Inside these posts: Social network

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Facebook exec fired for stock acquisition

Facebook Inc. fired a senior manager for buying shares of the social networking powerhouse in a private, secondary-market transaction last September — four months before Goldman Sachs Group Inc.  announced its investment in Facebook, the Web site TechCrunch reported Friday, citing multiple sources. Get the full story »

FINRA warns of Facebook share scams

The wild popularity of Facebook and other social media sites has spawned a cottage industry of con artists promising average investors a chance to cash in on the frenzy through shares in the companies before their initial public offerings.

While the pre-IPO offerings may be real, investors must be aware that the people touting them may be frauds, the U.S. Financial Industry Regulatory Authority (FINRA) said Tuesday. Get the full story »

Facebook plans own daily deal service

Facebook will soon start testing a service to provide discounts and other special offers to its more than 500 million members, a move that will thrust the social network into direct competition with daily deals market leader Groupon. Get the full story »

Facebook hires Google exec to boost M&A

Facebook has hired a member of Google Inc.’s corporate development team to lead its fledgling merger and acquisition efforts.

Amin Zoufonoun, a director of corporate development at Google, will join the world’s No.1 Internet social network company next week, Facebook confirmed Monday. Get the full story »

Facebook opens Hong Kong office

Facebook Inc. opened an office in Hong Kong Tuesday as part of its plan to expand operations in Asia, the South China Morning Post reported Wednesday, citing the company’s executives.

The move came after Facebook opened offices in India in March and  Singapore in April, the newspaper reported. Get the full story »

Launch miscues bring Facebook down for 15 mins.

Facebook, the online social network used by more than 500 million people around the world, went down briefly Thursday after the site miscued the introduction of some new features. Get the full story »

Facebook says apps shared user data, promises fix

Facebook said some of its applications violated the social networking company’s policies against sharing user information, and promised to fix the problem.

Most transfers of information to other companies were inadvertent, Facebook Vice President Marne Levine wrote in a letter released on Wednesday and dated October 29.

Levine in the letter said Facebook would fix the problem. Get the full story »

LinkedIn to let members recommend products

LinkedIn Corp. on Monday plans to launch a new recommendations service that will allow the social network’s more than 80 million members to post reviews of products and services linked to their professional profiles.

Participation is free and voluntary for companies, which would need to set up company profile pages and add products to be reviewed before users could leave a recommendation. The program has some 30 participating companies at launch, including JetBlue, Liberty Mutual Insurance, Microsoft Corp. and Harvard Business School Executive Education. Get the full story »

Facebook, Amazon launch $250M startup fund

Betting that the future of the Web is in social apps and services, venture capital firm Kleiner Perkins Caufield & Byers, along with Amazon, Facebook and Zynga are launching a $250 million fund to help such startups grow. Get the full story »

Facebook upgrades allow friend groups

Facebook is introducing tools that will make it easier for people to separate their online friendships into groups and copy all the personal information they have posted on the Web site.

The new features will start rolling out to Facebook’s more than 500 million worldwide users Wednesday. Get the full story »

Ex-Chicagoan Costolo to take over at Twitter

Dick Costolo (Getty Images)

Former Chicagoan Dick Costolo has been elevated to chief executive of Twitter, where he had been chief operating officer for the last year.

Twitter co-founder Evan Williams, who had been CEO of the microblogging service since 2008, announced the change Monday on the company’s official blog. Williams said he’s staying with Twitter and will “be completely focused on product strategy.” Get the full story »

Google settles privacy suit over Buzz network

Google Inc. has settled a lawsuit accusing it of privacy violations in connection with its Buzz social networking service, according to a court document filed Friday.

The settlement filing comes the same day Google said it would simplify and update its privacy policies, Associate General Counsel Mike Yang said on the company’s Web site. Get the full story »

Facebook sues social media site with ‘book’ in name

Facebook employees write on the Facebook "wall" following a news conference at Facebook's headquarters, August 18, 2010. (Justin Sullivan/Getty Images) has two employees and fewer than 20 users signed up for its free Web community. The site has yet to officially launch.

But the Northbrook, Ill.-based company, which provides tools for teachers to manage their classrooms and share lesson plans and other resources, has been thrust into the spotlight by social networking giant Facebook, which sued the start-up for using “book” in its name.

“We’ve been sitting here scratching our heads for the last couple of days,” Teachbook’s managing director, Greg Shrader, told the Tribune on Wednesday. “We’re trying to understand how Facebook, a multibillion-dollar company, feels this small enterprise in Chicago is any type of threat.” Get the full story »

Facebook joins location frenzy with Places

Facebook users carrying their smart phones will soon be able to “check in” to real-world locations such as bars, parks and live concerts as the social network makes its first foray into the location services craze.

With the much-anticipated launch of Facebook Places late Wednesday, the world’s largest social network joins a growing number of services that let users find coupons, earn quirky merit badges or simply share with friends where they are.

ComScore: Women use social networks more often

When it comes to social networking, women outshine men, according to a study released today from comScore Inc.

Women spend more time on social networking sites than men– averaging 5.5 hours per month compared to 3.9 hours for men, said the Reston, Va.-based Internet research firm. Get the full story »