Winklevoss Twins Invest In SumZero
When I first wrote about SumZero in May 2010, it was about how Divya Narendra invested in the company. Narendra is a close friend of Cameron and Tyler Winklevoss and co-founded a company with them called ConnectU, which was the subject of the movie The Social Network. Now the Winklevoss twins have put some of their own money into SumZero.
SumZero is a social network for hedge funds, mutual funds, and private equity firms. Wall Street banks and analysts are not allowed to become members of the website. SumZero was created by Divya Narendra and Aalap Mahadevia. SumZero sells access to the website at $129 per month after getting permission from the creators of the website.
Currently SumZero has around 7,500 members and 75% of the people that apply for membership are denied. Tyler told the Wall Street Journal that this idea is similar to the early days of Facebook when it was required to have a .edu e-mail address. The Winklevoss twins have put in around $1 million into SumZero and they are going to work close with the founders.
Tyler, Cameron, and Divya made over $60 million after Mark Zuckerberg and Facebook made a settlement with them for allegedly stealing the idea from them about the social network. Zuckerberg, the Winklevoss twins, and Narendra were all attended Harvard at the same time and the three ConnectU founders hired Zuckerberg to design their idea. Zuckerberg blew them off and created Facebook based on some of their ideas.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry