10 Things You Need To Know This Morning

sheryl sandberg, facebook

Good morning! Here’s the news:

  • The post-IPO Facebook brain drain continues. Two more Facebook execs are leaving the company. 
  • It’s not just investors who are worried about Facebook’s plummeting stock. The state of California now says that “tax revenue is at risk” because it overestimated how much it would end up collecting from newly enriched Facebook employees.
  • Actually, Facebook is now worth $58 billion, not the $39 billion that everyone thinks it is.
  • Yelp beat Wall Street estimates, posting a loss of $0.03 a share and revenue of $32.7 million for the second quarter.
  • Sharp’s new president revealed that the company will start shipping screens for the new iPhone this month.
  • Fusion-io threw Apple cofounder Steve Wozniak a surprise birthday last night. AllThingsD has pictures.
  • Here’s the victory letter that hedge fund manager Dan Loeb wrote to his investors after conquering Yahoo.
  • An Australian billionaire is rumoured to be making a real-life Jurassic Park.Really.
  • Google Wallet just got a major update that lets you use any major credit card.
  • Don’t Miss: How Y Combinator built a billion-dollar brand for startups.

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