News & Opinion | June 15, 2018 8:44 am

Winklevoss Twins Sue Hollywood Porn Magazine Owner

Early Facebook backers claim their $1.3 million investment was used for “extravagant lifestyle.”

Twins Cameron and Tyler Winklevoss
Twins Cameron and Tyler Winklevoss. (Photo by Christy Bowe/Corbis via Getty Images)
Corbis via Getty Images

The Winklevoss twins are suing a Hollywood porn magazine because they say the owner used part of the $1.3 million they invested in it to support his “extravagant lifestyle,” Page Six reports.

Tyler and Cameron Winklevoss formally partied at Treats! magazine’s famed events, but now the tables have turned. The bitcoin billionaires say the owner, publisher and editor-in-chief Steve Shaw used the company as a personal cash source and mismanaged it so that only a few issues came out a year, instead of appearing monthly. The twins also say Shaw tried to “strong-arm” them into selling their shares to Shaw for “pennies on the dollar” when they complained about his actions. They had been investing since 2012.

The twin’s suit also alleges that Shaw “used company resources for personal expenditures and to support Shaw’s extravagant lifestyle,” according to Page Six.