Feeds

Winklevoss twins stuff $1m into social network for the FILTHY RICH

Zuck on that, Mark

The essential guide to IT transformation

Wanna know what the world's been lacking? A social network for hedge-fund bods, of course. And who better to be at the helm of such a brave Web2.0 venture than square-jawed Olympic rowing twins Cameron and Tyler Winklevoss - who rose from the ashes of their legal spat with Facebook CEO Mark Zuckerberg to plunge some of their settlement cash into SumZero.

The brothers have reportedly invested $1m into a pal's social networking site for investors, according to the Wall Street Journal.

Last year, the pair lost a lawsuit filed in a US court that attempted to plump up an earlier $65m settlement with Facebook and its founder Zuckerberg. Since that bruising - surely eased by millions of dollars - the Winklevoss boys have been relatively quiet, apart from a TV ad turn punting salty nuts.

Now they're back with a stack of cash for their long-term biz partner Divya Narendra, who founded SumZero in 2008 and who also attacked Facebook in the same lawsuit with the Winklevoss twins.

Speaking to the WSJ, Tyler said "the band is back together", referring to their latest partnership with Narendra, which operated rival Facebook site ConnectU.

As dramatised by the Hollywood movie The Social Network, Zuck - during his time at Harvard University - agreed in 2003 to complete software code on ConnectU for the three men, only to delay work on that project while developing what was then referred to as "the Facebook".

Today, Facebook's wild growth has led to a global userbase that stands at nearly 1 billion people - even as the company's shares continue to wobble on the NYSE over concerns by admen and the social network's slow response to the gigantic smartphone market.

Four-year-old SumZero claims 7,500 members with applications to join the site personally vetted by Narendra, who apparently rejects about 75 per cent of them. He's clearly hoping, however, to attract more investors to actually use the site, hence the injection of the strapping oarsmen. ®

The essential guide to IT transformation

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
So, Apple won't sell cheap kit? Prepare the iOS garden wall WRECKING BALL
It can throw the low cost race if it looks to the cloud
EE accused of silencing customer gripes on social media pages
Hello. HELLO. Can EVERYTHING EVERYWHERE HEAR ME?!
Time Warner Cable customers SQUEAL as US network goes offline
A rude awakening: North Americans greeted with outage drama
Shoot-em-up: Sony Online Entertainment hit by 'large scale DDoS attack'
Games disrupted as firm struggles to control network
BT customers face broadband and landline price hikes
Poor punters won't be affected, telecoms giant claims
Broadband slow and expensive? Blame Telstra says CloudFlare
Won't peer, will gouge for Internet transit
prev story

Whitepapers

A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.