Mark Zuckerberg May Have Given Up Ownership Stake in Facebook

Facebook, Featured News

The past has come back to haunt Facebook founder Mark Zuckerberg, making it appear that he might have given up his ownership stake via a contract signed seven years ago back when Facebook was still a web project in the works, reports the Los Angeles Times.

The contract is between Mark Zuckerberg and New York businessman Paul Ceglia who hired the former back in 2003 to work on two separate business ventures.

According to a copy of the contract, the first venture was to develop and maintain a Web database for “the StreetFax Database.” The second was “continued development” of an already-in-progress project ” “designed to offer the students of Harvard university access to a website [sic] similar to a live functioning yearbook with the working title of ‘The Face Book.’”

Facebook lawyer Lisa Simpson has acknowledged Zuckerberg and Ceglia did work together under contract back then but they have questioned the authenticity of the contract and the timing of the lawsuit.

The contract is real — as is plaintiff’s entitlement to at least a 50% ownership interest in Facebook.

Wrote Ceglia’s attorneys in a court filing submitted Friday as they maintained that their case was strong.

Image by deney terrio

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