Tuesday, February 10, 2009

Facebook settles with ConnectU for $65 million

Somebody's in trouble.... 

Facebook, my most often-used social networking site, settled with ConnectU, whose founders claimed Mark Zuckerberg (the CEO of FB) stole their idea, for $65 million. The suit was filed in 2004.

According to the LATimes, details of the settlement were meant to be confidential, but the law firm in charge of the deal let it slip in a newsletter. As part of the deal, the founders of ConnectU—twin brothers Tyler and Cameron Winklevoss—were to receive the amount in cash and stock options. The ratio of cash:stock has not been released.

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