Facebook’s Big Day | Twitter Improves Follow Recommendations | Report: Larger iPhone Coming

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

Facebook’s IPO One of World’s Largest (AP)
Facebook priced its IPO at $38 per share on Thursday, at the top of expectations. Now, regular investors will have a chance to buy stock in Facebook for the first time. The stock will begin trading on the Nasdaq sometime this morning. The ticker symbol will be FB. The Verge To commemorate the momentous day, co-founder and CEO Mark Zuckerberg has been invited by NASDAQ to ring the stock exchange’s opening bell. He won’t be at the New York stock market in person, but the ceremony will be carried out remotely from Facebook’s Menlo Park, Calif., headquarters Reuters The scramble for shares in what is one of largest initial public offerings in U.S. history quickly divided the haves from the have-nots on Thursday. Those with big brokerage accounts and a long history as customers of Wall Street firms likely got at least part of their orders for Facebook shares filled, but would-be buyers who had no such ties were lucky to get any. Bloomberg Businessweek The average first-day “pop” for a technology company is 32 percent; if Facebook follows that trend, it’ll be worth $137 billion by day’s end. But there’s little about Facebook that’s average, including its public offering. TechCrunch Facebook kicked off its 31st Hackathon Thursday evening to celebrate the IPO. Hackathons are a company tradition. They’re a place where engineers and other non-technical employees get to stay out all night building concepts into real products that sometimes eventually get shipped. The Huffington Post The big money has already been staked out. Facebook’s founders and early investors own huge amounts of stock. When the company goes public, some will hold on to their stock; others will walk away with cash after selling shares at the IPO. The Daily Beast The $104 billion Facebook IPO testifies to the still considerable innovative power of Silicon Valley, but the hoopla over the new wave of billionaires won’t change the basic reality of the state’s secular economic decline. AllFacebook We now know that Facebook’s initial public offering will open at $38 per share. But what price will it reach at the end of the trading day? Let us know your prediction by taking our poll. The Washington Post On Thursday, Sen. Carl Levin, D-Mich., used the anticipation surrounding Facebook’s big day to talk again about why Congress needs to close loopholes in corporate tax law. Levin objected to Facebook’s decision to issue its employees options to buy company stock in the future at its original issuing price.

Twitter Helps Users Protect Privacy, Supports ‘Do Not Track’ (AllTwitter)
Following Yahoo and AOL’s lead (and Google’s quasi-lead), Twitter confirmed a Federal Trade Commission announcement that it will honor Do Not Track notifications. In doing so, Twitter has taken a big step toward helping users take control of what information is shared about them — and about their activity — online. VentureBeat The FTC has been pushing businesses to adopt a Do Not Track privacy option since it released a major report in March. Twitter’s support gives the FTC’s position even more weight, and it will likely lead to many other businesses making a point of privacy. The New York Times/Bits Blog In related news, Twitter thinks it has found a way to make accurate and useful recommendations of whom to follow. Twitter will do it by tracking users’ Web-browsing habits, if they let it, and will let them completely opt out if they don’t.

Spotify’s Financing is Said to Lift Value to $4 Billion (The New York Times/Dealbook)
Spotify is in the process of raising a new round of financing that would value the popular online music service at up to $4 billion, according to people with knowledge of the matter, in the latest eye-popping Internet company valuation. Spotify so far is on track to raise about $220 million.