Summers: The Winklevoss Twins Are A**holes

Larry Summers doesn’t much care for Cameron and Tyler Winklevoss. The former Harvard president bashed the Winklevoss twins this week at Fortune’s Brainstorm Tech conference, calling the pair “a**holes.”

“Rarely have I encountered such swagger, and I tried to respond in kind,” Summers said in a Brainstorm Tech interview Wednesday, describing his encounter with the “Winklevii” in his Harvard office, when the twin Olympic-class rowers attempted to win him over with their allegation that fellow Harvard student Mark Zuckerberg stole their social networking idea and programming code to create Facebook.

The twins and their business partner Divya Narendra went on to create ConnectU, a far less successful site than Facebook. A legal battle between the trio and Zuckerberg eventually netted Narendra and the Winklevoss twins a 2008 settlement in cash and Facebook stock valued then at $65 million, but that is likely worth much more today.

But the Winklevosses and Narendra have since attempted to pull out of the deal, claiming that their right to an ownership stake in Facebook still stands. Though they’ve been repeatedly shot down in the courts, the trio continues to fight its legal battle against Zuckerberg and Facebook.

“One of the things you learn as a college president is that if an undergraduate is wearing a tie and jacket on Thursday afternoon at three o’clock, there are two possibilities,” Summers told Fortune. “One is that they’re looking for a job and have an interview. The other is that they are an a**hole. This was the latter case.”

The encounter in Summer’s office was later dramatized in the film “The Social Network.” Summers didn’t dispute the movie’s portrayal of his dealings with twins, according to Fortune.

Summers’ opinion of the Winklevoss twins is likely shared by many who’ve seen “The Social Network,” or kept up with the twins’ ongoing, seemingly grasping legal effort to show the courts that Zuckerberg stole their idea.

On the other hand, Summers has his own critics, particularly for the role he’s played as one of President Barack Obama’s top economic advisers in the wake of a near-catastrophic global economic meltdown and ensuing recession.

The Winklevii may be swaggering a**holes, but some might note that at least they didn’t help orchestrate a regulatory rebuke of the giant financial institutions that brought the world economy to the brink so mild in actual effect, it made a slap on the wrist look like a hand massage followed by the presentation of an expensive charm bracelet festooned with even more keys to the global economy.

For the top stories in tech, follow us on Twitter at @PCMag.

Share and Enjoy

Battle to control social networking heats up

A battle for the top position in internet business has broken out as rival alliances are going face-to-face with one another. The alliance of Facebook, Microsoft, Nokia and Skype has joined forces against internet giant Google, which has allied itself with Apple and microblogging service Twitter.

The battleground is online services that network users share with one another. The current king of this “social internet” is Facebook, but Google is building up a challenge in the form of its own online network, Google+.

But Facebook founder Mark Zuckerberg doesn’t seem too worried. During the introduction of Facebook’s latest product – video calling with Skype – he casually mentioned that Facebook has passed 750 million users .

“We did not report 750 million because we do not believe it is the metric,” said Zuckerberg. He added that in the future you will not base things on who has the most users but on what you can do with the services.

Zuckerberg also said there is no doubt that social networks have become a part of people’s lives.

One just has to look at the volume of content that an average Facebook user shares over the internet, which has been doubling every year.

Zuckerberg mapped out his vision years ago with Facebook as a “social class” running through the entire life of its members. Communication, meeting friends, sharing hobbies, film or restaurant recommendations, fashion taste – all of those are issues that people share with one another. And they need a community, which the internet provides.

The 26-year-old brushed up against privacy advocates and some of his own customers with his second assumption – that people want to make public even more private information.

Zuckerberg has learned to be more patient. One function showing purchases made by a user was quickly stopped after an outcry by Facebook members. Since then, Facebook users have a myriad of control settings to keep their privacy. Yet Facebook users are adding more and more pictures, videos and private information about their daily lives.

The yield of this social boom is data: mountains of information about what interests people, what they like, with whom they are communicating, where they like to go. Data is what turned Google into an internet giant – the company still makes billions with advertisements tailored to the search requests of its users.

Information is the fuel needed to be successful in the internet business. Google boss Eric Schmidt appealed to Google users that if they supplied more information, the search engine giant can offer better search results. But more and more of the valuable user data is landing in the silos of Facebook. And the online network is keeping a lid on it, under the watchful eye of privacy advocates.

After all, the members were promised that the information would not be shared with others. An anonymous evaluation of the information would be a gold-mine for advertising companies who could approach a specific target group with their advertising.

Google has come up with an alternative to Facebook with Google+ and promises a better control of privacy. Users can sort their friends into different “circles” – friends, relatives, acquaintances, work colleagues – and then limit who can see their photos and messages.

This is Google’s first attempt to combine all of its services in a “social network” – bringing together YouTube with the Picasa photo service and translation function Google Translate among others. All that fuelled by the technical power of Google computer centres and flanked by Android as a leading smartphone operating system.

But Google is arriving quite late to the social networking party. With 750 million users, Facebook has a pretty big head start.

- AAP

Share and Enjoy