How The Winklevoss Twins Store Their Crypto Fortune

How The Winklevoss Twins Store Their Crypto Fortune

In 2007, at age 23, he became the world’s youngest self-made billionaire. As of 2019, he is the only person under 50 in the Forbes ten richest people list, and the only one under 40 in the Top 20 Billionaires list. At age 34, Zuckerberg is the youngest of the world’s ten richest people. He first appeared on Forbes’ ranking of the 400 richest Americans in September 2008 with a net worth of $1.5 billion, when Facebook was still a private company.

The Winklevoss twins, famously known for suing Mark Zuckerberg after claiming he stole their idea for Facebook, are now Bitcoin billionaires, according to a few reports. Their slice of the Bitcoin pie is now worth over $1 billion after Bitcoin surged past $10,000 last week to now trade at $11,100, according to CoinDesk. The cryptocurrency has surged over 10,000 percent since the Winklevoss’ investment, when one coin traded at around $120.

That reported $700 million was a speculative “back-of-the-envelope figure,” says his spokesperson. Everyone knows who Mark Zuckerberg is, he’s famous as the owner, founder and CEO of Facebook, and made even more famous when the movie ‘The Social Network’ was released, which tells the tales of the turbulent early days of Facebook. His wealth has grown year after year, and with the new IPO released, which you can read in full here, it’s revealed that he currently owns 28.4% of Facebook, which if current estimates are correct, is going to be work $28.4 Billion. With their best year yet at Facebook, revealing a $1 Billion profit on $3.7 Billion revenue, it’s no wonder that Mark’s worth has gone up. At one point, he reached out to Cameron Winklevoss, Tyler Winklevoss, and Divvya Narendra – the Harvard students who allege that Mark Zuckerberg stole their idea for the company in the first place.

In December 2015, Zuckerberg pledged to donate 99% of his Facebook stock over the course of his lifetime to a charitable LLC called the Chan-Zuckerberg Initiative. You might recognise the name if you’ve seen ‘The Social Network’, and that’s because Eduardo played a key role in the company’s founding, back when he was roommates and best friends with Mark Zuckerberg.

In 2013, the twins led an investment round of seed funding for BitInstant, a Bitcoin payment processor, and raised $1.5 million. In January 2014, Charlie Shrem, CEO of BitInstant, was charged with money laundering related to the Silk Road online black market investigation. The Winklevoss brothers said they were passive investors in the company. ) were born August 21, 1981, and are identical twin brothers, known as the Winklevoss twins.

Sean Parker Ellis Hamburger, Business Insider “I’m just going to cut him out.”

“Facebook shareholders are wedded to the whims of Mark Zuckerberg”. On December 1, 2015, Zuckerberg and Chan pledged to transfer 99% of their Facebook shares, then valued at US$45 billion, to the Chan Zuckerberg Initiative, their new organization that will focus on health and education. The funds will not be transferred immediately, but over the course of their lives.

How The Winklevoss Twins Store Their Crypto Fortune

And if you’ve seen the film, you’ll know that their relationship went sour, and that Eduardo actually used to own a third of the company, before it went down to 30% when Dustin Moskovitz came aboard. After a series of legal disputes, Eduardo finally got his stake pushed back up to 5%, and even from such a small stake, he’s worth an incredible amount of money. There might be love lost between the two of them, but I wouldn’t turn my nose up at $5 Billion.

Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreement Saverin signed in October 2005 was invalid. Saverin then filed a suit against Zuckerberg, alleging Zuckerberg spent Facebook’s money (Saverin’s money) on personal expenses over the summer. Terms of the settlement were not disclosed and the company affirmed Saverin’s title as co-founder of Facebook. Saverin signed a non-disclosure contract after the settlement.

The Winklevoss twins are now Bitcoin billionaires

In college, I edited and wrote for The Stanford Daily. You can find me on Twitter @kchaykowski or reach me with story ideas, thoughts or tips at In 2012, Mark Zuckerberg earned $770,000 in salary and bonus, but now the CEO is Facebook’s lowest-paid employee.

“A sucker born every day.”In late 2003, Harvard sophomore Mark Zuckerberg asked a Harvard student named Eduardo Saverin, a junior, to deposit $15,000 in a bank account that would be accessible to both of them. The money, Mark promised, would go toward the servers needed to host a site that Mark wanted to develop. He hasn’t since 2005, when CEO Mark Zuckerberg diluted Saverin’s stake in Facebook and then booted him from the company.

How much did the Winklevoss twins make from Facebook?

Tyler and Cameron Winklevoss’s combined net worth — consisting mainly of Bitcoin and crypto assets — climbed to $1.45 billion, the highest since March of 2018, according to the Bloomberg Billionaires Index. Their combined fortune was $654 million at the beginning of the year.

  • During his junior year at Harvard, Saverin met fellow Harvard undergraduate, sophomore Mark Zuckerberg.
  • Later, Zuckerberg and Saverin each agreed to invest another $18,000 in the operation.

That’s right, now Facebook’s Mark Zuckerberg is among billionaire CEOs earning a $1 salary. Of course, he’s worth$27.8 billion, so he could afford to request an annual wage of $1 in 2013. “Mark Zuckerberg Vows to Donate 99% of His Facebook Shares for Charity”.

Originally launched to select college campuses, the site expanded rapidly and eventually beyond colleges, reaching one billion users by 2012. Zuckerberg took the company public in May 2012 with majority shares. His net worth is estimated to be nearly $54 billion as of March 2020.

Some journalists and academics have said the Chan Zuckerberg Initiative conducts philanthrocapitalism. In June 2010, Paul Ceglia, the owner of a wood pellet fuel company in Allegany County, upstate New York, filed suit against Zuckerberg, claiming 84 percent ownership of Facebook and seeking monetary damages. Zuckerberg was developing other projects at the time, among which was Facemash, the predecessor of Facebook, but did not register the domain name until January 1, 2004. Facebook management dismissed the lawsuit as “completely frivolous”. Facebook spokesman Barry Schnitt told a reporter that Ceglia’s counsel had unsuccessfully sought an out-of-court settlement.

After his involvement with Facebook, Saverin dabbled at several startup projects before moving to Singapore for what was supposed to be a short stay to help a friend launch a business. He never left, he says now, because he fell in love with his wife Elaine, a Singapore local — whom he’d known briefly in his college days when she attended Tufts University —and with the city itself. It’s a five-hour plane ride from a large part of the world’s population.” His decision to renounce U.S. citizenship the year before the IPO, he says, had more to do with setting up roots in Singapore than paying a lower tax rate on his wealth.

winklevoss twins net worth


Later, Zuckerberg and Saverin each agreed to invest another $18,000 in the operation. As co-founder, Saverin held the role of chief financial officer and business manager. On May 15, 2012, Business Insider obtained and released an exclusive email from Zuckerberg detailing how he cut Saverin from Facebook and diluted his stake.

During his junior year at Harvard, Saverin met fellow Harvard undergraduate, sophomore Mark Zuckerberg. Noting the lack of a dedicated social networking website for Harvard students, the two worked together to launch The Facebook in 2004.

The brothers were American rowers and are Internet entrepreneurs. They competed in the men’s pair rowing event at the 2008 Beijing Olympics and co-founded HarvardConnection, later renamed ConnectU, with Harvard University classmate Divya Narendra. In 2008, the Winklevoss brothers settled for $65 million in a case where they sued Facebook founder Mark Zuckerberg for stealing their ConnectU idea to create Facebook back in 2004. I’m a San Francisco-based reporter on Forbes’ tech team. I cover tech with an emphasis on the people, companies and innovations in the world of social and digital media.

EXCLUSIVE: How Mark Zuckerberg booted his co-founder out of the company

Dustin is just 8 days younger than Mark Zuckerberg, making him the youngest billionaire in the world. Dustin founded the site with Mark back at Harvard and holds on to a 7.6% stake of the company, which with this current valuation is likely to net him a worth of $7.6B. He left Facebook in 2008 to work on his own ventures, such as a mobilephoto-sharing site, called Path (I’m sure you’ve heard about it lately), which has already turned down a $100 million offer from Google, and now serves over 2 millions people. As good as that may well be, you can’t help but compare it to the likes of Facebook, which has grown rapidly in the 8 short years since it was created.

Before joining Forbes, I worked as a news writer and producer at The Wall Street Journal in New York. I have reported for Bloomberg News in San Francisco and New York and for the WSJ in Johannesburg, South Africa.