Monday, September 17, 2012

Winklevoss Twins Use Facebook Inc(NASDAQ:FB) Settlement Cash To Invest In The New Social Network

After a long war with Facebook Inc(NASDAQ:FB)’s Mark Zuckerberg, the Winklevoss brothers have put $1 million into SumZero that is led by Divya Narendra. He is known to moviegoers from ‘The Social Network’, like the twins.

The Winklevoss brothers were locked into a time-consuming legal war with Mark Zuckerberg over ownership of Facebook.

The CEO of SumZero happens to be fellow Harvard mate Divya Narendra, a collaborator in their Facebook legal conflict. In ‘The Social Network’, Armie Hammer had played the roles of both the Winklevoss brothers and Max Mighella had played the role of Narendra.

As per the information provided by the Journal, Tyler and Cameron Winklevoss have received $65 million minimum from a settlement of the legal war with Facebook and Mark Zuckerberg, CEO of Facebook.

The twin brothers, however, plan on being more than just passive investors with SumZero. The firm connects investors to share trading ideas and research. It is all set to move into an office space in Manhattan.

In 2002, Narendra and the twins had discussed a plot for a social network and had hired Zuckerberg to assist in designing it. However, Zuckerberg had gone his own way and started Facebook that started a legal conflict over possession rights.

The brothers had reached as settlement last year that included cash and stock in Facebook. it was reportedly worth $20 million in cash and $45 million in Facebook stock. This settlement was reached at a time when the company was valued at $15 billion. At present, Facebook has a market value of more than $47 billion.

With the money the twin brothers had received from the settlement, they formed Winklevoss capital as an investment medium. The first investment was SumZero in the month of June. Tyler Winklevoss told the Journal that the band is back together. 

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