Winklevoss Twins Invest $1 Million in a ‘Facebook’ for Investors

by Alyssa Oursler | September 17, 2012 1:57 pm

Winklevoss Twins Invest $1 Million in a ‘Facebook’ for Investors

The Winklevoss twins are at it again.

Now that their Facebook (NASDAQ:FB[1]) dispute, as chronicled in The Social Network, is in the past, Tyler and Cameron Winklevoss are taking another stab at the social media world[2].

This time, they are investing $1 million in a site called SumZero[3], a forum for investors to share trading ideas and research. The site is similar to Facebook in its emphasis on exclusivity. At first, Facebook was only for college students, just as SumZero only accepts around 25% of users who apply.

It’s difference, of course, is that it connects people with information and ideas about investing.

There’s another link between the old site and the new one, though. SumZero was founded four years ago by former Harvard classmate Divya Narendra, who was also one of Winklevoss’ allies in the aforementioned Facebook showdown.

In a nutshell — or as you know if you’re seen the film — the twins had claimed that Zuckerberg stole the idea for Facebook from their creation called ConnectU, which Narendra had been a part of. They were awarded a $65 million settlement, but then went back to court with the claim that they were misled about the company’s value. The judge, though, upheld the original amount.

Despite the parallels, this investment seems to indicate that the twins are indeed moving forward. In fact, they formed Winklevoss Capital to invest their personal wealth in February, and SumZero marks the first move for the group.

Endnotes:
  1. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  2. at the social media world: http://online.wsj.com/article/SB10000872396390444433504577651750662070974.html
  3. SumZero: http://sumzero.com/

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