Good morning! Here’s the news:
- GM, the third biggest advertiser in the U.S., is pulling $10 million worth of advertising from Facebook because it doesn’t think Facebook ads work. That’s definitely not the kind of headline a company wants to see just days before their IPO.
- Business Insider’s Henry Blodget argues that this news should raise a big red flag for investors about the potential for Facebook’s advertising business going forward.
- This hasn’t stopped the IPO frenzy though. CNBC reports that Facebook is planning to add 85 million more shares to the IPO, which would help the company raise as much as $16 billion.
- Business Insider has the exclusive story of how Mark Zuckerberg cut his cofounder out of Facebook in the early days of the company. You definitely don’t want to miss this.
- Finally, in other Facebook news, the company is looking to add a woman to its board and we know who it should be.
- One analyst offers a few convincing reasons why Pinterest is a $500 million company right now, though it would probably cost much more than that to buy it.
- In a major change of plans, Google will now let multiple manufacturers put out its Nexus phones.
- The hedge fund of Dan Loeb, the shareholder who helped push out Scott Thompson, has ramped up its stake in Yahoo and taken a new stake in Apple too.
- Here’s how the new Apple TV will work with the iPad.
- In case you missed it, here are the 25 coolest new businesses in San Francisco that you should know about.
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