Tech wrap: Facebook delays IPO

September 14, 2011

Facebook will delay its initial public offering until the end of 2012 so employees can focus on developing products for the No. 1 social networking website, the Financial Times reported. Sources told Reuters earlier this month that Facebook’s revenue doubled to $1.6 billion in the first half of 2011. Investors have pushed its valuation to roughly $80 billion in the private markets.

Former Kleiner Perkins partner Eric Feng launched social network, drawing on the idea that people want to organize their experiences– weddings, bike rides, or vacations– around events themselves, rather than people who participate.

Sony will launch its new PlayStation Vita handheld games device on December 17 in Japan, kicking off a global rollout, and insisted it will not reduce the price in the face of discounting by rival Nintendo. Sony has been criticized for setting the PS Vita’s price too high for the mass market but some analysts say the gadget will likely appeal chiefly to hardcore gamers, who are generally willing to spend more. Sony said in August it saw no need to reduce the price of the PS Vita from the announced figure of 24,980 yen ($325) for a Wi-fi only model and 29,980 yen ($390) for a 3G plus Wi-fi version. But the company last month cut the price of its PlayStation 3 gaming console by one-fifth to regain lost ground against rival Microsoft.

Social media and politics collided at a small South Carolina college on Tuesday evening as students censured their student body president over his Twitter postings bashing women, gays and African-Americans. But they stopped short of impeaching student body president Ross Kressel, a 21-year-old from Marietta, Georgia, who posted profane and disparaging tweets. Kressel issued a written apology and said he considered the tweets private because the account, CofCPolitico, did not have his name attached to it. He closed that account but has a separate personal account under his name.

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