful consideration,” the Winklevosses dropped their appeal, effectively ending seven years of litigation.
“We’ve considered this case closed for a long time, and we’re pleased to see the other party now agrees,” Facebook said in a statement.
Really? Or is Facebook being too optimistic here?
While the twins might have decided not to stab Facebook from the left, they can always stab from the right:
In April, they asked a federal court in Boston to look into their claims that Facebook and its lawyers hid instant messages from them during litigation. That request had been suspended during the U.S. Supreme Court appeal.
“That part of the case will begin now,” said Tyler Meade, the Winklevosses’ attorney.
Photo: Matthew McDonald