Facebook Stops User Votes and 3 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB) has proposed that it cease allowing users vote on changes regarding its privacy policies. The social networking site claims that it will still allow users to make comments regarding proposed updates. Facebook intends to announce on Wednesday that the voting mechanism, triggered only if enough people make comments about proposed changes, has become a system with a focus on the amount of responses instead the quality of discussion. Facebook started to allow users to vote on privacy changes in 2009, but now the company has gone public and the amount of users has surged from 200 million to over 1 billion. The 2009 policy allowed users’ votes to only count if over 30 percent of all active Facebook users partake.
Groupon, Inc. (NASDAQ:GRPN) shares added over 10 percent on Tuesday as a result of a hedge fund’s statements that it purchased a 9.9 percent stake in the struggling stock. In a securities filing on Monday, Tiger Global Investments LP has revealed that it purchased 65 million shares. Also, Tiger Global is owner of a small stake in Facebook Inc.
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Pandora Media, Inc. (NYSE:P): Microsoft (NASDAQ:MSFT) has announced intentions to release a new music service rumored to enable users to both stream and download music, and now Myspace is taking a shot by joining the increasing number of music streaming companies in the U.S. market. Myspace, sold by News Corp. (NASDAQ:NWS) to Specific Media last year for a total of $35 million, hopes it can release a subscription-based music service for the mobile platform, and it would like to sell event tickets, artist merchandise, and music downloads. This will possibly cause difficulty for Pandora if Myspace is able to obtain the funding and successfully execute its plan.
Zynga, Inc. (NASDAQ:ZNGA) has named Tim LeTourneau as its new chief creative officer. LeTourneau is to take the place of Mike Verdu, who left the struggling company in August to embark upon his own startup. Before, LeTourneau was Zynga’s vice president in charge of FarmVille 2, and he plans to remove himself from daily supervision of the game so he is able to devote time and effort to game design spanning the Zynga platform, as Maureen Fan takes the role of FarmVille 2‘s new general manager.