I read an interesting article this morning about Facebook’s founder, Mark Zuckerberg and how he gained the capital to start what was then referred to as “The Face Book”. According to Taipan’s Tipping Point Alert article entitled “The Ultimate Craigslist Ad: Facebook for Sale“, Zuckerberg answered a Craigslist ad in 2003 to develop some coding for local businessman Paul Ceglia. He was compensated $1,000 for his work and then asked for an additional $1,000 to help fund his college start up business, Facebook. In return, Ceglia received 50% share of the company given that the site be complete by January 1, 2004. For every day after that the site wasn’t finished Ceglia would gain 1% share of the company. Today Ceglia claims he is due 84% of Facebook (now worth somewhere between $25-30 billion) which would put him on Forbes’ Rich List.
I wonder if Ceglia’s claims will prove true, or if this is just a case of business gone bad. What do you think?