Social Media Newsfeed: Instagram Deal | Obama on Reddit | Twitter Certified

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Facebook Cleared to Issue Stock for Instagram Deal (The Wall Street Journal)
Facebook received approval Wednesday to use stock in its acquisition of photo-sharing application Instagram, clearing the way for a deal that has lost about a quarter of its value since an agreement in April. At a state hearing in San Francisco, Calif., to review the acquisition’s stock component, the California Department of Corporations found the deal to be “fair, just and equitable,” allowing Facebook to issue shares to Instagram. Los Angeles Times But Instagram founder and chief executive Kevin Systrom said in the hearing that he understood the ups and downs of the public markets and that the transaction is now worth more like $750 million. Business Insider The fairness hearing was the last regulatory hurdle the two companies had to face before the world’s largest social network could buy the hottest mobile photo-sharing startup. The companies opted to issue shares under California law rather than through the Securities and Exchange Commission, in part because it’s a faster process. San Francisco Chronicle
At the fairness hearing, Systrom was asked how his company made money, according to the Los Angeles Times. “That’s a great question,” the paper quoted Systrom. “As of right now, we do not.” AllFacebook The word on Wednesday was that Facebook could consider purchasing Waze, developer of a well-liked, free, community-based traffic-nav app. Waze has nearly 6,200 users talking about it and the app has garnered 126,000 likes.

President Obama’s Reddit AMA: Top Five Most Awesome Questions (The Washington Post)
If you haven’t heard, President Barack Obama was on Reddit Wednesday doing an AMA, or “Ask Me Anything.” He is the first sitting president to participate in the site’s popular feature. The New York Times/Bits Blog In advance of the president’s arrival on the site, members posted questions including, “Is Internet freedom an issue you’d push to add to the Democratic Party’s 2012 platform?” and “Who’s your favorite basketball player?” The president answered several questions about his administration’s position on Internet rights and the importance of space exploration. Wired More than 200,000 visitors had descended for the first-ever appearance on the meme-centric link trove by a president of the United States. The site struggled under the traffic load, with many visitors receiving an error page.

Twitter Launches Certified Products Program, Detailing Requirements Developers Would Have Appreciated Last Year (AllTwitter)
The Twitter Certified Products Program launched Wednesday. And according to the blog post announcing the launch, Twitter hopes “to bring some of the most innovative products and services from Twitter developers to businesses and organizations that need them most.”

Google+ Launches Business-Savvy Social Networking Tools (PC Magazine)
Google on Wednesday got dressed up in its best suit and tie and grabbed its briefcase to head to work, rolling out new Google+ tools and features tailored for businesses that will be free through the end of 2013. Google+ for businesses is defined by three features that differentiate it from the consumer platform – private sharing, video integration and administrative controls.

Flipboard Adds Curated Video Channels (VentureBeat)
Popular digital magazine app Flipboard has made its first foray into video with new “TV” channels chock full of YouTube clips, the company announced Wednesday. The new video feeds are curated from popular YouTube channels, and they cover a wide variety of topics including cooking, music, and science.

What Kind of Social Gamer are You? [Infographic] (SocialTimes)
Do you play games for the thrill of crushing your opponent? Does earning a badge make you feel validated? In this infographic, there are eight types of social gamers.