Zuckerberg Screws Winklevoss Twins Again


The AP does some fancy document reconstruction and figures out the details of that Facebook-Zuckerberg-Winklevoss settlement:

Under their settlement, Facebook agreed to pay ConnectU $20 million in cash and 1,253,326 shares of common stock. The stock was worth $45 million, based on the Microsoft valuation, but only $11 million under Facebook’s own appraisal.

Facebook’s “own appraisal,” you’ll recall, was $3.7 billion, a bit of a discount off the $15 billion valuation they got from Microsoft (for a different security and an ad deal).

Now, however, that $11 million of Facebook common stock is probably worth about $7 million or so. So scratch that “$65 million” settlement and rewrite it as $25-$30 million.

Still, not bad for some ideas thrown around in a dorm room.