Man files suit claiming 84% Facebook ownership

July 16, 2010 | by

Seems like Facebook ownership is again at question. And this time the claimer has got a written contract proof to prove his ownership. The claimer is a guy named Paul D. Ceglia and he claims to own a jaw-dropping 84% stake of Facebook. How? Well there is an interesting story behind it.

Ceglia told that he had signed a contract with Mark Zuckerberg, facebook founder, on 28th April 2003 for a website he was developing at that time. As per the contract, he paid Zuckerberg $1000 and in return he was offered 50% stake of the website and an additional 1% per day it is delayed after January 1, 2004. All these have added up to a whopping 84% ownership stake and Mr. Ceglia is now here to claim it.

Meanwhile, the Supreme Court of New York’s Allegany County, where Mr. Ceglia filed his suit on June 30, had restrained Facebook from both selling and transferring any of its asset to anyone.

On the other hand, as one would expect, Facebook has retaliated claiming that the suit is a complete frivolous one and it will fight vigorously against it. Facebook has also requested Judge Thomas Brown to move the case to federal court.

Facebook has grown exponentially in recent years, currently has around 500 million users throughout the world and its current valuation is around $10-12 billion. And 84% stake of this amount, in short, means a fortune.

The case is turning out to be an interesting one, more so because there is a written agreement involved. Stay tuned while we bring you updates on this suit.


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