Facebook.com –See the key facts and overview here
Facebook, Inc. is a social media and advertising company founded by a team of students at Harvard University in 2004. In 2012, the social media network became the first to have one billion users and in 2019, it has 2.41 billion monthly active users.
When founded, membership to the website was limited to Harvard students only but was soon expanded to other universities in the Boston area. Since 2006, Facebook became available to anyone over 13 years old with a valid email, and registered users can post texts, photos, and videos. These are shared, and according to the privacy settings, users can choose if it will be shared with “friends” only or be available to any user. Facebook has other embedded apps that are available to users, they offer common interests and all “friends” receive notifications of each other’s activities.
Instagram, WhatsApp, OculusVR, and GrokStyle are some of the major acquisitions made by Facebook.
Who are the founders of Facebook?
While at Harvard University in 2003, Mark Zuckerberg built Facemash, a site that was used the online facebooks (a student directory which includes photographs and personal information) of students, where users could choose the “hotter” of two. Within the first four hours, there were 22,000 photo-views and 450 visitors but it was shut down a few days later with Zuckerberg facing expulsion for various breaches, including violating individual privacy. After the charges were dropped, he continued by creating a social study tool which he shared with his classmates.
By 2004, Zuckerberg started coding a new website called TheFacebook and he and Eduardo Saverin each agreed to invest $1,000 towards it. The rest of the team was Andrew McCollum, Dustin Moskovitz, and Chris Hughes and the college roommates all worked from Zuckerberg’s dormitory. The website was to be an online facebook for Harvard Students.
When the facebook.com was launched in February 2004, Zuckerberg was accused by three Harvard seniors that he had misled them and that he had taken their ideas for the website, instead of helping them build it. They sued Zuckerberg and received 1.2 million Facebook shares in 2008.
The domain name Facebook was purchased in 2005 for $200,000, by which time the team had moved to Palo Alto, California and had received their first investment from PayPal co-founder, Peter Thiel. The company reported that the first time it showed a positive cash flow was in September 2009.
Where are the headquarters of Facebook?
Since 2015, Facebook’s headquarters are within Silicon Valley, at 1 Hacker Way, Menlo Park and are referred to as the “main campus”. Other offices include Dublin, Ireland, Hyderabad, India, and London. The Dublin office was established to accommodate the Double Irish Tax arrangement.
With revenue that comes mostly from advertising and bulk data sold to third parties, Facebook has had its fair share of controversies over the years. These include issues such as addiction and low self-esteem, fake news, copyright infringements and content found to be objectionable by some users. User privacy and political manipulation have been at the forefront lately and Facebook also faces a potential fine over its valuation for tax purposes when it transferred to Ireland.