Ghost of contracts past comes to haunt Facebook founder Mark Zuckerberg

Wood-pellet vendor Paul Ceglia claims to own 84% of Facebook, and he might be right.

Facebook CEO and founder Mark Zuckerberg had some business dealings with Ceglia in 2003, and a contract between the two has surfaced which appears to grant Ceglia 50%+ ownership in the now ubiquitous and almighty social networking site.

The first portion of the contract is not disputed by anyone: back in 2003, Ceglia paid Zuckerberg $1000 for some web development. Tacked onto that contract was an agreement for Ceglia to purchase a 50% share in “The Face Book” that Zuckerberg was working on for another $1000. This share was also to increase over time as compensation if work was late.

Accusations of contract doctoring have surfaced, and it is possible the statute of limitations is up for Ceglia to take this to court. Having said that, former friends of Zuckerberg have been placated with settlements over past disputes regarding the early development of Facebook. Unless the social networkers can get this thing dismissed, Zuck will need to settle, and probably for a very large sum.

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