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Facebook Ownership in Question as Man Claims 84% Stake

Could it possibly be that someone other than Mark Zuckerberg is the majority owner of Facebook -- the largest social network in the world with nearly 500 million members? That would be incredible, but that is exactly what Paul Ceglia claims in a civil lawsuit he filed in the Supreme Court of New York's Allegany County last month. Ceglia says he owns 84% of Facebook.

According to the lawsuit, Paul Ceglia asserts he signed a contract with Mark Zuckerberg, Facebook co-founder, in 2003 to develop and design a website, which eventually was launched as thefacebook.com. The contract entitled Ceglia to a $1,000 fee and a 50% stake in the product.

A major point in the contract also stipulated that Ceglia "would acquire an additional 1 percent interest in the business, per day, until the website was completed." By February 4, 2004, Ceglia's stake in Facebook totaled 84%, according to the suit.

Continue reading Facebook Ownership in Question as Man Claims 84% Stake

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Last updated: May 27, 2012: 12:07 PM

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