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Facebook is an American online social media and social networking service owned by Meta Platforms. Founded in 2004 by Mark
Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris
Hughes, its name comes from the face book directories often given to American university students. Membership was initially limited
to Harvard students, gradually expanding to other North American universities and, since 2006, anyone over 13 years old. As of 2020,
Facebook claimed 2.8 billion monthly active users, It was the most downloaded mobile app of the 2010s.
Facebook can be accessed from devices with Internet connectivity, such as personal computers, tablets and smartphones. After
registering, users can create a profile revealing information about themselves. They can post text, photos and multimedia which are
shared with any other users who have agreed to be their "friend" or, with different privacy settings, publicly. Users can also
communicate directly with each other with Facebook Messenger, join common-interest groups, and receive notifications on the
activities of their Facebook friends and the pages they follow.
The subject of numerous controversies, Facebook has often been criticized over issues such as user privacy, political manipulation,
mass surveillance, psychological effects such as addiction and low self-esteem, and content such as fake news, conspiracy theories,
copyright infringement, and hate speech. Commentators have accused Facebook of willingly facilitating the spread of such content, as
well as exaggerating its number of users to appeal to advertisers.
History
2003–2006: Thefacebook, Thiel investment, and name change
Zuckerberg built a website called "Facemash" in 2003 while attending Harvard University. The site was comparable to Hot or Not and
used "photos compiled from the online face books of nine Houses, placing two next to each other at a time and asking users to choose
the "hotter" person". Facemash attracted 450 visitors and 22,000 photo-views in its first four hours. The site was sent to several campus
group listservs, but was shut down a few days later by Harvard administration. Zuckerberg faced expulsion and was charged with
breaching security, violating copyrights and violating individual privacy. Ultimately, the charges were dropped.
A "face book" is a student directory featuring photos and personal information. along with private online directories. Zuckerberg told
The Harvard Crimson, "Everyone's been talking a lot about a universal face book within Harvard.....I think it's kind of silly that it would
take the University a couple of years to get around to it. I can do it better than they can, and I can do it in a week." On February 4, 2004,
Zuckerberg launched "TheFacebook", originally located at thefacebook.com.
Six days after the site launched, Harvard seniors Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra accused Zuckerberg of
intentionally misleading them into believing that he would help them build a social network called HarvardConnection.com. They
claimed that he was instead using their ideas to build a competing product. The three complained to the Crimson and the newspaper
began an investigation. They later sued Zuckerberg, settling in 2008 for 1.2 million shares.
Membership was initially restricted to students of Harvard College. Within a month, more than half the undergraduates had registered.
Dustin Moskovitz, Andrew McCollum, and Chris Hughes joined Zuckerberg to help manage the growth of the website. In March 2004,
Facebook expanded to Columbia, Stanford and Yale. It then became available to all Ivy League colleges, Boston University, NYU,
MIT, and successively most universities in the United States and Canada.
In mid-2004, Napster co-founder and entrepreneur Sean Parker—an informal advisor to Zuckerberg—became company president. In
June 2004, the company moved to Palo Alto, California. It received its first investment later that month from PayPal co-founder Peter
Thiel. In 2005, the company dropped "the" from its name after purchasing the domain name Facebook.com for US$200,000. The
domain had belonged to AboutFace Corporation.
In May 2005, Accel Partners invested $12.7 million in Facebook, and Jim Breyer added $1 million of his own money. A high-school
version of the site launched in September 2005. Eligibility expanded to include employees of several companies, including Apple Inc.
and Microsoft.
2006–2012: Public access, Microsoft alliance, and rapid growth
In May 2006, Facebook hired its first intern, Julie Zhuo. After a month, Zhuo was hired as a full-time engineer. By late 2007, Facebook
had 100,000 pages on which companies promoted themselves. Organization pages began rolling out in May 2009. On October 24,
2007, Microsoft announced that it had purchased a 1.6% share of Facebook for $240 million, giving Facebook a total implied value of
around $15 billion. Microsoft's purchase included rights to place international advertisements.
In May 2007, at the first f8 developers conference, Facebook announced the launch of the Facebook Developer Platform, providing a
framework for software developers to create applications that interact with core Facebook features. By the second annual f8 developers
conference on July 23, 2008, the number of applications on the platform had grown to 33,000, and the number of registered developers
had exceeded 400,000.
The website won awards such as placement into the "Top 100 Classic Websites" by PC Magazine in 2007, and winning the "People's
Voice Award" from the Webby Awards in 2008.
On July 20, 2008, Facebook introduced "Facebook Beta", a significant redesign of its user interface on selected networks. The Mini-
Feed and Wall were consolidated, profiles were separated into tabbed sections, and an effort was made to create a cleaner look.
Facebook began migrating users to the new version in September 2008.
In October 2008, Facebook announced that its international headquarters would locate in Dublin, Ireland. In September 2009, Facebook
said that it had achieved positive cash flow for the first time. A January 2009 Compete.com study ranked Facebook the most used social
networking service by worldwide monthly active users. China blocked Facebook in 2009 following the Ürümqi riots.
In 2010, Facebook won the Crunchie "Best Overall Startup Or Product" award for the third year in a row.
The company announced 500 million users in July 2010. In November 2010, based on SecondMarket Inc., Facebook's value was $41
billion. The company had slightly surpassed eBay to become the third largest American web company after Google and Amazon.com.
On November 15, 2010, Facebook announced it had acquired the domain name fb.com from the American Farm Bureau Federation for
w an undisclosed amount. On January 11, 2011, the Farm Bureau disclosed $8.5 million in "domain sales income", making the acquisition
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of FB.com one of the ten highest domain sales in history.
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In February 2011, Facebook announced plans to move its headquarters to the former Sun Microsystems campus in Menlo Park,
California. In March 2011, it was reported that Facebook was removing about 20,000 profiles daily for violations such as spam, graphic
content and underage use, as part of its efforts to boost cyber security. Statistics showed that Facebook reached one trillion page views
in the month of June 2011, making it the most visited website tracked by DoubleClick. According to a Nielsen study, Facebook had in
2011 become the second-most accessed website in the U.S. behind Google.
2012–2013: IPO, lawsuits, and one-billionth user
In March 2012, Facebook announced App Center, a store selling applications that operate via the website. The store was to be available
on iPhones, Android devices, and for mobile web users.
Facebook's initial public offering came on May 17, 2012, at a share price of US$38. The company was valued at $104 billion, the
largest valuation to that date. The IPO raised $16 billion, the third-largest in U.S. history, after Visa Inc. in 2008 and AT&T Wireless in
2000. Based on its 2012 income of $5 billion, Facebook joined the Fortune 500 list for the first time in May 2013, ranked 462. The
shares set a first-day record for trading volume of an IPO. The IPO was controversial given the immediate price declines that followed,
and was the subject of lawsuits, while SEC and FINRA both launched investigations.
Zuckerberg announced at the start of October 2012 that Facebook had one billion monthly active users, Facebook emphasized that the
feature would be "privacy-aware", returning results only from content already shared with the user. On April 3, 2013, Facebook
unveiled Facebook Home, a user-interface layer for Android devices offering greater integration with the site. HTC announced HTC
First, a phone with Home pre-loaded.
On April 15, 2013, Facebook announced an alliance across 19 states with the National Association of Attorneys General, to provide
teenagers and parents with information on tools to manage social networking profiles. On April 19 Facebook modified its logo to
remove the faint blue line at the bottom of the "F" icon. The letter F moved closer to the edge of the box.
Following a campaign by 100 advocacy groups, Facebook agreed to update its policy on hate speech. The campaign highlighted content
promoting domestic violence and sexual violence against women and led 15 advertisers to withdraw, including Nissan UK, House of
Burlesque, and Nationwide UK. The company initially stated, "while it may be vulgar and offensive, distasteful content on its own does
not violate our policies". It took action on May 29.
On June 12, Facebook announced that it was introducing clickable hashtags to help users follow trending discussions, or search what
others are talking about on a topic. San Mateo County, California, became the top wage-earning county in the country after the fourth
quarter of 2012 because of Facebook. The Bureau of Labor Statistics reported that the average salary was 107% higher than the
previous year, at $168,000 a year, more than 50% higher than the next-highest county, New York County, at roughly $110,000 a year.
Facebook joined Alliance for Affordable Internet in October, as it launched. The A4AI is a coalition of public and private organizations
that includes Google, Intel and Microsoft. Led by Sir Tim Berners-Lee, the A4AI seeks to make Internet access more affordable to ease
access in the developing world.
The company celebrated its 10th anniversary during the week of February 3, 2014. In January 2014, over one billion users connected
via a mobile device. As of June, mobile accounted for 62% of advertising revenue, an increase of 21% from the previous year. By
September Facebook's market capitalization had exceeded $200 billion.
Zuckerberg participated

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