Meta CEO and Facebook co-founder Mark Zuckerberg has launched a stunning legal offensive against his former partner, Eduardo Saverin, in a dramatic turn of events that reads like a plot from The Social Network sequel.
The lawsuit, filed in Delaware's Chancery Court, accuses Mr Saverin of a clandestine and calculated scheme to secretly sell his stake in the social media behemoth. Zuckerberg's legal team alleges this was done through a complex web of holding companies, deliberately designed to bypass their longstanding contractual obligations.
The Core of the Allegations
At the heart of the dispute is a holding company named Bento Holdings, Ltd. Zuckerberg's suit claims that Saverin illicitly transferred his Facebook shares to this entity. The suit further alleges that Bento then sold these shares to an unnamed third party, all in a brazen attempt to sidestep a right of first refusal agreement that was firmly in place between the original founders.
This right of first refusal is a standard clause that would have legally obligated Saverin to offer his shares to Zuckerberg and other existing shareholders before anyone else, potentially allowing them to match any outside offer.
A Breach of Contract and Fiduciary Duty
The filing paints a picture of severe betrayal, accusing Saverin of a flagrant breach of contract and a shocking dereliction of his fiduciary duties. By allegedly orchestrating this secret sale, Saverin is claimed to have violated the foundational agreements that have governed their business relationship for years.
Zuckerberg is not merely seeking damages; he is demanding a court order to officially nullify the disputed share sale. This move would effectively reverse the transaction and restore the status quo, putting the shares back under the original agreement's purview.
A History of Founder Tension
This is not the first chapter of discord between Zuckerberg and Saverin. Their fraught relationship, including Saverin's initial ousting from the company he helped create, was famously dramatised in David Fincher's 2010 film. While the real-world details differed, the acrimony was very real, though the pair were believed to have settled their differences long ago.
This new lawsuit suggests that the old wounds have been reopened, plunging their complex history into a fresh and very public legal battle that could have significant financial repercussions.
The case continues to develop, with the eyes of the tech and legal worlds fixed on Delaware as these two billionaires duke it out in court.
