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Social Media Newsfeed: Nasdaq Fined Over Facebook IPO | Gmail Changes

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Nasdaq is Fined $10 Million Over Facebook IPO (The New York Times/Dealbook)
Nasdaq’s parent company will pay the largest fine ever levied against an exchange for “poor systems and decision making” both before and after the bungled Facebook initial public offering. The confusion on the morning of May 18, 2012, had been caused by errors in Nasdaq’s computer programming, but executives at the exchange decided to ignore the request for a break and proceed with trading, leading to mounting confusion.

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Social Media Newsfeed: Facebook Timeline | Social Sandy | Google Drive

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Facebook tests Timeline layout with single column of posts (InsideFacebook)
Facebook is testing a new format for user Timelines, which puts all posts in a single column on the left and any activity modules in a narrower column on the right. This layout addresses one of the common complaints about the new profile: users previously had to look back and forth on the page as they scrolled through to read their stream. CNET The test layout keeps the boxes that highlight friends and activities to the right. AllFacebook When a user has no more open graph actions to show, the right side of the page will revert to blank, instead of creating two sides of wall posts. InsideFacebook Facebook confirmed that it is testing this design with a small percentage of users but did not offer any additional information.

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Social Media Newsfeed: Facebook Fallout | New Digg | Tumblr ‘Holmies’

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Facebook Losses Slice UBS Profits (The Wall Street Journal)
The fallout over Facebook’s initial public offering escalated Tuesday as UBS AG went on the attack against Nasdaq OMX Group, blaming the stock-exchange operator for trading flubs that erased a sizable chunk of its second-quarter profit. The Swiss banking giant, in its earnings release on Tuesday, accused Nasdaq of “gross mishandling” and said it would begin legal proceedings to recoup all of its losses related to the problems, totaling $356 million. Reuters UBS did not fully explain why its losses were 10 times worse than other market makers, raising questions about how much liability Nasdaq could actually face. Meanwhile, Facebook shares fell to a new all-time low Tuesday, touching $21.61 in afternoon trading. Los Angeles Times The bank’s losses, and its determination to take legal action, could complicate Nasdaq’s plans to compensate brokerages that lost money in the much-hyped offering. Nasdaq last week filed a plan with the Securities and Exchange Commission to offer $62 million to repay investment firms that lost money in the process. TechCrunch One hundred two million people accessed Facebook solely from mobile in June, a massive 23 percent increase over the 83 million mobile-only users in March. And almost 19 percent of its 543 million monthly mobile users don’t even visit its desktop site. CBS News A photo of Mitt Romney on Facebook is at the center of a recent domestic abuse case in Tennessee. Lowell Turpin, 40, accused his live-in girlfriend of having an affair with a man he did not recognize in a photo on her Facebook page. Read more

Facebook CTO Leaving | Tumblr to Release iOS App | Social Media and Athletes

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Chief Technology Officer Bret Taylor Leaving Facebook (AllFacebook)
Facebook Chief Technology Officer Bret Taylor announced that he will leave the social network later this summer to start a company with Kevin Gibbs, founder and tech lead of the Google App Engine and creator of Google Suggest. Taylor joined Facebook in 2009 as director of platform products, and he was promoted to CTO in June 2010. PC Magazine The Stanford-educated Taylor previously worked as CEO of FriendFeed. He also served as an entrepreneur-in-residence at Benchmark Capital, and as a group product manager with Google, according to his LinkedIn profile. AllThingsD The move is likely to be of concern to some over the newly public company’s ability to hold onto entrepreneurial talent, especially in the wake of continued intense media and investor scrutiny over its rocky IPO last month. That’s especially true since Taylor has been in charge of both platform and mobile efforts at Facebook, a critical arena for it. The Wall Street Journal “I’ve really enjoyed working with Bret and getting to know him as a friend and teammate. I’m grateful for all he has done for Facebook and I’m proud of what he and his teams have built. I’m also proud that we have a culture where great entrepreneurs like Bret join us and have such a big impact,” Facebook co-founder and CEO Mark Zuckerberg said in a statement. A pair of Facebook executives under Taylor — Mike Vernal and Cory Ondrejka — will be taking over platform and mobile duties, respectively. TechCrunch Taylor’s is one of the first in a wave of Facebook departures TechCrunch is hearing, as a slew of older employees have hit their four-year stock cliffs, and the 90-day IPO lockout fast approaches. According to a source, many Facebook employees including one other executive are already planning what to do next. Read more

YouTube Weighs Paid Subscriptions | Sources: Microsoft Considers $1.2B Yammer Buy | Facebook to Respond to Lawsuits

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YouTubeYouTube Chief Mulls Paid Subscriptions (Reuters)
YouTube is exploring selling subscriptions to provide access to some of its video offerings, potentially providing a way for certain cable channels to be available outside the traditional “bundles” offered by cable network providers, said YouTube boss Salar Kamangar. Cable channels with smaller audiences will in the future migrate to the Web and become available on an “a la carte” basis, Kamangar said at the Reuters Media and Technology Summit on Thursday. Engadget It appears YouTube is testing a new homepage styled more like the look that recently rolled out on Google+. The current default look rolled out last winter with more focus on channels and social integration, while this new facade features more white space and list of channels and friends to the side. Los Angeles Times YouTube and Google+ are starting to look a lot more alike, and now, they will play together more too. The team behind YouTube announced Thursday that the service’s Google+ app has received an update increasing the amount of things that users can do with YouTube videos inside Google+ hangouts. The Next Web This is the perfect example of an integration that makes Google look like more of a social powerhouse with each release. This new app is available worldwide in 60-plus languages and takes all of the hard work that the YouTube team has put into playlists inside of Google+ Hangouts. WebProNews As ubiquitous as YouTube now seems, it’s easy to forget that the company is less than a decade old. In just over seven years, the video sharing website has spread all over the globe and continues to quickly expand into new markets. Despite this, YouTube only operates 46 individual country YouTube sites. This week, Indonesia became that 46th country. Read more

Is Facebook’s Poor Stock Performance Dragging Other Social Networks Along With It?

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Facebook’s stock was down 9.81 percent as of Tuesday afternoon, sending ripples of disappointment through the investment community as shareholders are trying to figure out what to do now that the world’s largest social network has failed to deliver massive returns in its first few weeks on the stock market. Meanwhile, smaller networks like Groupon, Yelp, and Zynga have also felt the pain of plummeting stock. Is Facebook to blame?

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In Facebook IPO Probe, Morgan Stanley Subpoenaed | Google+ Photographers Conference | NY Weighs Anonymous Commenting Ban

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Massachusetts Joins Growing Crowd Probing Facebook IPO (PC Magazine)
Massachusetts regulators on Tuesday issued a subpoena to Morgan Stanley, the lead underwriter for Facebook’s initial public offering, in an effort to get answers about reports that some investors and not others were informed of earnings revisions for the company ahead of the IPO. The highly publicized IPO is facing scrutiny from several quarters for possible irregularities that may have occurred before the stock was floated and continued through the first day of trading. AllFacebook The hopes of collectors who sought to own one share of Facebook stock from its initial public offering last week were dashed, as paper stock certificates will not be made available, after all. CNNMoney reported that Computershare, which handles shareholder records for the social network, alerted GiveAShare.com and OneShare late last week that there would be no paper stock certificate. Reuters Facebook has agreed to settle a lawsuit that alleged the site’s “Sponsored Stories” feature publicized users’ “likes” without compensation or the ability to opt out, according to a court document filed on Tuesday. The proposed class action lawsuit, filed in a San Jose, Calif., federal court, could have included nearly one of every three Americans, with billions of dollars in damages, court documents say. PCWorld Facebook’s Timeline profiles may be getting a redesign, but this one probably won’t trigger a backlash. The new Timeline design, spotted by TPM Livewire, condenses the biographical information at the top of the page, so it’s nested within the user’s banner image instead of appearing below. Links to the user’s friends list, photos, locations and likes are tucked neatly underneath the banner, next to the user’s profile picture. Alongside those links, a new button called “Summary” leads to a list of major life events. CNET A federal judge has refused to order a Norwegian website that describes itself as “the number one socializing porn and sex network” to turn over its name to Facebook. U.S. District Judge Jeffrey White last week ruled that the court had no jurisdiction because Facebook, which sued in California, had failed to show that the owner of website Faceporn had targeted residents of the state. Read more