Facebook Sued For Ownership

A fight about who owns Facebook has begun, after a private citizen, sued the company. A judge in New York has ordered all Facebook’s assets to be frozen.

A new lawsuit now forces Facebook founder Mark Zuckerberg to defend his ownership in Facebook, according to Reuters. A private citizen, Paul Ceglie claims to be entitled to 84 percent of the company. He claims to have signed a contract with Zuckerberg in 2003, to develop a website.

The website was called thefacebook.com and Ceglia would pay $1,000 and get a 50 percent stake in the product. The contract also says that Ceglia would get an additional 1 percent interest in the business for every day after Jan. 1, 2004, until it was completed.

Facebook denies, but states also that a possible legal dispute will not affect operations. It is also possible that “the statute of limitations (the time in which you may bring a suit) on contract disputes has run.”, so there might just be some hurdles in Caglie’s way as the fight continues.

Source: Reuters