Facebook Set To Change Ownership?

Facebook Set To Change Ownership?

One of the top social networking sites, Facebook.com, is set to experience some unpleasant happenings. A few hours ago marshable.com published a post revealing a law suit against Facebook.com with regards to ownership!

In the law suit, one Paul Ceglia, a web designer who later became a wood pellet distributor, is claiming ownership of facebook following a contract the former signed with Facebook in April 2003.

Paul Ceglia is claiming he signed a contract in 2003 to design and develop thefacebook.com (Facebook’s original name). And according to the contract, he was to be given a $1,000 fee and a 50% stake in Facebook for services rendered, with a further 1% stake for each day until the site was finished, which was on February 4, 2004.

With these terms, Ceglia claims he should be the owner of 84% of Facebook. These contract terms in all indication shows lack of understanding on the part of favebook, if truly this claim is true. Of course for now we have watch which way the suit will swing. But whatever way it swings, this is something every business must guide against. Get the right legal advise before going into any contracts. It's better to do than regreting later.

There are questions like, why did it took Ceglia such long time to bring up this case? And can Ceglia pull this one off? For the guys at facebook.com they are not finding this funny as the court has issued a temporary restraining order, barring founder Mark Zuckerberg and Facebook from transferring any assets.

So what do you think of this? Do you think the ownership of facebook could be changing?

You may read the original story here:

Man Sues Facebook for 84% of Ownership

1 Comment
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