Social Media Highlights: Facebook Inc (FB)’s Payout, Yelp Inc (YELP) & LinkedIn Corp (LNKD)’s Terms of Services

Editor’s Note:  Facebook Inc (NASDAQ:FB), Yelp Inc (NYSE:YELP), LinkedIn Corp (NYSE:LNKD), Google Inc (NASDAQ:GOOG)

Facebook to compensate users for sharing details on ads (BBC)
Approximately 614,000 Facebook Inc (NASDAQ:FB) users whose personal details appeared in ads on the site without their permission will each receive a $15 (£9.65) payout. The names and pictures of an estimated 150 million Facebook members were used in Sponsored Stories, but only those who responded to an email from the site earlier this year will be compensated.

Facebook Inc (NASDAQ:FB)

Facebook To Pay $20m Over ‘Likes’ Advertising (Sky News HD)
A judge has approved a deal in which Facebook Inc (NASDAQ:FB) will pay $20m (£13m) for using members “likes” as endorsements for advertisers. The money is to be shared between lawyers, internet privacy rights groups and Facebook users who filed claims in the class-action lawsuit against the social media giant.

Yelp CEO Initially Didn’t Like Name “Yelp,” Sounded Like “Cry For Help” (Marketing land)
Yelp Inc (NYSE:YELP) CEO Jeremy Stoppelman was interviewed by Charlie Rose earlier this month on August 15. AllThingsD, which called our attention to the interview, focuses in on Stoppelman’s criticism of Google Inc (NASDAQ:GOOG)’s local efforts (17:35 below). However Rose asked Stoppelman about a wide range of subjects, extending beyond Yelp Inc (NYSE:YELP) to tech generally and international competition. Rose in his introduction says that “Steve Jobs called [Stoppelman] to advise him personally against the [Google acquisition] deal.” While the interview never returns to Steve Jobs and what he may or may not have told Stoppelman, the latter does publicly acknowledge (for the first time I’m aware of) that Google tried to buy the review site.

You asked for it stocks (CNBC)

LinkedIn targets high school students to enhance future labour pool (truth Drive)
Washington, Aug. 27 (ANI): Social media service for professionals, LinkedIn Corp (NYSE:LNKD) has reportedly targeted high school students in a bid to make them familiar with the service and thereby enhance the future labour pool. LinkedIn with its new measure will aim at the lucrative college recruiting market at the same time also work towards safeguarding the privacy and security of teens. According to CBS News, the site is boosting the degree of protection available for the 14- year olds, including a way to block specific accounts.

Is LinkedIn turning kid-friendly? (Tech Republic)
On September 12th, a change in the terms of service at LinkedIn Corp (NYSE:LNKD) will take effect, allowing users as young as 13 to join the website. The rationale behind this change is the addition of “University Pages” on LinkedIn, a feature that purportedly allows students to search for a university that’s the right fit for them. This new foray into teenage social networking is rather far away from the original purpose of LinkedIn. Will this scope-widening change be the poison pill that ultimately relegates LinkedIn Corp (NYSE:LNKD) to the failed social networking ranks of MySpace and Xanga?