Winklevoss twins lose $65m Facebook gamble
Cameron and Tyler Winklevoss, the twins who took facebook founder Mark Zuckerberg to court over claims that he’d stolen their idea, have lost their appeal for damages.
The pair had earlier won a $65m cash and stock settlement but had appealed this, hoping for a higher renumeration, after arguing that Facebook had hidden information from them during talks.
Principally this claim centred on Facebook’s recent $50bn valuation, which they claim Facebook did not reveal in negotiations.
Any hopes for more cash were dashed however after US Circuit Court of Appeals Chief Judge Alex Kozinski wrote in a unanimous opinion: "The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace."