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Rapidly rising Internet star Facebook Inc. has sold a 1.6 percent stake to Microsoft Corp. for $240 million, spurning a competing offer from online search leader Google Inc. Under the expanded strategic alliance, Microsoft will be the exclusive third-party advertising platform partner for Facebook, and will begin to sell advertising for Facebook internationally in addition to the United States.
Mark Zuckerberg, the founder of the Facebook social networking site, will this week defend himself against charges that he stole the concept from classmates at Harvard University. First begun in 2004, the lawsuit filed by Cameron Winklevoss, brother Tyler and Divya Narendra accuses Zuckerberg of having registered thefacebook.com on January 11th of 2004, three days after promising to help his peers with their own social networking site which they finally name ConnectU. Facebook and ConnectU are so identical that users can convert their profile directly from one to the other. If Narendra and the Winklevosses win the suit, they hope to claim control of Facebook and its assets, with extra money coming in the form of damage payments. Zuckerberg meanwhile denies having done anything wrong, and says he will ask for the case to be dismissed. A Facebook representative said:
Only one of the students had an idea significant enough to build a great company. That one person was Mark Zuckerberg.Source: CTV