Pinterest joins the billion-dollar network club: CNET Update

It's a good for pinning photos, protecting privacy and pinning your texts. I'm Bridget Carey and this is your CNET Update. It's time to welcome Pinterest to the billion dollar network club. Last month, we saw Instagram get bought up for a billion dollars by Facebook. Now, Pinterest, another social photo sharing network has been valued at $1.5 billion. Evaluation came after a Japanese e-commerce site invested $50 million dollars into Pinterest and what's so unsettling about this is that Pinterest makes no money. It holds no ads, there is no revenue whatsoever but then again, that was the same case with Instagram. You can put your money on one thing though, investors will start to integrate e-commerce tools into the site making it easy for users to buy items posted. If you haven't used Pinterest, it's a place to share interesting photos f things you discovered. It can be your own photo or bookmark something you saw online and it's presented so beautifully that you could just loose yourself on the site. Think of it as window shopping at the mall or flipping through an endless magazine of neat things. People put their signs into categories so that the more popular users are for sharing fashion, design tips or recipes but you can pin anything. Facebook co-founder Eduardo Saverin said he has to pay hundreds of millions of dollars in taxes on everything he has earned while he was a US Citizen. Saverin who has resided for the past 2 years in Singapore caused a big stir by dropping his citizenship just a few days before he would rake in billions from Facebook-going public and if you're not a US citizen, no need to pay US taxes from what you earn. It even angered some senators who proposed a law to punish Saverin and anyone who drops his citizenship to duck out of paying taxes. Saverin said he didn't drop his citizenship to avoid paying taxes and he will continue to pay any taxes he owes to the US government. You now have the option to block Twitter from collecting data on your usage habits. Twitter is working with Firefox's Do-Not-Track feature so are web giants like Yahoo, Google and AOL but as for Facebook, yeah. You can't turn that tracking feature off. Tracking is their bread and butter. And today, we're keeping an eye on a few apps that has some fresh upgrades. Look Board, a news reader app on the iPad just added sound cloud support for listening to news reports. Evernote, a note-taking management tool has a snazy new look on Android. You could organize photos, audio and text notes much easier now. And the Weather Channel just beautified it's iPhone app and made it more social so you can instantly share your photos of the weather wherever you are. That's your Tech News update for today. For more on the stories in today's show, visit cnet.com/update. From our studios in New York, I'm Bridget Carey.