Facebook Reaches 500M Users

9:35 AM -- Facebook announced yesterday that it has, as expected, reached 500 million users.

Along with the announcement came the launch of an application called "Facebook Stories," which allows users to (what else?) "share their Facebook stories." [Ed. note: Sounds fascinating.]

"Our mission at Facebook is to help make the world more open and connected. Stories like these are examples of that mission and are both humbling and inspiring. I could have never imagined all of the ways people would use Facebook when we were getting started 6 years ago," prated Facebook CEO Mark Zuckerberg.

Meanwhile Twitter Inc. and Four Square investor Fred Wilson dismissed Facebook as a "photo-sharing site," yesterday at the Geo-Loco conference in San Francisco. "I don’t think the open graph is important," he said. "Everybody’s got a social graph. Every large-scale web app has a social graph. I don’t think Facebook’s social graph is anything to be scared of."

Later, he tempered his comments, telling VentureBeat, "I do believe, at least in some way, in everything I said. But please understand that I was consciously trying to be on the edge."

Criticism of Facebook from a Twitter investor is especially rich in light of the reliability issues Twitter has suffered from over the past month, primarily due to the World Cup. Twitter published a blog yesterday reemphasizing its efforts to come up with a "long-term solution" to these problems.

— Erin Barker, Digital Content Reporter, Light Reading Cable

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