Seen The Social Network? Well, they might need to remake the movie if what Paul Ceglia claims turns out to be true. He claims that he gave Mark Zuckerberg, the creator of Facebook, $1,000 to fund the project with the understanding that he would maintain 50 percent ownership, with more possible if the project was not completed by a deadline. This one might actually be legit.
Paul Ceglia, who has taken Facebook to court before and lost and has been convicted of fraud, has refilled a law suit against Facebook, bringing bigger guns and bigger evidence with him. A significantly larger law firm is backing him up this time, but the real story here is the new evidence in the form of a formal contract:
The purported contract (we analyzed it here) gave Ceglia a 50% ownership in “the face book” project in exchange for funding its initial development, as well as an additional 1% ownership of the project per day for every day that the project remained uncompleted past a certain launch date.
If this contract turns out to be legit, it could mean that Ceglia will be very rich in time. But if history took a different path, who knows, it might have turned out that Ceglia owned Facebook before it ever really took off. The history of Facebook is a never-ending mystery.
This will get settled out of court if not thrown out all together. Don’t expect FB to have a new CEO any time soon.
Boy this is a never ending story. Maybe the movies got it right after all and Mark is just a big a scam artist as he appears to be a jerk in the movie. Well time will tell. Would that not be something, from billions to nothing.
Good, and maybe they will hurry up and sell the company to some giant corp that will no idea how to manage it and run it directly into the ground……just like Myspace.
Death to the social networking concept!
Refiled a lawsuit Techi, REFILED… not refilled 😛
I so need to watch the movie, I meant to go see it on the cinema but just didn’t get around to it….will defo need to watch it after reading this