Thursday, June 23, 2011

UPDATE: Winklevoss Twins Save Face--Lose Facebook

Seal of the United States Court of Appeals for...Image via WikipediaAfter "careful consideration," Cameron and Tyler Winklevoss--America's favorite twin former Olympic rowers--and their business partner, Divya Narendra, founder of ConnectU, told the U.S. Circuit Court of Appeals for the Ninth Circuit Wednesday that they would not seek Supreme Court review of the appellate court's adverse ruling in May concerning their ownership dispute with Facebook founder Mark Zuckerberg over the social network giant.

According to The Wall St. Journal and Associated Press, the Winklevosses (Winklevi?) have decided to make do with the settlement on which they signed off in 2008 that netted each $20 million in cash and Facebook stock in return for abandoning their lawsuit against Zuckerberg. The Ninth Circuit rejected their challenge of the settlement that they claimed they were mislead into accepting. (See "TUOL" post 5/17/11.)

Hollywood chronicled the dispute among former Harvard classmates Zuckerberg and the Winklevoss twins regarding the development of Facebook in "The Social Network." Reportedly, the Facebook stock held by the Winklevosses today exceeds $100 million in value.

When the Ninth Circuit refused to invalidate the settlement in May, the Olympian twins spoke of petitioning the U.S. Supreme Court to review the decision, which sparked criticism in the media that they were out of their sculls, so to speak.
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