In late 2003, twin Harvard rowers Cameron and Tyler Winklevoss (played by Armie Hammer in The Social Network) hired Mark Zuckerberg to create HarvardConnection, which was basically envisioned as a dating site for Harvard students. Zuckerberg did some work for them, then basically blew them off to start TheFacebook in early 2004, and the rest is history. Despite the fact that the idea of Facebook wasn’t any different than Friendster or Myspace and succeeded mainly because the design just worked better, and that Facebook was different than the Winklevoss Twins’ original idea for Harvard Connection, the Winklevoss Twins sued Zuckerberg. In 2008, they received a settlement that included $20 million in cash (hopefully in a briefcase handcuffed to someone’s wrist) and partial ownership of Facebook, now worth $140 million. Because $160 million for doing essentially nothing wasn’t enough, they appealed the settlement, claiming they’d been misled about the value of the company, and that the settlement was worth less than they had agreed to. Yesterday, a judge threw out their appeal, telling them to take their ill-begotten money and go row a boat.
The twins had alleged they were misled about Facebook’s value when they agreed to settle their lawsuit that claimed Zuckerberg stole their idea to launch Facebook.
“At some point, litigation must come to an end,” federal appeals court chief justice Alex Kozinksi wrote for the unanimous three-judge panel “That point has now been reached.”
The twins alleged they were misled into believing the company was worth $35.90 a share because of an investment by Microsoft Corp. But they argued that the company later valued the company at $8.88 for tax purposes. The twins argue they would have demanded more stock in the company based on the lower valuation.
Kozinski said the twins were “sophisticated parties” when they agreed to the settlement during a mediation meeting.
“They brought half-a-dozen lawyers to the mediation,” Kozinksi wrote.
Facebook said Monday it was pleased by the ruling. Lawyers for the Winklevoss twins said they are reviewing the decision and have not decided on their next step. The twins could ask the Supreme Court to consider the case. [Yahoo]
Shouldn’t they also have to pay back the money for wasting everyone’s time? If just having an idea without putting in the effort to actually execute it was worth money, every stoner I know would be a billionaire. I hate these guys, and it’s not just because they went to Harvard, have a false sense of entitlement, row crew, wear those ugly Oakley glasses, are named “Winklevoss”, have stupid hair and vulgar nipples, and… sorry, I’m blind with rage, I forgot where I was going with this. Is it just me, or do all crew rowers remind you of a Three Stooges bit without the sense of irony? Jesus these guys are white. If they had played “Whitey” in a blacksploitation movie people would’ve called it over the top.