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Day: February 13, 2009

Facebook Founder Mark Zuckerberg settled US $ 65 Million with two former harvard mates for swiping their Idea of a Social Networking Site

Leave a Comment / Controversies, Insider Trading, Interesting News Sightings, INVESTOR MISTAKES, Reflections, VALUATION / By

A very Interesting article on Page 13 in DNA today got my attention…It concerns the Billionaire Mark Zuckerberg,Founder of Facebook…Apparently he paid off US $ 65 Million to two former Harvard Mates,ConnectU founders Tyler and Cameron Winklevoss for swiping their idea that led to Facebook

It seems Tyler and Winklevoss had retained Zuckerberg in 2003 to write the software code for their social networking site…Instead Zuckerberg stole their Idea and launched facebook in 2004…A lawsuit was settled by Zuckerberg buying out ConnectU and multi million dollar penalties would be imposed on any Settlement Disclosures by concerned parties

This Leak has come from the law firm,Quinn Emanuel Urquhart Oliver and Hedges who handled the lawsuit for Tyler and Winklevoss .They have carried this Boast in their January 2009 Advertisement Brochure 

Haven’t we Heard about Idea Theft before !….But it must hurt when you get just US $ 65 million for your Idea that went on to make over a bIllion dollars for the one who  apparently stole it !

So does one on ethical grounds stop using ‘Facebook ‘! because ‘Zucker’ made a ‘Sucker’ of Others ?

So if any of you out there has some brilliant idea,better IPR or TM it !

Foreigners ‘Desert’ing Dubai !

Leave a Comment / Controversies, Economy, Global Economic Crisis, Interesting News Sightings, INVESTOR MISTAKES, Real Estate, Reflections / By

The signs of Dubai losing it’s lustre are ominous……The Real Estate Boom that had lured even many celebrities from Hollywood and Bollywood is faltering ! 

DNA has carried a story of ‘Ditching Dubai’ on Page 13 of today’s edition…some interesting extracts

  • Dubai has 3.62 milion expatriates and just 864000 locals
  • 60% ! fall in Property Values predicted with even 50% fall expected in the much tom tommed Palm Jumeirah
  • 3000 Cars lie abandoned by fleeing foreigners in the parking Lot at the Dubai Airport…Many have apology notes on windscreen for defaulting on credit card payments and other bills
  • Unlike others like Qatar and Saudi Arabia,Dubai has no Oil or Gas Reserves and has built on Tourism,Finance and Real Estate and Gold Trade
  • A new proposed Law imposes fines of upto One Million Dirhams if one is found damaging country’s Economy or reputation..It will be a crime to do so….this has affected reporting the crisis
  • A Civil Engineer with four years experience would get 15000 dirhams a month earlier…he’d be lucky to get 8000 dirhams now. 
  • Abu Dhabi is more Liquid and is expected to lend some stability to Dubai

Clearly Dubai’s Economy is facing some of it’s toughest years…it will be sometime before the ‘Sand’ settles

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