The Winklevoss brothers, famous for their respective character’s crucial appearance in the Hollywood movie ‘Social Network’, have only been marginally active since their Facebook Inc (NASDAQ:FB) showdown. They have surfaced in the news again with a $1 million investment in a social media startup that focuses on bringing together investors.
“We want to get involved and really roll up our sleeves,” Tyler Winklevoss told The Wall Street Journal.
Tyler and Cameron Winklevoss were claimants to Facebook Inc (NASDAQ:FB)’s basic concept, which they believe was stolen from them by Mark Zuckerberg, Founder and CEO of Facebook Inc (NASDAQ:FB). The trio settled the case with a $65 million payment and ownership of Facebook Inc (NASDAQ:FB)’s shares. They founded a company called Winklevoss Capital earlier this year, and it seems they are putting the settlement money to use now.
SumZero, the startup that Winklevoss twins invested in, tries to bring together investors and helps them to interact on a social platform. The company was founded by Divya Narendra and Aalap Mahadevia, both are Harvard alums. SumZero seems like a platform wholly run by Narendra himself, but still touts itself as the “world’s largest community of hedge fund, mutual fund, and private equity professionals.” There is also not any significant competition in the ‘investors’ social media’ business, so it is not surprising if it actually is the biggest platform.
The CEO himself reviews the membership applications and reportedly rejects 75 percent of them. There are also several other rules that you have to abide by once you become a member. For example, if a member doesn’t submit any trading idea in over six months, his access to the site’s database is barred. The site also graciously allows non-members access to a limited number of investment ideas at $129 a month. The investing platform is otherwise free for members.
The Winklevoss twins have an undergraduate degree in economics from Harvard, and a business degree from University of Oxford. The brothers have competed as members of the US Rowing team for the Olympics. They are internet entrepreneurs and founded Harvard Connection, or ConnectU, back in 2004.
