"but getting a 50% stake in the product. The contract stipulated that Mr. Ceglia would get an additional 1% interest in the business for every day after Jan. 1, 2004, until it was completed."
Wouldn't you structure it so he would lose 1% for every day late after Jan 1,2004?
The article isn't written too clearly on this matter.
Ceglia bought a 50% share for $1000 and capital to pay for domain and hosting expenses with the stipulation that he would get an additional percent each day after January 1st 2004 that it was late (and presumably it was 34 days late).
Zuckerberg was the developer, Ceglia was the wallet.
Comments
"but getting a 50% stake in the product. The contract stipulated that Mr. Ceglia would get an additional 1% interest in the business for every day after Jan. 1, 2004, until it was completed."
Wouldn't you structure it so he would lose 1% for every day late after Jan 1,2004?
The article isn't written too clearly on this matter.
Ceglia bought a 50% share for $1000 and capital to pay for domain and hosting expenses with the stipulation that he would get an additional percent each day after January 1st 2004 that it was late (and presumably it was 34 days late).
Zuckerberg was the developer, Ceglia was the wallet.
no kidding on the clearness of the article, I thought Zuckerberg was the wallet and thought what a demented contract.
No. The deal here is that ownership interest is gained in lieu of prompt performance.