Technology, Social Networking | featured news

UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.

Nasdaq OMX Group Inc said it will offer cash and rebates totaling $40 million to compensate clients affected by the problems with Facebook Inc's initial public offering.

A Russian hacker claims to have uploaded almost 6.5 million LinkedIn passwords, The Verge reports. LinkedIn in says in a tweet that "Our team is currently looking into reports of stolen passwords. Stay tuned for more."

Facebook’s post-IPO performance has been poor. But is it so poor that it will hurt the prospects for other startups? The short answer: Almost certainly.

Google Inc. in Mountain View has agreed to buy Meebo Inc., a startup that helps online publishers make their websites more social. Meebo, founded in 2005, announced the agreement Monday on its blog.

China blocks access to the term "Shanghai Composite Index" on some of the country's most popular microblogging sites.

Facebook is considering ways to invite children younger than 13 onto its social network, a controversial move that could bolster the company’s bottom line but also spark concern among regulators over the safety of young Internet users.

Although many investors had hoped for a big first-day pop, Facebook's stock opened on May 18 at $42.05 and fluctuated between $45 and $38 throughout the day. It closed barely above its IPO price, at $38.23. Since the IPO, the stock has been down on seven trading days and up on four. Facebook's stock price has gone as low as $26.44 since the IPO.

Salesforce.com agreed to acquire Buddy Media in a deal worth as much as $745 million, continuing its rapid expansion into social-media marketing. Salesforce Chief Executive Marc Benioff said the deal will help the company keep up with demand as the online marketing business matures. Chief marketing officers are expected to outpace chief information officers in directing technology spending within the next five years, according to a recent report by industry researcher Gartner.