Their pockets bulging with roughly $65 million from a legal settlement with Facebook’s founder and CEO Mark Zuckerberg, the Winklevoss twins are backing a new social network.
Tyler and Cameron Winklevoss have invested $1 million in SumZero, which was founded in 2008 by fellow Harvard University alums Divya Narendra and Aalap Mahadevia, The Wall Street Journal reported Monday.
Narendra and the twin brothers became famous in the 2010 film “The Social Network,” which dramatized the legal battle between them and Facebook. The brothers said Zuckerberg had stolen the idea for what became the world's most popular social networking website from them.
In 2008 a settlement with Facebook brought the brothers $65 million in cash and stock. At the time Facebook was valued at $15 billion.
After agreeing to the cash-and-stock deal, the Winklevosses sought to undo it, saying it was fraudulent because Facebook hid information from them and that they deserved more money. However, in June 2011 the twins decided not to appeal to the U.S. Supreme Court a ruling upholding their $65 million settlement.
The Winklevoss brothers formed Winklevoss Capital in February as a vehicle to invest their personal wealth.
In June they made their first investment -- in SumZero, which brings together investors to share trading ideas and research.
Reuters contributed to this report.