Facebook's Wiklevoss Twins Take More Legal Action Against Zuckerberg

Personally, I'd be pretty happy with $65 million

Jan 11 2011, 5:45pm CST | by Mark Raby

Facebook's Wiklevoss Twins Take More Legal Action Against Zuckerberg

Tyler and Cameron Winklevoss became famous when their involvement in the creation of Facebook was highlighted in the summer blockbuster The Social Network. Even though Zuckerberg kind of pulled the rug out from under them, they both received a whole lot of money.

But now they want more.

The twins, along with partner Divya Narendra, now say the social networking company misrepresented its value at the time of the settlement, and as a result they want millions more dollars.

The $65 million settlement involved $20 million in cash and $45 million in Facebook stock, at $36 a share. But they now claim shares should not have been that expensive so they deserve more.

"Facebook failed to disclose that at about the same time its board of directors had approved a valuation of $9 a share which was to be the basis of stock options for key employees. Facebook did not disclose this significant piece of information," said the plaintiffs' lawyer Jerome Falk.

He called it a violation of federal security law.

I don't know about you, but I'd be pretty happy to receive $65 million for what was effectively just a few short conversations and some e-mail exchanges with Zuckerberg.

As depicted in The Social Network, the Winklevoss twins approached Zuckerberg with the idea for an exclusive online site only for Harvard students. Zuckerberg said he would help, only to run away with the idea on his own, and expanding the concept so it wouldn't be restricted to one university.

The movie detailed several individuals who were portrayed as being duped or cheated by Zuckerberg, but in the end they all received very handsome settlements.

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Mark Raby
Based in New York City, Mark follows the consumer electronics industry like a hawk. A published book author, he has a particular affinity for 3D technology and video games, and as such will surely be in the market for a new pair of glasses soon. Mark can be contacted directly at mark@i4u.com.