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Milestones for Facebook: New data use policy
Question of the Day
August 2010: Facebook launches location feature, allowing people to share where they are with their friends and strangers.
June 2011: Google launches rival social network called Plus. The Winklevoss twins end their legal battle over the idea behind Facebook. They had settled with Facebook for $65 million in 2008, but later sought more money.
November 2011: Facebook agrees to settle federal charges that it violated users’ privacy by getting people to share more information than they agreed to when they signed up to the site. As part of a settlement, Facebook will allow independent auditors to review its privacy practices for two years. It also agrees to get approval from users before changing how the company handles their data.
December 2011: Facebook completes its move to Menlo Park, Calif. Its address is 1 Hacker Way.
January 2012: Facebook begins making Timeline mandatory.
February 2012: Facebook files for an initial public offering of stock. A few weeks later, it unveils new advertising opportunities for brands, allowing messages from them to mix in with Facebook status updates and photos.
April 2012: Facebook announces plans to buy the photo-sharing social network Instagram for $1 billion in cash and stock. It also discloses it plans to list its stock on the Nasdaq under the ticker symbol “FB.”
May 3, 2012: Facebook sets a price range of $28 to $35 for its IPO. At the high end, that could raise as much as $13.58 billion _ if the underwriters sell extra stock reserved for overallotments, which they will likely do. Facebook’s offering values the company at $76 billion to $95 billion, based on the expected number of Facebook shares following the IPO.
Monday: Facebook begins its road show, where executives talk to potential investors about why they should invest in the stock. The first stop is New York.
Friday: Facebook updates its policy to give users more clarity on how much information they share is used by the company. It’s in response to an audit by data-protection authorities in Ireland, where Facebook has its overseas headquarters. The company also signals that it may start showing people ads on sites other than Facebook, targeting the pitches to interests and hobbies that users express on Facebook.
By Matt Kibbe
The short-term deal will assure long-term overspending
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