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Last week the Winklevoss twins (Cameron and Tyler), who claim that Mark Zuckerberg, the Facebook founder, stole their code when they were at Harvard, got a ruling from court that they have to stick with the settlement they reached on February 22 this year. According to the federal judge James Ware:
The court finds that the agreement is enforceable and orders its enforcement.
The ConnectU founders, Cameron Winklevoss, Tyler Winklevoss and Divya Narendra, thought that they were getting stocks in a company worth $15 billion, but that is not the case.The same federal judge has verified that the Facebook placed valuation on its own shares, different from what they told publicly. The question here arises that how much Facebook is worth? Well the court won’t disclose that but it is way less than $15 billion. The San Jose court gave its ruling by saying:
Apparently, in October 2007, Facebook and Microsoft issued a press release stating Microsoft would “take a $240 million stake in Facebook’s next round of financing at a $15 billion valuation.â€?… Defendants (Facebook) proffer evidence that subsequent to the press release, in the regular course of its operations, Facebook’s Board of Directors determined a value of the company’s “sharesâ€? which was different than the valuation disclosed in the press release.
Although last year Facebook agreed to sell 1.6% of the company to Microsoft for $240 million for a $15 billion valuation, it doesn’t mean that the company is worth $15 billion. According to some the company is worth $3 -$4 billion. The complete ruling of the court is available here.
