The Winklevoss twins still have stock in Facebook despite their much-chronicled and bitter court battles over the social network with Mark Zuckerberg, and, while the stock may be a painful reminder of their struggles, Cameron and Tyler Winklevoss are only selling off a small bit to fund a new venture.
TMZ reported on the Winklevoss twins’ Facebook stock earlier today, saying that the two were keeping an estimated $125 million worth of stock, or six million shares. The site explains:
“The twins own close to 6 million shares of FB stock — now worth around $125 mil — and 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 Winklevoss twins’ stock was part of the agreements reached between Zuckerberg and the pair, colloquially referred to as the “Winklevii,” after a long legal skirmish over what was once called “ConnectU” and eventually became known to the world as Facebook.
At the time the Winklevoss twins were awarded the stock now valued at $125 million, it was worth less than half of its current estimated value. In 2008, the pair received $65 million in Facebook stock as well as an additional $20 million in cash as part of a settlement with Zuckerberg.
After years of high-profile legal wrangling over Facebook, the Winklevoss twins were depicted in the film The Social Network, both played by actor Armie Hammer.