GSV Boosts Facebook To $70B, HBO Go Hits 3M, iPhone 5 Due In Three Months With “Lite” Partner

The Fast Company reader’s essential rundown of people and companies making moves in your space. Updated all day by’s editors.

Supremely Pwned. The Supreme Court has ruled in favor of the video game industry in Brown v. Entertainment Merchants Association, a case involving banning sales of violent games to minors. “The act forbidding sale or rental of violent games to minors does not comport with the 1st Amendment,” wrote Justice Antonin Scalia in the majority (7-2) opinion. Somewhere some under age Leeroy Jenkins is storming a creature-filled room, way earlier than planned, in celebration. –TG 


–Updated 2:06 p.m. EST

Another Source Says iPhone “Lite” Version Is En Route. Yet more evidence, if you can call the insights of an industry analyst with (presumably) hot-to-trot links inside Apple’s supply chain “evidence,” that when the iPhone 5 does finally arrive later this year, it’ll be accompanied by a smaller, cheaper cousin. This time we have a price: $350, unsubsidized, and contracts for data could be activated ad-hoc like the iPad’s ones. –KE

–Updated 11:05 a.m. EST

Delicious App. Having just passed 1 million downloads in May,HBO Go just passed the 3 million mark. Blame it on Sookie Stackhouse–and the fact that the app gets promo’d at the end of every new True Blood or rerun of Game of Thrones or whatever Keanu Reeves movie airs during the day (Netflix has no such vehicle). –TG

–Updated 10:20 a.m. EST


[Image: Flickr user Mad African!: (Broken Sword)]

Facebook Officially Declares IPO An Afterthought. Investment fund GSV Capital Corp. bought 225,000 shares of Facebook (considered a minor stake given the social network’s 2.4 billion oustanding shares) at $29.28 per share, boosting FB to a $70 billion valuation–or 3.88 billion pairs of Adidas sandals. –TG

–Updated 10:02 a.m. EST


iPhone 5 due September. According to insiders in Apple’s Eastern supply chain, who’ve reported
information to analyst Katy Huberty at Morgan Stanley, the iPhone
5 is due to go into mass production in mid-to-late August. This tallies
nicely with almost every piece of data we’ve heard so far…so well
done, Katy. The news is interesting because Morgan Stanley only recently
downgraded its estimates for Apple’s stock price on the understanding
the iPhone 5 was “delayed.” –KE


LulzSec Ends The Lulz. After 50 days of reckless abandon, hacker group LulzSec announced on the weekend that it was disbanding, and will hack as a collective no more. The group’s retirement was, according to LulzSec itself, planned right from the start after a session of hacking, “disrupting and exposing corporations, governments” and the population itself. As a parting shot the team hopes the “antisec” movement it feels it embodies carries on without it, and also denies that law enforcement pressure is to blame. –KE

As LulzSec “Quits,” Anonymous Continues Hacking. Security analysts consider that LulzSec hasn’t really quit, and that its members are going to carry on acting, perhaps under a different banner–and one possible destination is Anonymous. This hacktivist group today released secret FBI information about “counter cyber-terrorism training,” and also promised to leak 40GB of “internal data” from an “evil company.” Watch this space (and check to see which global companies panic before the leak actually occurs?). –KE

Brits Love Facebook More Than Microsoft. For the first time, last month, Facebook visits overtook Microsoft visits by British web users–receiving 26.8 million visitors, up 7% over 2010’s figure, and beating Microsoft’s 26.2 million. The social site’s now second only to the mighty Google in garnering visitors, but Twitter may be closing in: Though Twitter’s audience is a much smaller 6.1 million Brits, this figure jumped by one third over last year’s figure as Brits get the twitterbug. –KE