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06.30.2011 | Inc.com Daily

MySpace sold to ad network, more Google+ news, small business loan troubles, and more.
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MySpace sold for $35 million. The social network of yesteryear sold to ad network Specific Media for a modest $35 million, and according to Mashable, singer-turned-actor Justin Timberlake may take an ownership stake in the company.

Google+ shuts down due to demand. Business Insider reports that Google's social network, which launched amid much buzz yesterday, has been temporarily shut down due to "insane demand", and so that the crew can work out some kinks. Speaking of...

...Google+ already facing privacy issues? The Financial Times points out that there may be a minor privacy flaw with the "resharing" feature, which could push content on users that aren't actually in your network of friends.

Small businesses still having loan troubles. The Wall Street Journal reports this morning that outstanding debt of small businesses totaled over $600 billion at the end of March, according to new data. Another study shows that only  17% of small businesses that needed cash were actually able to get bank financing in the last six months.

Facebook gets a phone. HTC announced they will debut the first smartphone with a Facebook hard-key button, which will be carried by AT&T, reports MSNBC. Though there are no details on price at the moment, the phone is set to hit the U.S. market sometime this summer.

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Last updated: Jun 30, 2011

NICOLE CARTER | Staff Writer | San Francisco Bureau Chief

Nicole Carter is Inc.'s San Francisco bureau chief. She was previously an editor at New York Daily News, and her work has also appeared in Consumer Reports magazine.




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