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New money will give Facebook power to steal away employees, develop products and possibly pursue acquisitions, all without being publicly traded.

This may go down as the year that social networking trumped searching as America's favorite online pastime. In 2010, Facebook pushed past Google to become the most popular site on the Internet for the first time, according to two Web tracking firms. The title caps a year of rapid ascent for Facebook in which the social network hit 500 million users and founder Mark Zuckerberg was named Time magazine's Person of the Year. It also marks another milestone in the ongoing shift in the way Americans spend their time online, a social change that profoundly alters how people get news and interact with one another - and even the definition of the word "friend."

Federal regulators are poised to enact controversial new rules affecting Internet access, marking the government's strongest move yet to ensure that Facebook updates, Google searches and Skype calls reach consumers' homes unimpeded.

Insiders tell Bloomberg that Facebook is on track to generate a whopping $2 billion in revenues in 2010. The figure smashes the company's own expectations and is more than double what the company hauled last year, a reported $700 to $800 million. According to Bloomberg, the social network's swelling userbase has become irresistible to big-name advertisers including Adidas, JPMorgan Chase and Coca-Cola. Here's how bloggers are explaining the company's success ...

Facebook founder and CEO Mark Zuckerberg has been named Time magazine's "Person of the Year" for 2010.

Both Facebook and Twitter have closed accounts corresponding to Anonymous, a formerly 4chan-linked group organizing a string of DDoS attacks on organizations that refuse to work with WikiLeaks.

Another 17 of America's richest people, including Facebook's Mark Zuckerberg, junk bond pioneer Michael Milken and AOL co-founder Steve Case, have pledged to give away most of their wealth.

Facebook profiles have a new look, courtesy of the latest in a long series of redesigns on the widely used social network. The profile facelift -- announced on Facebook's Twitter feed and blog a few hours before founder Mark Zuckerberg was supposed to debut it on Sunday evening's broadcast of 60 Minutes -- reshuffles the information highlighted on your listing.

Facebook: What can't it do? Its latest triumph: Despite not allowing mothers to post breastfeeding photos, the social networking site has allowed more than 70 women so far to share breast milk.

This is a historic moment for social games. “FarmVille,” the hit Facebook game among all hit Facebook games, is no longer the top app on the social network. For the first time since claiming the top spot more than a year ago in August 2009, FarmVille has fallen to second place in terms of monthly active users on Facebook, according to AppData.com. Coming in at no. 1 now is the app “Phrases.”