Social Media, Mark Zuckerberg | featured news

Facebook’s attorneys squared off Wednesday with the legal team of Paul Ceglia, a New York man who says that a 2003 contract proves he should own at least half of Facebook. Ceglia, for whom Facebook co-founder Mark Zuckerberg did some work while at Harvard University, says he has a contract granting him at least half the ownership of Facebook. Facebook has denied the claim, saying that the contract and several other documents Ceglia provided are faked. The company subsequently filed to dismiss the suit last month.

Facebook founder Mark Zuckerberg went in front of the world's media this morning and grudgingly announced roll backs on some of the biggest and most controversial changes to the site's privacy settings made since December. The default setting for most content published on Facebook has not changed. It remains public, unlike the private nature of the site when hundreds of millions of people signed up, but control over a few key settings are now being shifted back into the hands of users.

Facebook CEO Mark Zuckerberg said the social network is planning new privacy controls that are simpler to use and will allow users to turn off all third-party services.

Most everyone in Silicon Valley and on Wall Street agrees: The eventual IPO of social-networking site Facebook could make its founder the world's richest 25-year-old. Yet CEO Mark Zuckerberg seems intent on deferring that multibillion dollar payday.