Facebook Inc. (FB) director Peter Thiel sold most of his stake in the operator of the world’s largest social-networking website, bringing his divestment to date to more than $1 billion, after restrictions on insider sales ended.
Thiel, one of Facebook’s earliest investors, sold about 20.1 million shares in the company on Aug. 16 and Aug. 17, raising $395.8 million, according to a filing with the U.S. Securities and Exchange Commission.
The sale, including $640.1 million in proceeds [...]
Former employee shares secrets of social networking giant’s first years
Says Facebook developed ‘dark profiles’ of users who never joined
Also claims Zuckerberg made a ‘judgebox’ extension, allowing users to rate women’s profile pictures
Facebook has developed an experimental feature called ‘Dark Profiles’ which would give secret accounts to people who did not even sign up, a new book claims.
Engineers wanted to create shadow pages for those who were tagged in photos by [...]
Facebook is set to lose more than $103 million in revenue after a judge forced it to make changes to its lucrative ‘Sponsored Stories’ advertising feature.
The company has agreed to allow users more control over how their personal information is used in Sponsored Stories as part of a deal agreed to resolve litigation.
Five Facebook members filed a lawsuit seeking class-action status against the social networking website, claiming it violated California [...]
Facebook millionaires may be down in the dumps after the company’s shares nosedived, but its staff already get paid pretty well, with at least 10 roles commanding six figure salaries.
While not in the league of the social networking website’s founder and CEO Mark Zuckerberg, who remains a billionaire despite losing $5 billion since Facebook’s controversial IPO, even the interns are cashed up.
Business Insider has pulled out salary information from Glassdoor to [...]
Pakistan’s government today blocked the popular social networking website Twitter after material considered offensive to Islam was posted on the site.
Government officials said Twitter refused to block messages referring to the Prophet Muhammed. The ban was lifted eight hours later by Pakistan’s prime minister.
Mohammed Yaseen, the head of Pakistan’s telecommunications body, said Twitter refused to remove material referring to a group on Facebook in which users post images of the Prophet Muhammad.
Censored: Twitter [...]
Eduardo Saverin celebrated this week as his £600 investment in Facebook turned into a £1.28billion fortune
Unlike his onscreen portrayal, he is living the high life in Singapore
Often spotted at the country’s most exclusive club, Filter, where he keeps a £2,500-a-night VIP table and routinely spends thousands on champagne.
He has invested in beauty queen Rachel Kum’s business and is never short of female company
In the film The Social Network, which tells [...]
General Motors has said it will stop advertising on Facebook, even as the social networking website prepares to go public.
The automobile manufacturer declined to give a specific reason for dropping Facebook ads, but a source familiar with the company said marketing executives decided that Facebook’s adverts had little impact on consumers.
While GM’s decision could be an exception in the advertising world, it marked the first highly visible crack in the [...]
It is the world’s largest photo-sharing website, boasting 901million monthly users as of March, 2012.
But Facebook, despite its effort to censor illegal images, has become a den for pedophiles trading graphic images, according to a new report.
An exposé published by WND.com has revealed a disturbing amount of child pornography being shared by predators on the social network.
Disturbing: A screenshot of a Facebook user who calls themselves ‘Kidsex Young’ appeared to facilitate the [...]
From FT:
The headlines about the US newspaper industry have never been so bleak.
In recent weeks, LinkedIn, the networking website, and the Council of Economic Advisers have reported that the press is “America’s fastest-shrinking industry”, measured by jobs lost; the Newspaper Association of America has shown that advertising sales have halved since 2005 and are now at 1984’s level; and the Pew Research Center has found that for every digital ad dollar they earned, [...]
Facebook Inc. (FB) the operator of the world’s most popular social-networking website, got $8 billion in financing.
The loans consist of a $5 billion five-year revolving line of credit and a $3 billion 364-day bridge loan, the Menlo Park, California-based company said today in a regulatory filing.
JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc., Bank of America Corp. and Barclays Plc arranged both facilities.
Borrowings under the revolver will pay [...]
sfgate.com
Number of the day
88 million
That’s how many working-age Americans don’t have a job and aren’t trying to find one. The increase in people dropping out of the labor market altogether skews the otherwise-positive unemployment numbers released last week. While the jobless rate fell to 8.3 percent in January – a three-year low – it doesn’t account for this army of nonworking Americans. The percentage of people participating in the labor [...]
A software development student from York who hacked into Facebook has been jailed for eight months.
Glenn Mangham, 26, had earlier admitted infiltrating the social networking website between April and May 2011.
Mangham, of Cornlands Road, York, had shown search engine Yahoo how it could improve security and said he wanted to do the same for Facebook.
Sentencing Mangham, Judge Alistair McCreath said his actions could have been “utterly disastrous” for Facebook.
Alison [...]
SAN DIEGO (CN) – A teenager sued MySpace and its former owner News Corp., saying they allowed video and photos of her rape and sexual assault to be posted on the social networking website.
The girl, who was 14 when she says she was raped, says MySpace and News Corp. “had actual knowledge that users of the MySpace website were capable of posting nude and/or pornographic [...]
When President Obama delivers his address on a new job-creation plan to a joint session of Congress on Thursday, he won’t be speaking to a sold-out crowd. Several lawmakers are still determining whether it is worth their time to stay in Washington to hear the president, and some are already planning to skip it.
Republican Rep. Paul Broun of Georgia is the latest to announce that [...]
Singer Sean Kingston is in critical condition in a Florida hospital after a jet-skiing accident Sunday night, according to celebrity gossip website TMZ.
The 21-year-old hip-hop star was operating a jet ski with a female passenger when the personal watercraft crashed into a bridge in Miami, TMZ reported.
A Good Samaritan rescued Kingston and his passenger from the water and they were transported to hospital, where Kingston [...]
A campaign has been launched on Facebook calling for men to beat Saudi women who drive their cars in a planned protest next month against the ultra-conservative kingdom’s ban on women taking the wheel.
The call comes as activists are demanding the release of Manal al-Sharif, a Saudi woman who was jailed for defying the ban.
The page, titled “The Iqal Campaign: June 17 for preventing women from driving,” [...]
LinkedIn Corp., the largest professional-networking website, more than doubled in the first day of trading after its initial public offering.
The stock surged as much as $47.99 to $92.99 and traded at $83.32 at 10:05 a.m. in New York Stock Exchange composite trading. The Mountain View, California-based company sold 7.84 million shares at $45 each, according to a statement released yesterday. The company had raised the proposed range for the share [...]
From WSJ:
U.S. investors will get their first taste of an online social networking IPO in two weeks, but it won’t be from a name they immediately recognize.
Beijing-based Renren Inc., a social networking site in China, is scheduled to begin trading May 4 on the New York Stock Exchange under the symbol RENN. The company, which is planning to raise as much as $584 million, claims [...]
A panel of federal judges on Monday ruled that Tyler and Cameron Winklevoss can’t back out of the settlement deal they made in a lawsuit charging that Mark Zuckerberg stole their idea for Facebook.
“The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace,” three Ninth Circuit Court of Appeals judges said in a [...]
By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) — The valuation of Facebook is taking another leap, according to a report Thursday by CNBC.
General Atlantic, a $17 billion investment firm, agreed to buy one-tenth of 1% of Facebook in a deal that values the social-networking website at $65 billion, CNBC’s David Faber said, citing unidentified people with knowledge of the transaction.
General Atlantic is buying about 2.5 million shares [...]
The social networking website is getting rid of 500 positions, or 47% of its employees.
The announcement comes as MySpace continues to be eclipsed by Facebook, and as it tries to reinvent itself as an entertainment website.
MySpace was bought by Rupert Murdoch’s News Corporation for $580m (£372m) in 2005, but it has struggled to make money for its parent company.
Mike Jones, MySpace’s chief executive, said the job [...]
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