Facebook will be acquiring popular photosharing app Instagram for $1 billion in cash and stock options. The Instagram team will join Facebook, but will remain largely independent.

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Reports coming in state that the social netwoking giant Facebook, which is going to offer its shares publicly this year, has reportedly chosen NASDAQ over the New York Stock Exchange (NYSE) for its listing. It is said that the company will trade under the ticker symbol “FB.”

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Sharing posts to Facebook via Tumblr is now a “billion times” easier as Tumblr has announced its integration with Facebook Timeline. Now, Tumblr posts will appear on your Facebook Timeline, News Feed and Ticker when you chose to “send to Facebook.” This will also include Tumblr likes and replies, which will automatically appear on Facebook as well.

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Facebook’s valuation jumped to $102.8 billion in its last secondary market auction on SharesPost before the IPO.

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Facebook may finally be going public in May 2012. It recently filed its S-1 statement, and halted secondary trading of its shares just this week.

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Facebook is in dire need of a robust internet patent portfolio right now, as it is being targeted by Yahoo and others. AOL’s patent portfolio may be a perfect fit for it.

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US senators Chuck Schumer (D-NY) and Richard Blumenthal (D-CT) have urged the Attorney General, Eric Holder, to investigate into this brewing drama and unravel whatever truth is there in this matter.

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Facebook was not exactly precise on the nature of the legal action they would take, and everyone thought it was wise to assume the worst. Seeing this publicity go the absolute wrong way, Facebook has come with a clarification. It has now issued a second statement discarding any possibility of it suing employers.

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Facebook is attempting to discourage organizations from forcing interviewees to share their passwords by changing policies and threatening legal actions.

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Just imagine how ridiculous it would be when you’re at a job interview and the interviewer puts a request to you to share your Facebook username and password, in order to perform a check on your Facebook profile entirely. Well, this is what had happened to Justin Bassett, a New York City statistician, when he was interviewed for a new job.

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Facebook has bought 750 patents from IBM, in a bid to fight off Yahoo and other patent trolls who may be planning to sue it for patent infringement right before its IPO.

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Nearly one and a half years back, Facebook lost its key person, the man behind Facebook’s monetization strategies, Tim Kendall, who seamlessly helped Facebook to monetize the site particularly in the development of the ads business. Today, the same person has been hired by the slowly growing and puzzled on how to raise profits – pin board styled social photo sharing site – Pinterest, in order to help the company convert their engaged users into real money.

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Facebook just got better! The social networking giant has just announced that the site will now allow users to upload high resolution photos and eventually enable full-viewing (full resolution) of images. Photos on Facebook will now be crisp, sharp and high quality with up to 4x larger than before. This is perhaps the best and one of the greatest photo update that Facebook has ever rolled out.

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After Yahoo, Facebook may be getting sued for patent infringement by a number of other companies, including AOL and Mitel.

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A pair of researchers from the University College London – Shah Mahmood (student) and Yvo Desmedt, Chair of Information Communication Technology, have discovered and revealed a “zero day privacy loophole” in Facebook. The duo has named the loophole as “Deactivated Friend Attack”, and revealed details about it yesterday during the IEEE International Workshop on Security and Social Networking SESOC 2012, held at Lugano, Switzerland.

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