The Winklevoss twins may not be in control of Facebook as they would have liked but Cameron and Tyler still have plenty or reasons to be happy, 125 million of them to be exact. That’s the value of the brothers Facebook shares after selling off a small stake to fund a new venture.
The brothers current own more than six million Facebook shares. According to TMZ
“They were free to trade their stock starting today. But we’ve learned … they will only unload $1 million worth of stock, which they will use as seed money to fund their new venture – an e-commerce website called Hukkster.com. The website tracks your favorite products and alerts you when they go on sale.”
The twins received their Facebook shares in a settlement agreement with Facebook CEO Mark Zuckerberg and the rest of the Facebook team. Cameron and Tyler claimed at the time that Zuckerberg stole his idea for Facebook based off the ConnectU product he was hired to create for the brothers.
The Winklevoss Twins were awarded $65 million in Facebook stock during a 2008 settlement agreement. The brothers also received $20 million in cash.
With Facebook shares increasing by nearly 13% on Wednesday following Facebook’s last lockup period, perhaps holding onto their shares is the right strategy after all.