The Social Network – the movie about the founding of Facebook coming out October 1 – ends by suggesting that Facebook paid Harvard grads Cameron and Tyler Winklevoss $65 million to stop saying Mark Zuckerberg stole their idea for Facebook. (Back story here.)According to documents viewed by Business Insider, this figure is wrong – by half.
When Facebook settled with the Winklevoss brothers, their father, and business partner Divvya Narendra back in February 2008, it handed them $20 million in cash and 1.253 million shares in Facebook common stock.
On Sharespost, a market for private company stock, investors are currently bidding ~$75 per share for Facebook common stock. That price suggests the settlement is currently worth around $120 million.
Even that sum isn’t enough for the Winklevoss brothers, however.
Alleging that Facebook misled them on the valuation of the company during settlement talks, the pair plan to sue Facebook again. If they win that suit, securities law dictates that Facebook will have to quadruple its payout – to an astounding $475 million.
Facebook declined to comment on this story.
Don’t miss our huge scoops on Facebook’s founding:
- At Last — The Full Story Of How Facebook Was Founded
- The Facebook Movie Is An Act Of Cold-Blooded Revenge – New, Unpublished IMs Tell The Real Story