The Winklevoss twins lost the biggest social-network
showdown ever when their rival, Mark Zuckerberg, walked away with Facebook. Now,
according to a WSJ report, they are
trying again—with a social network for professional investors.
Flush with at least $65 million from the settlement of a
legal battle with Mr. Zuckerberg and Facebook Tyler and Cameron Winklevoss are
backing fellow Harvard alumnus Divya Narendra, their ally in the Facebook
fight, in the investment website. The Winklevosses have put $1 million into
SumZero, which was founded by Mr. Narendra and another Harvard alum Aalap
Mahadevia, in 2008.
SumZero.com has parallels with the first versions of
Facebook. For one, Mr. Narendra believes the key to ensuring high-quality ideas
was exclusivity. The site allows investors to become members only if they work
on the "buy side." SumZero defines that group as investment
professionals at hedge funds, mutual funds, and private-equity firms. Analysts
from the "sell side" such as Wall Street banks aren't allowed.
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