The 3 Biggest Stories in Social Media This Morning

Welcome to this morning’s edition of “First To Know,” a series in which we keep you in the know on what’s happening in the digital world. We’re keeping our eyes on three particular stories of interest today.

Facebook Halts Phone & Address Sharing (For Now)

Following widespread displeasure over its recent decision to allow application developers to request access to a user’s address and mobile phone number, Facebook has decided to temporarily disable this feature until it implements changes that will help users make better informed decisions about their privacy.

Facebook Generated $1.86B in Ad Revenue in 2010

According to recently released figures from eMarketer, Facebook‘s revenue for advertising alone — which excludes revenue for virtual currencies and other sources — came to an impressive $1.86 billion in 2010.

Cheezburger Network Scores $30 Million in Funding

The Cheezburger Network, an Internet publisher known for popular memes like LOLcats and FAILS, has just scored a $30 million Series A led by Foundry Group, with participation from Madrona Venture Group, Avalon Ventures and SoftBank Capital.

Further News

* The World-Wide Web Consortium (W3C) has unveiled a new logo for HTML5.
* Mysterious UK guerilla artist Banksy is about to be unceremoniously identified to the highest bidder in an eBay auction.
* A new version of Instagram, featuring two new filters and the return of an old one, has hit the iOS App Store
* HP is bringing a new kind of comedy show to YouTubein which actors from the Upright Citizens Bridgade Theater will take skit ideas from viewers and perform them live on Google’s video-sharing site.