Facebook finally sinks Winklevoss twins
Published 23/06/2011 | 12:29
The Winklevoss twins have finally dropped their case against Facebook founder and chief Mark Zuckberberg.
Cameron and Tyler Winklevoss have dropped their case against Facebook. P
In 2008, Tyler and Cameron Winklevoss were paid off to the tune of £40 million (£12.4 million in cash and £28 million in shares) by Zuckerberg, after lengthy legal proceedings during which they accused their Harvard classmate of stealing their idea for ‘the Facebook’.
Those scenes are now dramatised and immortalised in the Hollywood film, The Social Network.
However, last year, as Facebook’s valuation and reach continue to grow at an incredible pace, the 6-ft5 twins, still smarting, tried to appeal the settlement based on the claim that Zuckerberg had again pulled the wool over their eyes as to the real value of Facebook stock.
At the turn of this year, while Facebook’s value rocketed to $50bn, after a hefty injection of cash from Goldman Sachs and Digital Sky Technologies, the twins showed no sign of abating.
They lost the appeal at the Ninth Circuit Court of Appeal with the court saying “at some point, litigation must come to an end. That point has now been reached”.
But the twins, determined to fight on, appealed their case to the US Supreme Court. However, in a filing yesterday with the court, the Winklevosses said that after "careful consideration," they had decided not to seek Supreme Court review.
No reason was given.
The high-achieving Winklevoss twins, in the midst of such high profile legal proceedings, which would dominate and ruin other mere mortal’s lives, are competing in the 2012 Olympics, having previously taken their rowing skills to Beijing in 2008.
Let’s just hope they can finally start having some glory they can definitely call their own – and save themselves from just becoming a footnote in history and a prickly thorn in the side of one of the greatest digital and social projects ever created.
I am sure this wise capitulation will not be the last we hear from these strapping Olympian twins.