Facebook IPO Expected Friday | New Jersey City Bans Texting and Walking | Yahoo Interim CEO Oversaw Myspace Acquisition

 Click here to receive the Morning Social Media Newsfeed via email.

Facebook IPO Week: The Basics (PC Magazine)
Big news for Facebook this week — and no, not just because the company is testing new ways for its users to annoy each other in the form of paid-for “highlighted” posts. Actually, it’s Facebook IPO week! The significance of this fact carries a ton of importance if you’re an institutional investor, a small amount of importance if you’re a neophyte investor, and absolutely no meaning whatsoever if you think the stock market is little more than organized gambling. ZDNET Going public brings with it all new pressures. For venture-backed companies such as Facebook, it means a difficult transition from the multi-year expectation on delivering returns to the quarterly results horizon. Even in the extremely fast-moving world of Internet companies, this can come as a shock to the system. AP He famously wears a hoodie, jeans and sneakers, and he was born the year Apple introduced the Macintosh. Today is his 28th birthday. With eight years on the job, Mark Zuckerberg, Facebook’s CEO, has logged more time as leader than the average CEO, whose tenure is a little more than seven years, according to executive search firm Spencer Stuart. Bloomberg News Apple co-founder Steve Wozniak said he will buy shares in Facebook when the social networking company sells stock to the public. Wozniak, who built the first Apple computer with Steve Jobs and co-founded the company with him in 1976, said he would buy Facebook’s stock regardless of its valuation. Mashable Facebook, infamous for its changing policies and confusion among users about what they’re getting themselves into when they use the world’s largest social network, has finally aggregated all its terms and policies under the same roof. That roof — Facebook.com/policies — contains, in the words of Facebook, “Everything you need to know, all in one place.”

Yahoo’s Interim CEO Handled Myspace Acquisition for News Corp. (The New York Times/Dealbook)
Scott Thompson, Yahoo’s chief executive of four months, will leave as a result of a growing controversy over his embellished academic record. He will be succeeded — at least for now — by Ross B. Levinsohn, the company’s head of global media who previously worked for News Corp. and oversaw the acquisition of Myspace in 2005. CNET News Corp. dumped Myspace last year for $35 million. Levinsohn also played a big role in cutting the advertising deal that Myspace signed with Google shortly after the deal closed. paidContent In hindsight, given how MySpace panned out, perhaps it was anything but a coup. At the time, it was transformative, and as big a statement as News Corp. could make about being in the digital game.

What’s Going to be Hot for Internet Week New York? We Ask the Experts [Google+ Hangout] (Social Times)
In the spirit of Internet Week New York, which starts today in New York City, GalleyCat and AppNewser editor Jason Boog and Social Times staff writer Devon Glenn decided to try out Google+ Hangout On Air. They invited Mashable editor-in-chief Lance Ulanoff, Buddy Media vice president of communications Joe Ciarallo, and Newsweek Daily Beast senior social media editor Brian Ries “on air” to find out what they’re looking forward to.

New Jersey City Bans Texting While Walking: Good or Bad Idea? (Gizmodo)
I’ve been bumped on the streets by people who were texting while walking. It’s annoying. I guess I should be happy that the town of Fort Lee, N.J., has started issuing $85 tickets to any pedestrians caught texting and walking. Except I’m not.

Pepsi Digital Exec: Google ‘Messed Up’ With Google+, Instagram is ‘Phenomenal’ (Mashable)
Was Instagram worth $1 billion? Will Google+ ever compete or beat Facebook? Shiv Singh, global head of digital for PepsiCo Beverages and author of Social Media Marketing for Dummies, shared his thoughts on those trendy questions and more during his recent visit to Mashable to unveil Pepsi’s new celebrity-infused “Live for Now” global ad campaign and “Pulse” digital dashboard.

AmEx Tests New Ways to Transact in Social Media (AdAge)
A 17-year veteran of AmEx and newly appointed board member for Yahoo, chief marketing officer John Hayes outlined how his company is using Facebook, Foursquare and Twitter. While adland has obsessed over what brands should say on these social media outlets, Hayes and his team are testing ways to transact there.

Sources: Google Is Close to Buying Meebo (AllThingsD)
Google is in talks to acquire Meebo, according to two sources close to the situation. The price for the company would be about $100 million, according to one of the sources.

The Importance Of Social Media In Elections: Mostly Hot Air (TechCrunch)
If social media mattered in elections, Ron Paul would have a realistic shot at being the Republican nominee and Barack Obama would be on track to crush Mitt Romney in the biggest landslide in American history. Despite the hype over follower counts, a new study shows that there’s no credible evidence that Twitter can be used to predict how elections will turn out.

Twitter’s Smart Search Correcting Spelling Errors For You (AllTwitter)
Twitter now offers spelling corrections and related queries next to search results — because they know you can’t spell. Does it sound a bit intrusive? A little “we track your world Google-ish?” Well, don’t worry your pretty little head over it, because “the data [they] process is anonymized — [they] don’t track which queries are issued by a given user, only that the same (unknown) user has issued several queries in a row, or continuously tweeted.”