Yahoo President and CEO Marissa Mayer announced plans to tighten her company’s focus on mobile applications and align it more closely with Facebook while speaking at an investors’ conference in San Francisco Tuesday hosted by Goldman Sachs.
Social media marketing software creator GroSocial was acquired Tuesday by sales and marketing software provider Infusionsoft, with the latter using some of the $54 million in growth capital financing it raised earlier this month, led by Goldman Sachs, to add social media to its arsenal.
The Open Compute Foundation welcomed a new chief operating officer: Cole Crawford, who has been involved in the open-source sector since 1992, holding positions at OpenStack and Nebula, as well as advising the Linux Foundation.
Facebook is tweaking its credit line due to a reduction in its potential tax liability, halving the total to $1.5 billion from $3 billion, but extending its term to three years from one year, according to reports.
Nasdaq exchange parent Nasdaq OMX Group and investors that are suing the company filed papers with the U.S. Judicial Panel on Multi-District Litigation in Manhattan Monday asking that their lawsuits be kept separate from the dozens of suits by Facebook shareholders against the social network due to its bungled initial public offering, Reuters reported.
It has been a rocky road for Facebook after its initial public offering. The reports of several Facebook underwriters were released today, as analysts feel that the company will be fine long-term, but there are still some lingering doubts about turning mobile usage into money.
Facebook will reportedly file a motion, as early as Friday, to consolidate all of the lawsuits against the company related to its troubled initial public offering, and the motion is expected to include lead underwriters Morgan Stanley, Goldman Sachs, and J.P. Morgan.
One of the many court cases involving Facebook’s troubled initial public offering was dismissed Wednesday, as a U.S. District Court in Texas ruled that sufficient grounds were not presented to file a lawsuit.
A total of 38.5 percent of the 421,233,615 Facebook shares purchased by underwriters prior to its initial public offering went to Morgan Stanley, while E*Trade, which had been touted as the best source of stock in the social network for individual investors, received only 0.05 percent of the shares, according to an amendment to Facebook’s S-1 filing with the Securities and Exchange Commission, filed after the close of trading Friday.