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Facebook's value climbs above $100bn for first time


Facebook
Facebook has been pushing hard on its mobile strategy. Photograph: Karen Bleier/AFP/Getty Images
Facebook bobbed above a $100bn market capitalisation for the first time on Monday, almost exactly one year since its record low.
Last week, Facebook's stock rose to $38 – its IPO value – for the first time, and on Monday it closed at $41.34, bringing the company's value by market capitalisation to $100.6bn.
Coincidentally, Monday also saw the end of a protracted court case in which Facebook will pay a $20m settlement to users who objected to their information being used as part of advertiser promotions.
Five plaintiffs who brought the case in 2011 over Facebook's "sponsored stories", which use "likes" to promote brands to other users, apparently in conflict with a Californian law which prevents advertisers using endorsements without explicit permission.
The group protested that users could not contra or opt out of the ads and were not paid for the scheme, which earned Facebook around $234m between January 2011 and August 2012, according to court documents.
Plaintiffs also complained that the scheme did not afford sufficient protections to younger users. The judge initially rejected Facebook's proposed $20m settlement, but under a revised deal Facebook will reimburse 614,000 users who responded to a notification of the class action.
It is the latest event in a series of controversies surrounding Facebook's use of consumer data for commercial ends, coming at the same time as Facebook's milestone market value.
Facebook's chief operating officer Sheryl Sandberg anticipated the surge, selling $91m worth of shares in early August, a regulatory document showed.
Facebook's transition into a publicly traded company has been extremely bumpy. It began with a much-hyped IPO, which saw little enthusiasm from chief executive Mark Zuckerberg, who attended only one prior meeting with investors.
During the flotation, the Nasdaq exchange froze three times within an hour, unable to handle the scale of interest from potential investors and from staff selling their stock; in May 2013, Nasdaq was fined $10m, the biggest ever fine of its kind, for the glitches.
Meanwhile, the investment bank Morgan Stanley, which was underwriting the IPO, bought back millions of shares to artificially inflate the price on day one.

Saints Row 4 – review

Saints Row IV
Deep Silver; PS3, Xbox 360 (version tested);18+
4 out of 5

There have, in the past, been two reasonable reasons to view the Saints Row series with some disdain or distaste. The first is in its plain and unapologetic mimicry of Rockstar's more famous, prosperous and storied Grand Theft Auto games, with their lounging cities and grim glorification of the swagger and buckshot of modern (Hollywood) criminality.Saints Row one mission you are asked to create as much financial damage to the city as possible using a ‘dubstep’ gun
Saints Row has maintained more of that humour that rumbled like a black belly-laugh through Rockstar's earlier, occasionally satirical work, but the series has never quite had the budget or script to outgun its rival, either critically or commercially.
Then there's the tone of the humour itself, always played for cheap, frat-boy laughs — purple dildo truncheons wielded by wide-boys in mankinis — the sort of tittering, juvenile stunts that those who dismiss video games as so much amoral flimflam assume defines the medium.
This, the fourth entry to the series, appears to have no loftier aims – at least in terms of its fiction. It boasts, after all, a story that opens with the protagonist climbing a nuclear warhead as it sways into the stratosphere to Aerosmith's 'I Don't Want To Miss A Thing'.
Having disarmed the nuke, he free-falls through the ceiling of the White House, ready to usher in a new administration, one in which pimps and hookers assume the most senior roles, and where the presidential suite is punctuated with a series of dancing poles. But this is just one of a number of irreverent and scaling introductions. Layer by layer, these pull apart the traditional so-called open world game premise, setting the stage for a truly postmodern blockbuster.
Earth has been besieged by an alien race, the leader of which has turned you, the president, into his plaything, placing you within a Matrix-style simulated reality, a heaving city in which you have the video game-style abilities of a super hero. Here, in this fake fake-world your actions have no consequences: the pedestrians you run over in your car are holograms, the policemen you gun down in terror chases have no fake families to mourn their passing.

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