Winklevoss twins end appeal of Facebook settlemen

Olympic rowing twins 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, signaling the possible end of the long-running dispute.

The 2008 accord was intended to resolve a feud over whether Zuckerberg stole the idea for what became the world's most popular social networking website from the Winklevosses, who like him had attended Harvard University. Their battle was dramatized in the 2010 film "The Social Network."

After agreeing to the cash-and-stock accord, the Winklevosses sought to undo it, saying it was fraudulent because Facebook hid information from them, and that they deserved more money.

The 6-foot 5-inch (1.96-meter) twins, who competed in the 2008 BeijingOlympics, had been planning to appeal an April 11 ruling by a federal appeals court in San Francisco upholding the settlement, which that court called "quite favorable."

But in a filing on Wednesday with that court, the Winklevosses said that after "careful consideration," they decided not to seek Supreme Court review. The filing did not give a reason for the decision.

Zuckerberg created Facebook in 2004 in his Harvard University dormitory room.

The California case had been brought by ConnectU Inc, which the Winklevosses set up with another Harvard student, Divya Narendra, who joined in Wednesday's filing.

Facebook, in a statement, said: "We've considered this case closed for a long time, and we're pleased to see the other party now agrees."

Jerome Falk, a lawyer for the Winklevosses and Narendra, did not immediately return requests for a comment.

Wednesday's filing clears the way for Facebook to seek the dismissal of a related lawsuit filed in Boston federal court.

Analysts have estimated that Palo Alto, California-based Facebook could be worth $70 billion or more should it conduct an initial public offering, perhaps in early 2012.

Facebook could be worth more than $100 billion in an IPO, CNBC television estimated last week.

The case is Facebook Inc et al v. ConnectU Inc et al, 9th U.S. Circuit Court of Appeals, No. 08-16745.

Comments

In abrupt turnaround, Olympus admits it hid losses

Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion in questionable payments. Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he would consider criminal complaints against them. The admission after weeks of denials shocked investors, sending shares in the endoscope and camera maker skidding almost 30 percent and prompting the biggest non-Japanese shareholder to demand the replacement of the entire board. "Ignorance is no defense," said Jo...

Last year's iPhones are destroying Samsung's new Galaxy S9 flagship smartphone - Bench Mark Results

Samsung announced the Galaxy S9 and Galaxy S9+, the latest entries in its flagship line of smartphones, at Barcelona's Mobile World Congress — but benchmark results are awkwardly showing the devices scoring significantly lower than many of their competitors. Benchmarks are synthetic tests that give numeric, quantifiable results. They are generally applications programmed to make the devices' systems-on-a-chip (SoC) run a series of tasks and determine how long it takes them to complete. AnandTech is a site that specialises in running rigorous tests like these, and its early findings on Samsung's latest devices are curious to say the least— particularly compared to the latest iPhones, Qualcomm's Snapdragon 845 — which will power most of the Android flagships this year — and even Samsung's own Galaxy S8 from last year. In a number of tests — such as web browsing, writing, data manipulation, and photo editing — the Galaxy S9's Exynos 9810 consistently deliv...

Microsoft nears $8.5 billion Skype buy in web shift

Microsoft is close to buying internet telephony network Skype in an $8.5 billion deal, a source familiar with the situation said, as it seeks to regain ground on growing rivals such as Google. Buying the loss-making but popular Skype would underline Microsoft's need to gain new customers and platforms for its software as smartphones and tablets explode in popularity. Skype, which allows people to make calls at no charge, would also give Microsoft a foothold in potentially the lucrative video-conferencing market as global businesses seeking to reduce expenditure shift to lower-cost ways of communicating. Microsoft has already put more energy and resources into mobile and internet technologies as the use of PCs, which underpin its Windows and Office franchise, is under threat. This change was starkly illustrated last year when Apple's portfolio of coveted consumer goods propelled it past Microsoft to become the world's most valuable technology company. The maker of iPhones an...

Share Blogs

Search This Blog