In the past, Facebook has attempted to build a smartphone as part of a side project. However the company is making some serious strides to get a Facebook smartphone off the ground. According to The New York Times, Facebook has hired over half a dozen former Apple iPhone engineers to utilize their expertise on such a complex project. Over the last year or so, Facebook has been working on a smartphone project with HTC which is internally called “Project Buffy.” Facebook is being so quiet about this project that they have not listed any job postings on their website about a smartphone project. Instead they are poaching engineers quietly from mobile companies. When Facebook had their IPO, investors were worried that the company has not found a way to monetize their mobile application. This was one out of several reasons why the stock price had dropped. About one month before the IPO, Mark Zuckerberg single-handedly negotiation the $1 billion acquisition of Instagram, a mobile social network that has over 30 million users. Finding a way to make money in the mobile phone industry is a high priority for the company and perhaps making a phone of their own will be the best way.