In a 3-1-1 vote (three approvals, one dissent, and one not participating), the Federal Trade Commission (FTC) has accepted final terms of a settlement with Facebook to resolve charges that the social networking site engaged in deceptive privacy practices. Terms of the settlement do include a monetary fine, as was the case with Google, which agreed to pay a record $22.5 million penalty to the FTC to settle a different set of alleged privacy violations.
Facebook's much anticipated initial public offering (IPO) turned out to be a pretty big disappointment, and things have only gotten worse since then. The social network's share price fell to $20.88 by the end of Wednesday's trading session, which is 45 percent below its IPO price of $38 and a new low price, dipping below the previous low of $21.61, which occurred a day earlier.
Confidence in Mark Zuckerberg's ability to navigate his social networking ship through rough financial waters is beginning to waver. Investors reacted negatively to Facebook's second quarter financial report, sending shares of the social network down almost 15 percent in after market trading, after it had already dipped 8 percent during regular trading hours on Thursday.
Shares of Zynga plummeted 40 percent to $3.03 in after market trading after the social game developer reported a net loss for its second quarter ended June 30, 2012. Zynga tried to put a positive spin on the fact that its Q2 revenue of $332 million represents a 19 percent year-over-year increase and that its six months year-to-date revenue of $653 million is a 25 percent year-over-year increase, but the numbers still added up to a $22.8 million net loss for the quarter, and a $108.1 million net loss for the six month period.
Good old Uncle Sam can be awfully nosy when he wants to be. The U.S. government poking its head into personal affairs isn't news to most, but it is reiterated by Twitter's first ever transparency report, which was released on Monday just two days ahead of July 4th, otherwise known as Independence Day in the States. Not by coincidence, Twitter notes "July 4th serves an important reminder of the need to hold governments responsible, especially on behalf of those who may not have a chance to do so themselves." Let the fireworks begin.
Phishers are coming out of the woodwork trying to bait panicked or otherwise unsuspecting LinkedIn users into supposedly 'confirming' their account, but what they're really doing is hijacking login credentials. They're also compounding the situation, whereby LinkedIn has now confirmed it suffered a data breach in which encrypted user passwords were compromised. Here's what you should do.
If you're a LinkedIn user, you may want to consider changing up your password today, as well as those of any other accounts that share the same login credentials. While nothing has yet been confirmed, LinkedIn said it's currently "looking into reports of stolen passwords," reports of which are flowing through Twitter and other areas of the Internet, as well as on a Russian forum where one member claims he uploaded 6,458,020 hashed passwords.
Could you imagine trying to pitch Chatroulette integration in Facebook to Mark Zuckerberg? It wouldn't fly, not when the billionaire 28-year-old is trying to open up access to his social playground for kids under the age of 13. But a clean version of Chatroulette? That's Airtime, a new live social video network put together by Napster founders Sean Parker and Shawn Fanning.
Facebook's ban on kids under the age of 13 is sort of like most DRM policies; all it does is keep some of the honest ones out. Nevertheless, whether for legal purposes or a sense of moral responsibility, Facebook as seen fit up to this point to disallow, at least officially, children who haven't hit their teen years from joining the most popular social networking site on the planet. That might soon change.
Online adults who use Twitter are microblogging their thoughts twice as much as they were one year ago, according to a comprehensive study by Pew Research Center's Internet & American Life Project. Pew Research pinged over 2,200 adults, including 901 cell phone interviews, on their Twitter usage and then broke the results into several categories and demographics sure to excite statisticians.