RECONNECTED Zuckerberg (Photo: Getty Images)

While the New York Times reports that terms have not been disclosed, the agreement finally puts to bed what has undoubtedly been an awkward experience for the Harvard dropout Zuck. In the most definitive account of what actually happened between Zuckerberg and ConnectU, published in Harvard vanity magazine 02138, Zuckerberg is contacted by ConnectU at the end of 2003 to do coding for a Harvard-centric social networking site, a proposition he jumps at. Rather than actually work on ConnectU, however, he stalls for two months and instead codes Facebook, which he launches in February 2004. In a court deposition, a ConnectU founder notes, "We got royally screwed."

Zuckerberg claims that he only started working on Facebook after his last meeting with ConnectU, despite the fact that he registered the site two days before the meeting occurred. It's pretty clear Zuckerberg is lying—there are e-mail records of him talking about an unnamed "web venture" weeks before he formally cut ties with ConnectU—but he lucked out by never actually signing a formal contract with ConnectU.

An e-mail to ConnectU, which still exists but is effectively a non-entity at this point, was not returned. A rep for Facebook declined to comment. Next up for Zuck: trying to figure out how his company, valued at $15 billion, can actually, you know, make money.