Winklevoss twins can't back out of Facebook settlement
Written By: Nadia Ibanez
Cameron and Tyler Winklevoss first gained national fame after the debut of Oscar-nominated film, “The Social Network,” in which they were portrayed as sore losers who claim Mark Zuckerberg stole the idea of Facebook from them. Now, not only are the twins portrayed in real life as sore losers, but now they’ve become just downright greedy.
A Ninth Circuit court ruled on Monday that the Winklevoss twins were not allowed to back out of an approximate $65 million settlement they received from Facebook in 2008. With the settlement, the twins also received partial ownership of Facebook. However, the Winklevosses now claim they would not have settled had Facebook disclosed the “true value” of its stock, which they believe is four times higher than what they were presented with.
See top stories in the WDM Content Network:
• Why your Personal Information is a Hot Commodity on the Internet
• Top Ten Biggest Brands
• Click here to read the latest edition of Business Review USA
The Winklevoss twins, along with Divya Narendra, had hoped that this legal appeal would overturn the settlement, which is now worth more than $160 million due to the rising value of the privately-held social media group.
In a statement Monday, Facebook's deputy general counsel, Colin Stretch, said: "We appreciate the 9th Circuit's careful consideration of this case and are pleased the court has ruled in Facebook's favor."
Facebook counter argued that the Winklevoss twins were suffering from "settler's remorse," and the Ninth Circuit agreed. "The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace. The courts might have obliged, had the Winklevosses not settled their dispute and signed a release of all claims against Facebook," wrote Chief Judge Alex Kozinski in his opinion. "At some point, litigation must come to an end. That point has been reached."
Microsoft: Building a secure foundation to drive NASCAR
Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).
These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack.
“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”
“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”
“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR
- Empower employees productivity and collaboration
- Improve fan engagement and experience
- Improve environment security and IT productivity
- Improve racing operations
Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.
“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”
“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives.
“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.
Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”