The Board of Volkswagen is having a 'crisis' meeting today. The board will discuss what action to take after the company was caught manipulating its diesel car emissions tests. VW faces multiple probes in the United States which could result in huge financial damage. The company has admitted it deceived U.S. regulators in exhaust emissions tests. There is speculation over the future of Volkswagen CEO Martin Winterkorn. Facebook (FB) owned Instagram has hit 400 million users, soaring past Twitter (TWTR). Instagram gained 100 million users in just the past 9 months. It also makes the $1 billion that Facebook paid for Instagram in 2012 look cheap. J.C. Penney (JCP) is looking for a new chief merchant, according to the Wall Street Journal.