How much did Eduardo Saverin settle for?
Saverin eventually sued Facebook over breach of fiduciary duty. Facebook and Saverin settled, and he walked away with 4% or 5% of the company. That stake is now worth close to $5 billion. Meanwhile, Facebook has done pretty well with Zuckerberg running the show with sole authority.
Facebook co-founder, Eduardo Saverin, no longer works at Facebook. He hasn't since 2005, when CEO Mark Zuckerberg diluted Saverin's stake in Facebook and then booted him from the company. Saverin's exit from Facebook was the central plot of "The Social Network."
Now a venture capitalist, he still derives most of his wealth from his small but valuable stake in Facebook. In 2016, he launched venture fund B Capital, with BCG and Bain Capital veteran Raj Ganguly. The fund has $6.5 billion in assets under management.
"The Social Network" mainly follows the journey of Zuckerberg, his Harvard best friend Eduardo Saverin, and Napster cofounder Sean Parker as they build the social media giant — first, in Harvard dorms in Cambridge, Massachusetts, and later from a house in Palo Alto, California.
- #1 Mark Zuckerberg – 29.3% – US $54.3 billion (March 2020)
- #2 Jim Breyer & Accel Partners – 11.4% – $11.4 Billion.
- #3 Dustin Moskovitz – 7.6% – $7.6 Billion.
- #4 Yuri Milner & Digital Sky Technologies – 5.4% – $5.4 Billion.
- #5 Eduardo Saverin – 5% – $5 Billion.
- #6 Sean Parker – 4% – $4 Billion.
Sean Parker's fortune stems from his brief tenure, at age 24, as Facebook's president. Parker is now a venture capital investor and philanthropist. Parker's interest in music led him to invest in Spotify in 2010. He left the Board of Directors in June 2017.
Class B shares, which are primarily owned by Mark Zuckerberg and a small group of insiders, have 10 votes each. Mutual funds and other large institutional investors own large amounts of Facebook stock.
The movie isn't terribly accurate (and Sorkin won't argue)
Given that “The Social Network” isn't just based on a true story but on a relatively recent true story, it's not surprising that a lot of people were combing through the film to assess the accuracy.
Facebook paid up to $65m - $20m cash and a 1.25m shares – to end a lawsuit in which Mark Zuckerberg, now its chief executive, was accused of stealing the idea for the social networking site from a company called ConnectU.
Why did Mark Zuckerberg betray Eduardo?
Zuckerberg forced out Eduardo because it is alleged that simply after getting the initial seed money from Eduardo (and some code), Zuck didn't need him anymore and Zuck wanted more power and therefore forced his buddy out. The excuses all came later. The Winklevoss brothers has similar treatment by Zuckerberg.
The majority of Saverin's fortune is derived from his stake in Meta Platforms, formerly Facebook. He owns about 2% of the company, according to its 2022 proxy statement. The world's largest social network has 2.9 billion monthly active users, according to its 2021 fourth-quarter earnings report.
Facebook paid up to $65m - $20m cash and a 1.25m shares – to end a lawsuit in which Mark Zuckerberg, now its chief executive, was accused of stealing the idea for the social networking site from a company called ConnectU.
The Winklevoss twins' Bitcoin journey. Facebook settlement (2008): The twins reach a settlement with Zuckerberg for $65 million in a mix of Facebook shares and cash. They claimed he copied their idea and some of the code they'd paid him to create.
Mr Zuckerberg, Facebook's founder and chief executive of Meta, owns about 12.8% of the company - which is still valued at more than $660bn.
