Billionaire twins who sued Mark Zuckerberg face class-action suit

The satellite knows Mark Zuckerberg for gathering Facebook and turning it into 1 of the world's biggest exertion companies, but it hadn't been a creaseless ride.

In 2004, ConnectU founders Divya Narendra, Cameron Winklevoss, and Tyler Winklevoss sued Facebook for allegedly copying their archetypal thought of a societal media platform.

Related: Gemini founders telephone Bitcoin ‘gold 2.0,’ eyes $1M terms target

The twins yet settled the substance for $65 million, invested a portion of it successful Bitcoin (BTC) successful 2012 and became 2 of the world's archetypal crypto billionaires. In 2014, the "Bitcoin twins" founded the Gemini crypto exchange.

In September past year, the institution made a beardown archetypal nationalist offering (IPO) debut but the crypto downturn has led to its banal falling much than 80% since then.

Recently, Citigroup chopped the terms people connected the Gemini banal by astir 60% from $13 to $5.50 and said it volition beryllium years earlier the institution turns profitable.

When the institution reported its fiscal results yesterday, it turned retired its yearly nonaccomplishment successful 2025 stood astatine $585 million, including unrealized losses connected the worth of crypto assets.

The company's integration of artificial quality (AI) and exit from respective planetary markets has led to approximately 30% of its workforce getting laid disconnected successful 2026 truthful far. As of March 1, the full headcount was astir 445.

The institution is present betting its aboriginal connected a prediction markets platform. But it is present facing a class-action suit implicit the strategy pivot.

• Billionaire brothers get regulatory motion to motorboat prediction market

• 213-year-old slope cuts Gemini banal people 60% up of earnings

• Gemini launches recognition paper offering Solana rewards with auto-staking

Marc Methvin filed a class-action suit successful the U.S. Southern District Court of New York connected March 18, accusing Gemini and the co-founders, Tyler and Cameron, of misleading the shareholders astir the company’s concern strategy and fiscal prospects astir its IPO past year.

While the company portrayed itself arsenic a increasing crypto trading speech successful the marketing documents that is focused connected expanding to "key planetary markets," the suit claimed it alternatively abruptly:

• Pivoted to a prediction market-centric concern model

• Exited from respective planetary markets

• Announced a 25% layoff

• Parted ways with its COO, CFO, and CLO

The pivot has led to the shareholders suffering “significant losses and damages” owed to the banal terms decline, the suit claimed. It further sought a assemblage proceedings and compensation for shareholders who bought the Gemini shares astatine “artificially inflated prices” aft the IPO.