Social Media Newsfeed: Amazon Buying Goodreads | Zuck’s Taxes

Amazon to Acquire Book Lovers’ Network Goodreads (SocialTimes) Amazon has reached an agreement to acquire Goodreads, a community for book lovers. Founded in 2007, the San Francisco-based company has a member base of 16 million avid readers who have collectively formed more than 30,000 book clubs.

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GoodreadsAmazon to Acquire Book Lovers’ Network Goodreads (SocialTimes)
Amazon has reached an agreement to acquire Goodreads, a community for book lovers. Founded in 2007, the San Francisco-based company has a member base of 16 million avid readers who have collectively formed more than 30,000 book clubs. Mashable The service lets users share and review books they’ve read or want to read, as well as keep track of what their friends are reading. In a statement, Amazon vice president of Kindle content Russ Grandinetti said the two companies will work together “to build many new ways to delight readers and authors alike.” CNET In a blog post, Goodreads founder Otis Chandler said he sold Goodreads, in part, to tap the “reach and resources” of Amazon. He also noted that Goodreads members have asked for an e-reader experience, something that Amazon will provide with its Kindle. Wired The nuptials troubled a portion of GoodReads 16 million members. Some took to the site’s discussion forums Thursday to voice concern over Amazon’s access to their reviews. Others were angry that the site was getting back in bed with a company it had visibly distanced itself from little more than a year ago in a dispute over restrictions Amazon placed on GoodReads’ use of its book data. The New York Times Chandler said his management team would remain in place to guard the reviewing process that had made the site attractive to its 16 million members. “Amazon has a real history of building independent brands and running them as independent companies,” he said in a phone interview.

Report: Mark Zuckerberg Faces $1B-Plus Tax Bill (AllFacebook)
Not too many people can handle a tax bill of more than $1 billion, but Facebook co-founder and CEO Mark Zuckerberg is a member of that exclusive club, and CNN Money reported that his total tab will likely end up at around $1.1 billion. According to CNN Money, Zuckerberg exercised a stock option and purchased 60 million Facebook shares at a “strike price” of $0.06 cents apiece last May 18, the day of the social network’s initial public offering, and the Internal Revenue Service treats those shares as ordinary income at the time they are exercised, regardless of whether or not they are sold. VentureBeat Ungodly tax bills aside, the guy gets to keep roughly $12 billion of his paper fortune — and a controlling percentage of votes on Facebook’s board. And we are 100 percent certain that Zuck and his army of financial professionals have been preparing for the pitfalls of new wealth since long before the IPO. BetaBeat Zuckerberg’s already budgeted for the bill: He sold 30.2 million shares in the IPO, earning him $1.135 billion, most of which Facebook has said he’d use to cover his taxes. He’ll probably end up writing off his political action committee and paying a lower rate than the proverbial Warren Buffett’s secretary.

Facebook to Reveal ‘New Home on Android’ Next Week (Inside Facebook)
In related Facebook news, the social network will be holding a product announcement at its headquarters next Thursday. Members of the press were given an invitation saying, “Come see our new home on Android.”

Watch Out, Internet: Dave Winer is Back in the Business of Making Blogging Tools (GigaOM)
Dave Winer is the father of RSS and a blogging pioneer, so it’s worth paying attention to him when he comes up with something new — which he has, in the form of a browser-based note-taking and blogging tool. In a nutshell, Little Outliner is a kind of notepad, and it runs in a browser window so no software has to be installed, and it allows a user to keep notes or text content of any kind.