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How Zuck screwed Saverin - Fact vs Fiction

Slidebean2023-04-11
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606K views|1 years ago
💫 Short Summary

This video provides an in-depth look at the true story behind the founding of Facebook, detailing the relationships, legal battles, and betrayals that occurred between Mark Zuckerberg and his early business partners. It explores the complex agreements, dilution of shares, and legal actions that ultimately led to the creation of the social media empire.

✨ Highlights
📊 Transcript
The real story of how Mark Zuckerberg screwed his best friend, Eduardo Saverin, is a cautionary tale for startup founders.
00:03
The video cautions startup founders to make decisions and sign documents with a clear understanding of their implications for the company's future.
First Base offers a solution to help founders incorporate their companies, stay compliant, and grow their business.
The video discusses the lawsuits and legal battles surrounding the inception of Facebook, including the role of the Winklevoss brothers and Divya Narendra.
05:23
Mark agreed to partner with the Winklevoss brothers and Divya to work on the Harvard Connection website.
Leaked messages showed Mark's real intentions surrounding the Harvard Connection project.
The Winklevosses and Divya sued Mark for stealing their idea, leading to a series of lawsuits and settlements.
The section discusses the early days of Facebook, including the roles and relationships of the founding members.
10:57
Mark offered Eduardo about two-thirds of the company in exchange for his participation.
Dustin Moskowitz joined the company and got 5% of Mark's share.
Eduardo was responsible for covering most of the server costs.
Eduardo set up the company and ran another startup called Jabuzzle.
Mark met Sean Parker, who helped rally investors around Facebook.
Mark executed a plan to dilute Eduardo's shares in Facebook through the issuance of new shares to other stakeholders.
16:52
Mark convinced Eduardo to renounce the voting rights of his shares and delegate them to Mark.
Mark became the only director in the company and could make decisions without the need for approval from other shareholders.
Eduardo accepted that he was not going to be an employee of Facebook.
Mark issued millions of new shares without needing shareholder votes.
The video discusses the aftermath of the Facebook ownership dispute, including the financial outcomes for Mark and Eduardo.
21:05
Eduardo renounced his U.S. citizenship and moved to Singapore to avoid paying hundreds of millions of dollars in taxes.
Mark had 29% of the company when Facebook went public, making him one of the youngest billionaires.
Eduardo had 5% of the company when Facebook went public, worth $5 billion.
The script for 'The Accidental Billionaires' captured Eduardo's desperate attempt to sink Mark after becoming a billionaire.
💫 FAQs about This YouTube Video

1. Was Mark Zuckerberg's betrayal of Eduardo Saverin portrayed accurately in The Social Network movie?

The accuracy of the portrayal of Mark Zuckerberg's betrayal of Eduardo Saverin in The Social Network movie is questionable, as it is based on Eduardo Saverin's sour perspective during his active lawsuit against Facebook. The main consultant for the movie's details was Eduardo Saverin himself, which could have influenced the portrayal. However, the movie provided a glimpse into the startup world and the potential cautionary tale for startup founders.

2. What are the real facts behind the story of how Mark Zuckerberg screwed his best friend?

The real facts behind the story of how Mark Zuckerberg allegedly screwed his best friend, Eduardo Saverin, are more complex than portrayed in The Social Network movie. The situation involved legal paperwork, ownership dilution, and a hunt for the original story. It is a cautionary tale for startup founders to understand the potential implications of their decisions and actions.

3. Did Eduardo Saverin play a significant role in the early days of Facebook?

Eduardo Saverin played a significant role in the early days of Facebook, as he was instrumental in the company's financial and business aspects. He was initially offered about two-thirds of the company by Mark Zuckerberg in exchange for his participation and served as the CFO, owning 30% of the company. Saverin's involvement was crucial, especially in the startup's nascent stages.

4. What was the Winklevosses' idea and how did they claim Mark Zuckerberg stole it?

The Winklevosses had the idea for a social network called The Harvard Connection and claimed that Mark Zuckerberg stole their idea for a social network. They reached out to Mark to build their website and alleged that he stalled the project to get the upper hand in releasing Facebook. The subsequent legal battles between the parties further complicated the early history of Facebook.