Winklevoss Twins Believe in Facebook; Trust Mark Zuckerberg With $125 Million Worth of Shares
The Winklevoss twins still believe in Facebook founder Mark Zuckerberg despite years of legal fighting against him.
The Winklevoss twins famously sued Zuckerberg, claiming he was a fraud and stole their idea, and have been tangled in a war of words for years with the famous Facebook CEO.
However, the twins have been described by celebrity rumor site TMZ as still believing in Zuckerberg, as they are holding on to almost all their stock in the social media network company despite not being legally entitled to rid themselves of it.
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According to TMZ, the Winklevoss twins own nearly 6 million Facebook shares, which are current value equates to about $125 million worth.
The twins became able to begin trading their massive stock from Wednesday this week, but according to TMZ they plan to only sell about $1 million worth, and they only plan to do that so that they can raise enough seed money for a new e-commerce venture they are planning.
The Winklevoss twins are allegedly planning to invest their $1 million raised from their Facebook shares sale into a new e-commerce website called Hukkster.com. The new website aims to provide a unique service for web users by tracking a person's favorite products so that it can alert them when it detects any sales for those items.
Many had predicted that the Winklevoss twins would have gotten rid of their Facebook shares at the first opportunity, as the shares had an IPO price of $38, but has since dropped hugely down to just $22.15. Many had thought that the twins would get their money out before the shares drop any further. But it now seems, according to TMZ, that they plan to keep a majority of their shares long term, and trust Mark Zuckerberg to turn the share price around and back on an upward spiral.
According to TMZ, "You could say the twins still believe in Mark Zuckerberg."
