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Facebook Hires Former YouTube CFO
Wednesday, July 25, 2007
Popular social networking site Facebook has hired YouTube’s former chief financial officer, Gideon Yu, as its new chief financial officer. The announcement comes amidst rumors that Facebook is looking to go public. The company has also been involved in acquisition rumors involving Google and Yahoo. In fact Yahoo! reportedly offered $1 billion for the social networking site.

The hiring of Yu suggests that Facebook is looking to remain somewhat independent or does it? Considering the fact that Mr. Yu wound up helping to negotiate YouTube’s sale to Google in 2006, he may have been brought on board to do the same with Facebook.

Facebook, was started in 2004 by then-undergraduate Mark Zuckerberg, now 23, as a social site for fellow Harvard students. In an odd twist of fate, popularity of Facebook has soared since the Virgina Tech tragedy a few months back. Memberships have jumped by 25 percent to above 30 million since May.

Reuters on Facebook Hiring of Gideon Yu
Facebook Involved in Fraud Lawsuit

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posted by Jody @ Wednesday, July 25, 2007  
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