Facebook who? Winklevoss twins move to Bitcoin

The pair claim to be one of the largest holders of the alternative currency.

By Kim Peterson Apr 12, 2013 2:54PM
Tyler and Cameron Winklevoss during Mercedes-Benz Fashion Week on February 8, 2013 in New York City ( Michael Loccisano/Getty Images for Mercedes-Benz Fashion Week)Cameron and Tyler Winklevoss, the twins who sued Mark Zuckerberg for making off with their idea for Facebook (FB), have become major Bitcoin investors.

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.

More on moneyNOW



Tags: FB
2Comments
Apr 12, 2013 4:11PM
avatar
Bitcoins.  Might as well be Beanie Babies.  Up when there is speculation, and now, they are tossed out w/ the garbage, just like this made up type of currency with no standard and no basis will be.
Apr 13, 2013 2:04AM
avatar
The bloom is coming off the tulip market. 
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 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.

Trending NOW

What’s this?

MARKET UPDATE

[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.

The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More

MSN MONEY'S