socialrosiechen: Man who invested $1000 in 2003 claims present-day 84% stake in billion-dollar Facebook

Thursday, July 29, 2010

Man who invested $1000 in 2003 claims present-day 84% stake in billion-dollar Facebook

Here's a quick one to kick-start your day with a smile! Paul Ceglia, an (alleged) early investor in Facebook, has come forward and claimed an 84% stake in the company. Facebook is vigorously stating that the lawsuit is 'completely frivolous', but considering a New York judge has temporarily restricted any transfer of Facebook's assets there just might be something to Ceglia's claim.

Back in 2003, Paul Ceglia apparently invested $1000 in the development of Facebook. In exchange he would own 50% of the software, plus 1% for every day it took Mark Zuckerberg to create the site. Seemingly it took 34 days, thus netting Ceglia a grand total of 84% of a company now worth billions.

The Wall Street Journal seems to think this case won't come to anything -- something about a statute of limitations being only six years in New York -- but still, draw your own conclusions!

Facebook's past seems to get muddier each and every day; but whether Zuckerberg is actually a slimy piratical cut-throat, or if this is opportunists simply trying to cash in, who knows.

[via AfterDawn]