Winklevosses Sink $1M in New Social-Network Venture

They back Divya Narendra's investment site with $1M
By Matt Cantor,  Newser Staff
Posted Sep 17, 2012 10:03 AM CDT
Winklevosses Sink $1M in New Social-Network Venture
In this Sept. 29, 2010 file photo, twins Cameron Winklevoss and Tyler Winklevoss attend a special screening of 'The Social Network' in New York.   (AP Photo/Evan Agostini)

(Newser) – It seems their much-publicized battle with Mark Zuckerberg hasn't put the Winklevoss twins off social networking for good. Instead, Tyler and Cameron Winklevoss have invested $1 million in another social site: SumZero, a site created in 2008 by their fellow Facebook-fighter Divya Narendra and another Harvard grad. The site, with 7,500 users, lets professional investors discuss trades and research, the Wall Street Journal reports. Like Facebook when it began, SumZero has an exclusive membership plan.

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While Facebook only let in people from certain universities at first, SumZero is even more choosy: Narendra reviews every applicant himself, he says, and 75% are rejected. Only "buy-side" investors are allowed in—those from hedge and mutual funds or private equity. "Sell-side" folks, such as big banks' analysts, can't join. And to stay in, members must keep submitting trading ideas. Outsiders can pay $129 per month to view some of these ideas. With their legal battle with Facebook—and their Olympic hopes—over, the Winklevosses plan to "get involved and really roll up our sleeves," says Tyler. "The band is back together." (Read more Cameron Winklevoss stories.)

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