Social media moves so fast, it's hard to keep up. Here are the week's top stories in scan-friendly format:

  • Journalists Don't See The Potential Twitter Has
  • Social Network Use Growing and Growing
  • EU: Social Networks Need To Beef Up Privacy Practices
  • Does your CEO Participate in Social Media?

Journalists Don't See The Potential Twitter Has

Renai LeMay wrote a provocative piece on the ZDNet Australia site that challenges journalists to re-evaluate the value Twitter represents to their profession. It turns our many in the journalism field have hard feelings against Twitter, believing it will pervert and alter the profession altogether.

With live event coverage coming first-hand from Iran and recent US election coverage using the social networking service, it's easy to see how journalists might feel this way.

But, LeMay urges his fellow scribes to look at Twitter in a different light: as a way to connect and converse with an audience in a new and previously unattainable way.  He goes on to promote the idea that social media won't replace traditional media, but rather the two mediums can co-exist for mutual benefit.

Do you agree or disagree?

Social Networking Use Growing and Growing

New data from Nielsen shows what some of us already knew: we're spending more and more time on social networks and blogs. Facebook is the number 1 social networking site and saw 144.3 million unique visitors in the month of May, 2009. Twitter is also seeing a sharp increase in growth, showing a 1448% increase in visitors from May 2008 to May 2009.

If you're an online video watcher, MySpace is probably your destination of choice, as growth on this site increased about 23% month over month between April and May 2009.

These statistics show that more and more folks are turning to social networks to keep in contact with their friends, family members and co-workers. Also, once we get onto these sites, we're spending more time during each session.

EU: Social Networks Need To Beef Up Privacy Practices

A group known as the Article 29 Working Party has posted an opinion that social networks may require tighter regulation to ensure user privacy is preserved going forward. According to the group, social networking sites have access to personally identifiable information about folks (including minors under 18) and therefore are obliged to preserve and protect this information in a responsible manner.

How much do you trust the social networking sites you use? As the Article 29 party points out, MySpace and Facebook house your images, location, age and other critical pieces of information. Do you think social networks are doing enough to handle and responsibly use this information on your behalf?

Social networking sites are intended to help us connect with our social circle, but this same data can be used in an irresponsible manner and hopefully increased regulation will help address this fact.

Does your CEO Participate in Social Media?

There's a new study from a company called UBERCEO that looked into how top dogs at large (Fortune 500) companies utilize social media. The cold fact: not many do.

According to the figures, only two CEOs are on Twitter, not one Fortune 100 CEO maintains or posts to a blog and only 19% of CEOs have a personal Facebook page.

What does this all mean? That top brass at Fortune 500 companies leave social media to the marketing department or otherwise don't see social networking as a valuable tool for them. But as Robin Wauters points out: this is probably a good thing. CEOs are managing companies with thousands of employees and have enough tugs for their time.

Their absence in social media is an open door for those of us who want to truly utilize the facility for true connection making.

Just don't expect to send your CEO a Facebook IM to ask for a raise or corner office.