CNNMoney reports that Facebook has just acquired the location-based sharing service Gowalla. Sources say that Gowalla's employees will move to Facebok's Palo Alto offices and work on the Timeline feature, which is all about telling stories. Gowalla had recently shifted its vision to storytelling.
When Gowalla launched in 2009, it faced off against rival location-based social network Foursquare. Since then, Foursquare grew leaps and bounds in the location space, transitioning from a check-in service to a partner of daily deals giant Groupon. Gowalla got lost in the dust.
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