The Winklevosses and their partner Divya Narendra dropped their legal dispute against Facebook and Mark Zuckerberg, deciding not to continue their Supreme Court action for more than the $65 million plus already awarded to them. Their lawsuit was a central feature in "The Social Network" movie about the early days of Facebook.
Tyler and Cameron Winklevoss and Narendra had announced last month they were taking their dispute over the settlement to the Supreme Court. They claimed that an inaccurate evaluation of the company shorted them of tens of millions. The 9th U.S. Circuit Court of Appeals sided with Facebook and Zuckerberg in April, upholding the settlement made in 2008.
"We've considered this case closed for a long time, and we're pleased to see the other party now agrees," a Facebook spokesman said.
The settlement was $20 million in cash and $45 million in private stock. In 2008, Facebook had an approximate value of $15 billion and is now valued at over $70 billion. I guess the increased value of that stock may have had a role in the decision; the stock could be worth over $200 million.
Introducing... ClickZ Live!
SES Conference & Expo has merged with ClickZ to bring you ClickZ Live! The new global conference series takes on the identity of the industry's premier digital marketing publication, ClickZ.com, and kicks off March 31-April 3 in New York City. Join the industry's leading tech-advertisers in the advertising capital of the world! Find out more ››
*Super Saver Rates expire Jan 24.