Facebook Ownership Row: Zuckerberg’s fortune at risk

It looks like Facebook is in the middle of an ownership row at the moment. The hugely popular social networking website is currently battling a lawsuit that was filed by a New York man, who has claimed that he owns 84 percent of the social-networking company.

According to Steven Musil at cnet.com, Paul D. Ceglia – from Wellsville, New York – claims in his lawsuit that he entered into a contract with Facebook founder Mark Zuckerberg back in 2003, to design and develop a website that would ultimately become the giant of social networking.

The contract supposedly entitled Ceglia to a $1,000 fee and a 50% stake in the final product, which was eventually launched as TheFacebook.com, according to the lawsuit – that was filed on June 30th in the Supreme Court of New York’s Allegany County.

Ceglia is also claiming that Zuckerberg agreed to pay him an additional 1% stake per day until the website is completed, which would give Ceglia an 84 percent stake in the company as of February 4th, 2004. Facebook has of course dismissed this lawsuit as frivolous.

You can read more of this story via the link here.

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