Tuesday, April 12, 2011

Winklevoss Twins Can't Back Out Of Facebook Deal Now.

AN AMERICAN COURT has dismissed an appeal by two brothers who were seeking to back out of an earlier agreement about their stake in the social networking site Facebook, telling them they cannot renegotiate the settlement.

Twin brothers Cameron and Tyler Winklevoss had reached a settlement with the site’s chief executive and main mastermind Mark Zuckerberg in 2008, claiming that Zuckerberg had not given them a true indication of Facebook’s true value.

The brothers had accepted a $65m settlement at the time, which included $45m worth of Facebook stock – but claimed that the deal was based on a valuation of around $36 a share, while Facebook employees were themselves being offered shares at just under $9 each. When they were last traded last month, shares in the company – which has not been publicly floated – were worth $33 each.
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