F FROM FACEBOOK

The original Facebook web designer has filed suit against the company claiming he owns 84 percent of the world’s largest social network. Paul D. Ceglia from New York is the man behind the lawsuit he filed in New York Superior Court on June 30. He claims Facebook owes him damages relating to a 2003 contract between himself and Mark Zuckerberg, Facebook CEO and founder. Ceglia alleges his seven-year-old contract to design thefacebook.com website.

The contract terms show that the web designer was to get a $1,000 fee and a 50 percent ownership in the company, along with an extra one percent interest in the business, per day, until it was completed and this was on Feb. 4, 2004, according to Ceglia, which means other 34 percent and a total of 84 percent ownership of the social network giant, having more than 500 million users and the second traffic in the world, after Google. The company was reportedly valued at $14 billion this year and that would give Ceglia’s theoretical over $11 billion.

A spokesman of Facebook said that they will fight vigorously because this is absolutely frivolous.
Mr. Zuckerberg had some more legal battle over the creation of his company and Ceglia, on the other hand is no stranger to the New York court system, being accused by defrauding customers of Allegany Pellets. However New York Supreme Court judge prohibited Facebook from transferring any assets, but this will not prevent the company from operating.

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