Winklevoss twins stop Facebook settlement appeal for undisclosed reasons
(SPOT.ph) Olympic rowing twins and Harvard alumni Cameron and Tyler Winklevoss have decided not to appeal to the Supreme Court a ruling upholding their $65 million settlement with Facebook, Inc. and its founder, Mark Zuckerberg, reports Reuters. This move might end the long-running dispute that Zuckerberg stole the idea for Facebook from the Winklevosses.
The twins and other Harvard alum, Divya Narenda, sued Zuckerberg for allegedly turning their ConnectU Inc. idea into the world's most popular social networking site. After agreeing to a cash-and-stock accord in 2008, the Winklevosses decided it was fraudulent since Facebook hid information from them and that they deserved more money. They planned to file an appeal for the original court ruling upholding the settlement.
However, the Winklevosses said that after "careful consideration," they decided not to seek Supreme Court review. The reason was not disclosed. In a statement, Facebook said: "We’ve considered this case closed for a long time, and we’re pleased to see the other party now agrees."
Zuckerberg created Facebook in his Harvard dorm room in 2004. Analysts have estimated that it could be worth $70 billion should it conduct an initial public offering, perhaps in early 2012.
For more on this story, log on to Reuters.