New Social Network Created By Facebook Rivals

"New Social Network Created By Facebook Rivals"A new social network has been set up with investment coming from Facebook rivals the Winklevoss twins.

According to reports, Tyler and Cameron Winklevoss have invested one million dollars in a new social network SumZero, a social network which has been created for professional investors.

The Winklevoss twins became widely known after the film The Social Network was released in 2010.  The film brought the battle between Tyler and Cameron Winklevoss against Facebook founder Mark Zuckerberg on to the big screen with the twins claiming that Mark Zuckerberg had stolen their idea to create the social networking site Facebook.

The brothers were awarded a settlement valued at around 65 million dollars in their lawsuit against Facebook and this is the first time they have used their wealth to invest in another project.

SumZero was founded by former Harvard students Divya Marendra and Aalap Mahadevia.

Divya Narendra was one of the people who backed the twins in their case against Facebook.

The SumZero social networking site is aimed at bringing together investors who want to have a forum for sharing trading ideas and their own research according tot he Wall Street Journal.

The social networking site already has 7,500 members and is said to be very similar to the early version of Facebook.

Only investors allowed to be part of the SumZero social networking site with these people beiong members of professional hedge funds, private equity firms or mutual funds.

Anyone wanting to join from the “selling” side of the industry is not allowed to take part in this social network and this includes anyone from Wall Street Banks.

Problems between the Winklevosses and Facebook had continued beyond the court settlement which left them with a cash and stocks agreement.  The problems came with the Winklevosses saying that the agreement had been fraudulent because Facebook had not revealed all the information about its financial worth to them for the case and that they deserved more money because of this.

The brothers decided against an appeal to to the US Supreme court in June 2011 and have since used their fortunes to create Winklevoss Capital, a company that is being used by the twins to now make best use of their personal fortunes through investments in projects such as the social network SumZero.

Facebook remains the most popular social network currently available and has a market cap value of 47 billion dollars.

There has been no comment from Facebook and Mark Zuckerberg as to if they see the SumZero social network as a rival to their own social network.

With only 7,500 users on the SumZero social network and around 955 million active  users (as of June 2012) Mark Zuckerberg will probably not be worrying to much at the moment about the Winklevoss brothers.

avatar DSM Publishing is owned and operated by husband and wife team . They are also the founder and editor of the Affordable Internet Marketing Course and several other publications. Learn more about them here and connect with them on Twitter and Facebook also on Google+
   

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