History of Facebook

The site was founded as thefacebook in February 2004 by Mark Zuckerberg at Harvard University with financial help from Eduardo Saverin. Within a few weeks, over half the Harvard undergraduate population had registered. By the end of February, Dustin Moskovitz and Chris Hughes had joined Zuckerberg to spread the website. Within two months, Facebook expanded to the rest of the Ivy League and a few other schools. By December 2004, the number of registered users exceeded one million. As the website's popularity rose and advertising revenue grew, Zuckerberg and Moskovitz left Harvard to run Facebook fulltime, while Hughes remained at Harvard to work as the site's spokesperson. Zuckerberg and Moskovitz moved to Palo Alto in June 2004, established an office and hired a staff of eight, including Sean Parker, Matt Cohler, and James Pereira. Stories about Facebook became commonplace in online and print media. Simultaneously, several competitor sites appeared attempting to capture some of the lim elight. While at Harvard, Zuckerberg's project competed with a student portal by Aaron Greenspan known as houseSYSTEM, whose Universal Face Book was launched in October, 2003, before Facebook existed. [6]. Greenspan would later fold houseSYSTEM into a new product, CommonRoom. In late 2004, the owners of the website ConnectU (Divya Narendra, Cameron Winklevoss, and Tyler Winklevoss), another social networking website targeted towards college students, filed a lawsuit against Facebook, alleging that Zuckerberg had stolen source code intended for their website while in their employ [7][8]. Wikinews Wikinews has news related to this article: Facebook's funding In September 2004, Facebook received around $500,000 from PayPal co-founder Peter Thiel in an angel round. In May 2005, Facebook raised $12.7 million in venture capital from Accel Partners [9] . In late August 2005, it was announced on the main website that the domain name facebook.com was acquired from Aboutface Corporation, and the website moved domains and dropped the "the" from the site name effective August 23, 2005. The purchase price for the domain name was $200,000 according to people familiar with this deal[citation needed]. Also included in the move was a site overhaul, making profile pages more "user-friendly", according to Zuckerberg. Zuckerberg has since added more universities to Facebook (with an emphasis on forgotten schools in Canada as well as in the United States), but unlike in the past, the new sc

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