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.
This Year's Premier Digital Marketing Event is #CZLSF
ClickZ Live San Francisco (Aug 11-14) will bring together the industry's leading online marketing practitioners to deliver 4 days of educational sessions and training workshops. From Data-Driven Marketing to Social, Mobile, Display, Search and Email, the comprehensive agenda will help you maximize your marketing efforts and ROI. Register today!