Switched has a new home! Huffpost Tech.

Click here to visit the new home of Switched!

Hot on HuffPost Tech:

See More Stories
AOL Tech

Winklevii Want More Money From Zuckerberg, Because They Really Need It

by Amar Toor on December 8, 2010 at 01:50 PM

tyler and cameron winklevoss
Poor Winklevoss twins. First, Mark Zuckerberg "stole" their idea for Facebook, and turned it into a billion-dollar social networking empire. Then, in 2008, Zuck had the gall to compromise on a $65 million settlement -- which, in these troubled economic times, isn't nearly enough to put bread on Tyler and Cameron's dinner table. That's why the square-jawed twins have relaunched their legal campaign against their former Harvard classmate, and are now demanding that he give them what's rightfully theirs (read: more money).

According to the Daily Mail, toothy Tyler and clean-cut Cameron allege that Zuckerberg deliberately undervalued Facebook when agreeing to the settlement, and that the 26-year-old CEO is guilty of securities fraud. In exchange, all they want is an undisclosed sum of money -- y'know, just to make the bleeding stop. Facebook, meanwhile, claims that the settlement was completely legal, and points out that, per the agreement, the twins even calculated the company's value themselves, based on a previously issued press release.

"Their fraud claim is based on omission: they fault Facebook for not volunteering a more recent -- and, they claim, lower -- valuation of different Facebook stock," reads Facebook's most recent filing. "They insist that their sworn enemy had some special duty to open its books and volunteer any information that bears on the value of this closely held company." The ever-biblical Team Winklevoss, on the other hand, promises that if this follow-up lawsuit ever makes it before a judge, it will most certainly end in "scorched Earth" litigation. Forgive us if we're less than convinced.

Tags: facebook, fraud, harvard, lawsuit, Mark Zuckerberg, MarkZuckerberg, money, SocialNetworking, the social network, TheSocialNetwork, top, winklevoss brothers, WinklevossBrothers

HuffPost AOL Social News Most Popular