Would you trust this man with your money?
If you are thinking of buying shares in the LinkedIn IPO, the answer had better be “Yes”. Reid Hoffman owns a fifth of the social network for professionals. But the little-noticed effect of the company’s unusual share structure is that his control is likely to keep going up… and up… Read more
Tech news from around the web:
- Verizon has released its first iPhone 4 commercial, thanking customers who waited for the iPhone finally to arrive at the carrier, TechCrunch reports.
- Google is to launch Offers, a site similar to Groupon and LivingSocial, that will provide daily discounts on local businesses, Mashable reports.
Facebook has announced a new look for its members’ profile pages, which, while largely cosmetic, does encourage users to add more information on their work interests.
In upgrading to my new profile page, I was prompted to add my current work information, a move that puts the 500m-strong social network in closer competition with the LinkedIn service. Read more
Twitter and LinkedIn will start letting users sync their accounts starting Tuesday, allowing posts from LinkedIn to appear in Twitter streams, and vice versa. It’s a move aimed at the growing base of business users who take advantage of social networking sites.
LinkedIn, with more than 50m members, is the largest professional network on the web. Twitter, meanwhile, has become a favourite social site for brands, marketers and self promoters (not to mention idle worker bees).
The partnership makes a good bit of sense, and could prove useful. Read more
Marc Andreessen is on a roll. Earlier this month he raised a $300m venture capital fund with his business partner, Ben Horowitz. Now Ning, the social networking startup he co-founded, has raised $15m from Lightspeed Venture Partners at a whopping $750m valuation, according to All Things Digital.
Valuing Ning at $750m seems more than generous, considering the company has never said it is profitable. Even before the economic crisis, these would have been favourable terms. Slide, which makes applications for social networks, last January raised money at a $550 valuation, while LinkedIn, a social network for professionals, got a $1bn valuation last June. Read more