UPDATE: Gowalla, a location-sharing site that competes with Foursquare, is being reported to have been acquired by Facebook for an undisclosed amount of money.
Citing “a source close to Gowalla”, CNN Money is reporting that most of the employees will move to Facebook’s Palo Alto office, while some will continue to work in its Austin office. Those moving to Facebook HQ will be helping them with their Timeline design, which is still gradually being rolled out to members of the largest social network.
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