Friday, July 16, 2010

I Say TheFacebook, You Say Facebook

Facebook has over 500 million users making it the largest social networking site in the world. This incredible number of users manifests the huge value of the about in the $billions.
Could this empire be vulnerable to a lawsuit involving the small payment of $1,000 to Facebook’s creator, Mark Zukerberg?

It is an interesting story...

In 2003 Paul Ceglia claims he made a deal with Zukerberg. Ceglia says he gave Zukerberg $1,000 to finance the creation of a social networking site and in return he would received 50% interest in the site plus 1% interest per day if the site was not finished by January 1, 2004. Zukerberg finished the site on February 4, giving Ceglia an 84% interest in the new site. They called their new social networking site (get this) “TheFacebook”.

Shortly after, Zuckerberg decided to create a new company and created a new social networking site.
The name of the new company? Facebook, Inc
And the name of the new site? Facebook
I kid you not! Zuckerberg changed TheFacebook to Facebook and drop Ceglia.

Ceglia has filed a lawsuit screaming, foul! He feels Facebook is just the next generation of his TheFacebook.
Zuckerberg feels differently.
But what is making this really interesting is a New York Court Judge “has issued a temporary restraining order restricting any transfer of assets by Facebook, so there must be something happening here.

I wonder if the settlement will be called ThePayoff or just Payoff.

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