The latest on Facebook's secret smartphone efforts; why the social network's co-founder Eduardo Saverin doesn't resent Mark Zuckerberg.
Facebook tries, tries again on a smartphone [THE NEW YORK TIMES]
The company has already hired more than half a dozen former Apple software and hardware engineers who worked on the iPhone, and one who worked on the iPad, the employees and those briefed on the plans said. This would be Facebook's third effort at building a smartphone, said one person briefed on the plans and one who was recruited.
Even as US stock markets bounced back from falls last week, Facebook's shares slumped over 6% in early trading, to $29.78 -- more than $8 below the $38 price set at their IPO earlier this month. The share sale has proved a disaster for Facebook and its bankers. US authorities are investigating allegations that the company gave critical information to some investors and not others.
RIM writedown risked with $1 billion inventory [BLOOMBERG]
Research In Motion Ltd.'s stockpiles of BlackBerry smartphones and PlayBook tablets have swollen by two-thirds in the past year because of slumping sales, raising the chances of the company's third writedown since December.
Many observers believe Saverin, who, according to the Facebook origin story was slighted by Zuckerberg as the site grew, was a primary source for the book "The Accidental Billionaires," on which "Social Network" is based. But the end result was "fantasy," he said. And, no, he never angrily threw a laptop at Zuckerberg as his Hollywood counterpart, Andrew Garfield, did in the film. It's a statement Fabio Altman, of magazine Veja, writes is instantly believable given Saverin's reserved nature.
Google Wallet: one year later [THE VERGE]
While it might not have taken off quite as quickly as Google would have liked, the past year has still been a fairly eventful one for the service -- albeit occasionally for reasons the company would prefer you forget -- and the next year proves to be even more challenging as the service faces increased competition.
Worldwide mobile payment transaction values will surpass $171.5 billion in 2012, a 61.9 percent increase from 2011 values of $105.9 billion, according to Gartner, Inc. The number of mobile payment users will reach 212.2 million in 2012, up from 160.5 million in 2011.
Fortune's curated selection of newsworthy tech stories from the last 24 hours. Sign up to get the round-up delivered to you every day.
* Amazon (AMZN) is launching an e-book library today exclusively for Kindle and Kindle Fire users who are also Amazon Prime subscribers. Initially, the e-commerce giant will offer just 5,000 or so titles -- none of them from the six big publishing houses will. Each user will also only be MOREJP Mangalindan, Writer - Nov 3, 2011 3:57 AM ET
A curated selection of the weekend's most newsworthy tech stories from all over the Web.
"It's a complete work of fiction. There are no Victoria's Secret models in Silicon Valley ... I kind of wish my life were that cool." -- Former Facebook president Sean Parker on Justin Timberlake's portrayal of him in The Social Network (Reuters)Facebook issued a rare press release confirming it had raised $1 billion from investors in a deal MORE JP Mangalindan, Writer - Jan 24, 2011 6:00 AM ET
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