Tag Archives: Divya Narendra
The Winklevoss Twins Respond To Larry Summers
A few days ago, I wrote about how former Harvard University president called the Winklevoss twins a**holes while on stage at a conference hosted by Fortune. In a politically correct response, the Winklevoss twins responded by saying “We now further understand why our meeting was less than productive; someone who does not value ethics with respect to his own conduct, would likely have little interest in this subject as it related to the conduct of others. Perhaps there is a “variability of aptitude” for decency and professionalism among university faculty.” That statement was made in a letter to current Harvard University president Drew Faust.
Former Harvard President Larry Summers Calls The Winklevoss Twins “A**holes”
Larry Summers was the U.S. Secretary of Treasury under President Bill Clinton and served as the 27th President of Harvard University. Actor Douglas Urbanski played Summers in the hit movie “The Social Network. Those of you that have seen the movie will know that Summers dismissed Tyler and Cameron Winklevoss when they presented him with the case that Facebook co-founder Mark Zuckerberg stole their idea. The real Larry Summers told his side of the story and he did not have kind words about the twins.
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Winklevoss Twins Taking Facebook Case To The Supreme Court
The Ninth Circuit Court of Appeals denied Tyler and Cameron Winklevoss’ request for rehearing their high-profile lawsuit against Facebook and Facebook CEO Mark Zuckerberg. Howard Rice, the lawyer for the twins, said that they intend to petition the lawsuit to the U.S. Supreme Court. Rice, the Winklevoss twins, and Divya Narenda want to invalidate a previous multi-million settlement due to suspicion for not receiving the true valuation of the social networking company at the time of the settlement. Below is a press release about the lawsuit:
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How Much The Winklevoss Twins and Eduardo Saverin Are Worth Now
If you saw the movie The Social Network, you will know who the Winklevoss brothers and Eduardo Saverin is. Eduardo is a co-founder of Facebook that was at one point muscled out. Eduardo’s name was restored to the masthead and he was given significant equity in Facebook again.
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Winklevoss Twins Almost Decided To Stop Pursuing More Money From Facebook This Past Week
Yesterday Winklevoss twins Tyler and Cameron almost considered a decision to stop pursuing a reviewed lawsuit against Facebook. Mark Zuckerberg and Facebook settled with the Winklevoss twins for $20 million in cash and $45 million in Facebook stock. But the twins want more… They want over $140 million from Zuckerberg and Facebook.
The twins prepared a statement earlier this week about how they still feel cheated by Zuckerberg. The settlement should have a far larger value than what was originally decided. The twins still believe that Zuckerberg did not come up with the idea for Facebook. The twins will be pursuing the case on January 11th in front of the United States Court of Appeals for the Ninth Circuit in San Francisco.
This isn’t the only court case that the Winklevoss’ are involved in. Wayne Chang claims to have ownership in ConnectU, meaning he wants some of the settlement money. “The principle is that they didn’t fight fair,” stated Tyler Winklevoss in an interview. “The principle is that Mark stole the idea.”
Categories Cameron Winklevoss, ConnectU, Divya Narendra, Facebook, Tyler Winklevoss
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ConnectU Now Owes Former Lawyers $13 Million For Facebook Case
A judge in New York upheld a payout of $13 million for law firm Quinn Emanuel. Quinn Emanuel represented ConnectU in an I.P. litigation case against Facebook.
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Divya Narendra Invests In SumZero
ConnectU co-founder Divya Narendra has invested in buy-side investment professional social community SumZero. Buy-side analysts perform research and makes recommendations on how an investment will perform. Members of SumZero include hedge fund, private equity, and mutual fund analysts. Some of the analysts that are in SumZero include those who work at firms such as KKR, Blackstone, and SAC. [TechCrunch]
Categories Divya Narendra, SumZero
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Facebook CEO Mark Zuckerberg Being Accused Of Security Fraud By ConnectU Founders
Tyler and Cameron Winklevoss are back in the news again. The two twin brothers along with the other ConnectU Divya Narendra are accusing Mark Zuckerberg of securities fraud. The ConnectU founders believe that Zuckerberg and Facebook tricked them into settling for $65 million, but the deal was actually worth far less than expected.
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Categories Cameron Winklevoss, ConnectU, Divya Narendra, Facebook, Tyler Winklevoss
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Facebook Worth $3.7 Billion According To Appraisal Company
When the founders of ConnectU decided to sue Facebook, it was around the same time that the company was given a $15 billion valuation based on Microsoft’s $240 million investment in the social network. Today Facebook has denied that they are worth anything close to that $15 billion according to court documents. An appraisal company pegged Facebook to be worth $3.7 billion.
When Microsoft invested $240 million into Facebook in exchange for 1.6% equity, the company believed that Facebook’s stock was worth $35.90 per share. This figure was used when ConnectU sued Facebook. Facebook lawyers believe that the settlement with ConnectU should not be based on an comparison with Microsoft’s investment because the software giant bought Series D preferred stock. The Microsoft investment also was a premium because they were interested in deeper ties such as becoming an advertising and search technology partner.
Yesterday it was revealed that ConnectU received about $65 million as part of the settlement according to a statement made by the former law firm representing them. Cameron Winklevoss, Tyler Winklevoss, Divya Narendra created ConnectU at Harvard University before Facebook was created. Facebook cofounder Mark Zuckerberg was hired by the three ConnectU founders as a developer. Zuckerberg allegedly took the code from ConnectU and manipulated it to create Facebook.
However court documents revealed that ConnectU was payed $20 million in cash and 1,253,326 shares of common stock in Facebook worth about $45 million, based on Microsoft’s valuation. That $45 million in stock is worth $11 million based on Facebook’s own appraisal.
Cameron Winklevoss, Tyler Winklevoss, Divya Narendra Of ConnectU Get $65 Million Lawsuit Settlement From Facebook
Cameron Winklevoss, Tyler Winklevoss, Divya Narendra of ConnectU have received $65 million as a lawsuit settlement from Facebook. The lawsuit accused Facebook CEO Mark Zuckerberg of stealing the idea for Facebook from them. Although the settlement amount was supposed to be private, the financial settlement was still leaked by the law firm representing ConnectU itself.
“WON $65 million settlement against Facebook” stated a .pdf from Quinn Emanuel Urquhart Oliver & Hedges’ January business litigation newsletter. ConnectU fired Quinn Emanuel last year and are now dealing with a fee fight. Quinn wants $13 million as part of a contingency agreement.
“Sixty-five million is a significant sum — it’s certainly more than the cost of the defense,” stated Chris Scott Graham, IP litigator for Dechert. “But it’s a very small percentage of [Facebook's] valuation and therefore could be argued by Facebook to be a payment based on considerations other than the merits of the claims.” Dechert was not involved in the case.
Cameron Winklevoss, Tyler Winklevoss, Divya Narendra came up with the idea of ConnectU as part of a daing website idea at Harvard University. They hired Zuckerberg to code the idea. Instead, Zuckerberg took code and created Facebook. As Facebook grew at Harvard and expanded to other universities, Zuckerberg took funding from Silicon Valley and dropped out.
Cameron Winklevoss and Tyler Winklevoss participated at the U.S. Olympics as part of the rowing team last year. Divya is currently the Co-founder and CEO of SumZero LLC.
[via VentureBeat]