4/12/2013 6:54 PM ET|
Facebook who? Winklevoss twins move to Bitcoin
The pair claim to be one of the largest holders of the alternative currency.
They may have the largest allocation of Bitcoins out there, according to The New York Times. The twins told the newspaper they own nearly $11 million in Bitcoins -- or, at least, their stake was valued at $11 million Thursday morning when trading was temporarily halted at around $120 per Bitcoin.
After a week of intensely volatile trading, Bitcoins were valued at around $77 Friday (see the live price here), a drop of nearly 36% from what The Times reported. That means the Winklevii, as they are informally known, have seen their Bitcoin investment plunge by nearly $4 million.
But as early investors, the twins are still making a huge killing. They said they began buying Bitcoins last summer when the price was less than $10.
The Times originally reported the brothers owned 1% of all Bitcoins in existence, but that tidbit seems to have disappeared from the article. If they do own that much, then Business Insider estimates they hold about 108,000 Bitcoins (there are about 10.8 million Bitcoins in the world).
To learn more about Bitcoins, click here for an explainer.
The Winklevoss spat with Zuckerberg was the subject of the movie "The Social Network," and it ended after the twins received $20 million in cash and Facebook shares now valued at more than $200 million, the Times reports. The twins later tried to undo their Facebook settlement, but that was squashed by the courts.
- Drug giants spending less to woo doctors
- Cut corporate taxes? First figure out what they are
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages finished the session on a lower note as the S&P 500 lost 0.4% while the Nasdaq shed 0.1%. The Russell 2000, which paced the retreat on Tuesday and Wednesday, added 0.2%, trimming its December loss to 3.5%.
After spending the first half of the session in a steady retreat, the S&P 500 found technical support in the 1772 area. Upon reaching that level, the index reversed sharply, and marched back to its flat line. There was no particular catalyst ... More
More Market News
With the universe of this category in its seasonal sweet spot, these picks have tailwinds propelling them into the new year.