The 16-year-old entrepreneur, backed by Hong Kong billionaire Li-Ka Shing, relaunches his app to summarize news articles.
Li Ka-shing, who acquired a $60 million stake in Facebook last year, announced in a company earnings call that he has invested another $40 million.
Now anyone uploading videos to YouTube can automatically edit clips using the Magisto video editing tool, which just launched a publicly yesterday.
The app, created by teenager Nick D'Aloisio, will shut down for now but will "come to life" through Yahoo's various mobile offerings soon.
The media company's new app for iPhone and iPod Touch features story summaries by Summly, which it acquired from teenager Nick D'Aloisio just a month ago.
On-demand video site says plans for the money include speeding up product development and expanding globally.
Yahoo CEO Marissa Mayer eyes the app, according to All Things D. If true, the iPhone app would fit nicely with Mayer's recent mobile-focused purchases.
The service makes its public debut, with $5.5 million in funding. Magisto mines raw, unedited video for top scenes and creates short, slick movies to share.
The Wii may help recovering stroke patients improve their motor function, according to research presented at the American Stroke Association's International Stroke Conference 2010.
There's more to the DST investment in the social-networking site than $200 million.