In the wake of the epic stories surrounding the inimitable Facebook and its latest acquisition, Instagram, one has to wonder how many more questionable actions can manifest from the camp of the social media giant. I, am of course referring to the squawking over the TOS back in December. This could spell long-term PR trouble. What exactly is Facebook doing?
Let’s get the facts straight. Instagram may still be having issues, what with its public traffic data being ripped from public view recently. But the company has apparently stemmed the flow of angry users fleeing the site like a burning building.However sometimes, it’s too little too late, as it’s been widely noted that 25% of the active user base was lost in the aftermath. Instagram backpedaled on the issue, saying, “It would not sell members’ photos”. This was followed closely by a quote from the company, ”that statement is not authorized for publication.” O rly, Instagram? There’s no sense of irony in that statement!
This overarching argument about data and its right to be withheld or published, is a longstanding argument within social media ranks that goes back almost as far as the inception of journalism itself. Facebook, and its user base, is in the midst of a cold war over the fact that deleted accounts do not mean entire removal from the site. Users are able to download their data before doing so, but there is a finite period that accounts are cached in case the user changes their mind. What happens to the data after that time? Is it sold or otherwise leveraged for private gain? Or is it truly erased from the site? Facebook has said that the nature of caching in search engines in addition to “shares” on the site makes 100% data deletion truly impossible.
Facebook on Wednesday suspended secondary market sharing of the company’s stock in what is very likely a sign that the company plans to go public with an IPO in the near future.
A letter was sent fromÂ Facebookâ€™s law firm, Fenwick & West Â stating that shares of the company would stop trading immediately although a reason for that decision is still not known.
A recent report said Facebook would release its IPO in May and in an interview with Bloomberg Sam Hamadeh, CEO of PrivCo. said:
â€śFacebook and companies who do this donâ€™t want to expose themselves to lawsuits related to the fact that some people had it before others and were able to trade on it,â€ť and â€śThe best way to protect yourself is to have no one able to trade.â€ť read more
Multiple sources have revealed that Facebook executives plan to release the company’s IPO in late May 2012. The company is expected to go public in the third week of the month which means they would have to file with the SEC in the next month since it usually takes three to four months for the agency to review a company and approve its IPO.
While late May looks to be the much anticipated day a source close to the plans tellsÂ All Things D:
â€śThis IPO planning could all change in a New York minute to another month.â€ťÂ read more
When you’re attempting to launch an IPO that could value your company at more than $100 billion it’s important that you have all your finances in order and that includes even the smallest of items such as keyboards and mouse at tech firms, that’s why Facebook executives have begun employing computer accessory stocked vending machines to track inventory.
At one point executives at the company’s headquarters used a sign out sheet which allowed employees to sign out any computer accessories such as a mouse or keyboard that they required, however an insider says only about 5% of the company’s employees used the sheets and it was creating an accounting nightmare.
It wasn’t until an employee was walking through an airport and saw an Apple iPod vending machine that they came up with the idea to track components digitally with the machines. Employees must now swipe their name badges at machines located throughout the office in order to receive the computer components they need. read more
One Billion Facebook Users in 2012 could mean a $100 Billion IPO Valuation
Of course, for Facebook founder Mark Zuckerberg, it would mean the world and then some.
Perhaps the most important thing for Zuckerberg would be that he was right about his prediction. Â When Facebook reached 500 million users last July, Zuckerberg said that it would be impossible for Facebook not to reach 1 billion users.
That’s roughly equivalent to 16 to 20 percent of the world’s population. Â But that is not to say that there really are 1 billion Facebook users with one Facebook account each or that all of the 1 billion accounts are actually actively being used in a meaningful way.
Still, what if each Facebook user was actually worth $10 each?
Tonight on ABC’s World News with Diane Sawyer, Facebook CEO Mark Zuckerberg opens up about the most recent happenings surrounding Facebook, specifically the companies future (IPO), the new Facebook Movie (The Social Network) and a recent lawsuit which claims he gave up his share of the company years ago.
Zuckerberg first talks about The Social Network basically downplaying the movies sensationalism of his life surrounding the founding of Facebook:
â€śI just think people have a lot of fictionâ€¦. The real story of Facebook is just that weâ€™ve worked so hard for all this time,â€ť Zuckerberg said in his interview with Sawyer. â€śI mean, the real story is actually probably pretty boring, right? â€¦We just sat at our computers for six years and coded.â€ť read more