'The Social Network' Continued: The Real Winklevoss Twins Denied in Facebook Lawsuit Appealby: Posted:
If you saw the Oscar-nominated "The Social Network," then you know all about the Winklevoss twins: the two filed a lawsuit against Facebook creator Mark Zuckerberg, claiming that he stole the idea for the social networking site from their site, called ConnectU. The end of "The Social Network" saw the Winklevoss twins settling with Zuckerberg to the tune of $60 million.
Well, the Winklevii are back in the news as a judge denied their attempt to reverse that settlement. It turns out the Winklevii think that Zuckerberg and Facebook misrepresented the value of their stock at the time, and therefore the twins should have been given a bigger settlement. So the appeal was asking for the original settlement to be repealed so that the Winklevii could sue for even more money.
The judge, in a moment of true justice, essentially told them to stop whining and take their $60 million.
The Winklevii were lucky enough to get $60 million in cash and stocks out of their settlement. That's Facebook stock, mind you...and if there's a stock you've wanted to own since 2008 (when this settlement happened), it's Facebook stock. Estimates point to the Winklevii's total settlement being valued at close to $160 million today.
You would think the Winklevoss twins would be happy to have more than $150 million between the two of them and would call it a day, but it's possible that they're actually planning to appeal to a higher court.
This puts a whole new spin on "The Social Network." I always assumed that Zuckerberg was being unfairly portrayed as something of a villain in the movie, and with this news, that might have been the right assumption. The Winklevii get $60 million, part of it in stock in one of the largest online companies in the world, and they want more?
As Jesse Eisenberg said in the movie, "If you guys were the inventors of Facebook, you would have invented Facebook."