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Facebook wins in court against the Winklevoss

by Nicole
April 12, 2011 at 4:37 pm

Winklevoss twins, creators of the ancestor of Facebook, will have to be content with their $ 65 million.

An American court has given reason to Mark Zuckerberg, the founder of social networking site Facebook, after the Winklevoss twins challenged the mutual agreement and the sum. This agreement was concluded in 2008, providing $ 65 million in compensation for the twins for Zuckerberg’s stealing of ideas.

When they were students at Harvard, the twins hired Zuckerberg to work on the project of the social network ConnectU before the latter created Facebook. The compensation amounted to $ 20 million in cash and $ 45 million in Facebook shares.

The twins challenged the amount of compensation in court, arguing that the founder of Facebook had withheld evidence to undermine the value of the social networking.

The judges were rather harsh with the twins: “The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace. At some point, litigation must come to an end. That point has now been reached.”

The Winklevoss twins, rowing champions and Harvard alumni, plan to appeal the decision.

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