After seven years of lawsuits! … After reaching a $65 million dollar settlement with Facebook in 2008 which they then tried to rescind on the argument that Facebook gave them misleading information! … After vowing that they would challenge an April 2011 ruling by the 9th Circuit Court and take their case all the way to the Supreme Court, (!) the Winklevosses have just given up on their fight against Facebook.
In a statement made to the US Court of Appeals for the Ninth Circuit in San Francisco today, the twins and friend Divya Narendra said that they have dropped the legal appeal of the most recent court ruling (in favor of Facebook) after “careful consideration.” Meaning they will take the original settlement, which is in stock now worth considerably more than $65 million.
The Harvard students filed their original suit against the social network in 2004 accusing Facebook CEO and fellow student Mark Zuckerberg of ripping off their CONNECTU idea, and subsequently creating Facebook.
The best part about the entire fight, which has seen the twins through their young adulthood? Facebook’s reaction to the news, “We’ve considered this case closed for a long time, and we’re pleased to see the other party now agrees.”
Sure, Zuckerberg stole their idea but could the Winklevosses been able to execute fb to the point it is at today? Crazy. What goes around, comes around though. This is what I know.