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Facebook Acquires Instagram for $1 Billion (SocialTimes)
Facebook has acquired the photo-sharing site Instagram for a reported $1 billion in cash and stock. “This is an important milestone for Facebook, because it’s the first time we’ve ever acquired a product and company with so many users,” wrote founder and CEO Mark Zuckerberg in a statement on his Facebook page. Instagram Blog Instagram CEO Kevin Systrom also addressed the deal on the company’s official blog. “The Instagram app will still be the same one you know and love. You’ll still have all the same people you follow and that follow you. You’ll still be able to share to other social networks. And you’ll still have all the other features that make the app so fun and unique.” The New York Times / Dealbook With Instagram, Facebook will get a formidable mobile player — an area that is seen as a weakness for the sprawling social network. Gizmodo Facebook’s impending IPO probably didn’t have much to do with its ability to purchase Instagram — it already had globs of cash — but might shade how it uses Instagram going forward. Meaning, it’ll have public investors to appease, so it’s going to need to justify spending a ton of money.

Four Irish Students Suspended After Harassing Teachers on Facebook (The Daily Dot)
Two of the teachers at Oatlands College in Dublin — one male and one female — were subject to “vile and completely baseless allegations” of a “sexual nature” on a Facebook page the four students ran, according to the Irish Times. The Irish Times The decision to suspend the four pupils was taken by the school board of management after the four students involved were interviewed along with their parents. The Irish Independent The issue of social networking sites is causing concern among school authorities all over the country and will be raised at teacher conferences later this week.

What’s the Deal With Timeline on Facebook Profiles? (AllFacebook)
Based on what we’ve seen from both Facebook friends and comments on our posts, the rollout of timeline on profiles appears to be occurring gradually, with no discernible pattern. Could Facebook be keeping the rollout slow in order to monitor how its users are adapting to timeline? Or is the social network waiting until after its initial public offering to make a decision one way or the other?

Fake College Presidents Going Crazy on Twitter (The Washington Post / Campus Overload)
College students and recent alumni have created Twitter accounts parodying their university presidents. For the most part, these fake accounts are used to transform suit-and-tie-wearing leaders into foul-mouthed partiers — but they also satirically comment on problems within the university.

Before OMGPOP Sold for $210 Million, the CEO Hired Back Everyone He Laid Off and Made Sure They Cashed In (Business Insider)
A few months ago, OMGPOP was about to go bust. Its Facebook games weren’t performing and prospects were so bleak, CEO Dan Porter was forced to lay off several of the startup’s flash developers. Then OMGPOP launched a mobile game called Draw Something, and everything changed. PCMag Draw Something last week passed 50 million downloads after launching just two months ago. It is likely the fastest growing mobile game of all time.

Netflix for Xbox 360 Updates with Better Contrast and Episode Navigation (Engadget)
Got both an Xbox LIVE Gold membership and a Netflix account? Well, you’ll be treated to a slightly revamped streaming video app on your Xbox 360. Netflix Blog The update includes a number of new features and enhancements to the Netflix experience on Xbox 360. In addition, we have made it easier to decide what you want to share with your Facebook friends when enjoying Netflix on your Xbox 360.

Twitter Ads Earn More Money Per Impression Than Facebook Ads [REPORT] (AllTwitter)
TBG Digital looked at more than 45 billion ad impressions from 10 different brands on both Facebook and Twitter from Q1 2012. They found that ads on Twitter are out-performing ads on Facebook on a number of fronts.

How Social Media Is Changing Disaster Response (Mashable)
As social media continues to play a pervasive role in the way people think, act and react to the world, it’s also changing one of the most crucial ways of actually helping the world: how people respond to emergencies and disaster.

Should Employers Be Able to Ask For Your Social Media Profile? [Infographic] (SocialTimes)
During the recruiting process, some employers will ask potential employees for access to their social media accounts to get more information about them. Nearly all applicants “agree to this voluntary review, because they need or want the job.” But is this fair? A new infographic examines the problem.