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Thursday, June 23, 2011

Winklevoss Twins Decide to Stop Going After Mark Zuckerberg for More Money

Posted By on Thu, Jun 23, 2011 at 8:10 AM

click to enlarge Hollywood drama comes to an end
  • Hollywood drama comes to an end

After an exhaustive and expensive legal battle with Facebook, Cameron and Tyler Winklevoss, the infamous Harvard twins who claim Facebook CEO Mark Zuckerberg stole their idea for a social networking site, have decided to drop their most recent claim against their former classmate.

The twins won a $65 million settlement from Facebook in 2008 -- including cash and company stocks -- after suing Zuckerberg, saying he ripped off their idea for a social networking Website to launch Facebook.

The Winklevii seemed satisfied with that settlement, until they weren't.

After agreeing to the $65 million deal, the preppy duo tried to back out of it, claiming that Facebook didn't accurately value their shares. They took Zuckerberg back to court, asking for a do-over. In other words, they wanted more money --  a lot more money. The eccentric twins (they wear manpurses) decided they deserved at least $100 million, according to court documents.

That didn't go over well with the courts, which decided Zuckerberg didn't owe them a dime more. A San Francisco judge ruled that the twins failed to prove Zuckerberg had committed securities fraud when valuing their share of the company.

At the time, Judge Alex Kozinski said: "At some point, litigation must come to an end, and that point has now been reached." The twins disagreed and decided that they would ask the higher courts to consider their claim.

But it appears they've had a change of heart. On Wednesday the twins reportedly filed a one-paragraph statement, saying they would take the $65 million and move on with their lives.

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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert has been Online News Editor for SF Weekly since 2010. She's a Texas native and has a closet full of cowboy boots to prove it.

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