Facebook

Facebook

Facebook is a social media and social networking service company founded in 2004 by Mark Zuckerberg, Chris Hughes, Andrew McCollum, Dustin Moskovitz and Eduardo Saverin.

Facebook is a social media and social networking service company that is headquartered in San Francisco, California and was founded in 2004 by Andrew McCollum, Chris Hughes, Dustin Moskovitz, Eduardo Saverin, Mark Zuckerberg, and Nicholas Daniel-Richards.

History

Mark Zuckerberg, Andrew McCollum, Chris Hughes, Dustin Moskovitz, Eduardo Saverin, and Nicholas Daniel-Richards founded Facebook in 2004 during their time studying at Harvard. Before founding Facebook Mark Zuckerberg created and published a website called FaceMash in October 2003 for rating the attractiveness of students at Harvard. FaceMesh quickly gained popularity reaching approximately 22,000 photo views within a few days of its launch before being shutdown. Zuckerberg was summoned to the Harvard Administrative Board and threatened to be expelled from Harvard for creating FaceMesh because he did not have permission to use student photos. The Harvard Administrative Board made the decision to let Zuckerberg continue his education at Harvard, and Zuckerberg went on to create Thefacebook in February 2004 with some of his fellow students at Harvard; Andrew McCollum, Chris Hughes, Dustin Moskovitz, Eduardo Saverin, and Nicholas Daniel-Richards.

Thefacebook was the name of the company until August 23, 2005 when the company purchased facebook.com for $200,000 and changed its name to Facebook. Other domains purchased by Facebook include FB.com for $8.5 million in November 2010 from the The American Farm Bureau Federation to give Facebook employees FB.com email addresses. The deal for FB.com also included The American Farm Bureau Federation relinquishing their rights to use FB.org.

Notable acquisitions

Instagram

On April 9, 2012 Facebook acquired Instagram, a social media company focused on sharing user photos, for $1 billion in a combination of Facebook stock and cash. At the time Facebook acquired Instagram, Instagram had approximately 30 million active users making Instagram the largest purchase ever made by Facebook in terms of both active audience size and price. Mark Zuckerberg, the CEO and co-founder of Facebook, made the following statement regarding the company's decision to purchase Instagram:

We don't plan on doing many more of these, if any at all, but providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.

WhatsApp

In February 2014 Facebook acquired WhatsApp, a company offering a social messaging platform, for $19 billion. Facebook made the acquisition as a defensive investment after analyzing WhatsApp data and determining WhatsApp's ability to compete with Facebook. Facebook awarded 177.8 million shares of FAcebook of Class A common stock, $45.9 billion in cash to the shareholders of WhatApp, and 45.9 million restricted stock units the the employees of WhatsApp. At the time of acquiring WhatsApp the WhatsApp platform had approximately 450 million users, was gaining about 1 million users everyday, and according to OnDevice Research was the worlds most popular smartphone messaging application.

Oculus

In July 2014 Facebook announced acquiring Oculus, a company making virtual reality products, for $2 billion. Facebook paid $400 million in cash and approximately $1.6 billion in Facebook stock. Facebook also announced offering an additional $300 million in stock and cash if certain milestones are met by the company post-acquisition as performance incentives. The $2 billion acquisition price of Oculus is based on a trading price of Facebook stock at $69.35 per share. Mark Zuckerberg, the CEO and co-founder of Facebook, made the following comments regarding Facebook's decision to acquire Oculus and Facebook's plan for the company:

We’re going to focus on helping Oculus build out their product and develop partnerships to support more games. Oculus will continue operating independently within Facebook to achieve this.

Timeline

September 3, 2020

Facebook will block new political ads in the final week before the US presidential election

Facebook will block new political ads in the final week before the U.S. presidential election, the social network announced on Thursday.

August 25, 2020

Facebook changes name of its annual VR event and its overall AR/VR organization.

August 5, 2020

Facebook launches a new TikTok clone, Instagram Reels.

June 1, 2020

Zuckerberg says in a Facebook post that the company would contribute an additional $10 million to social justice causes.

May 27, 2020

Facebook launches Collab, a mix-and-match app for making collaborative music videos.

May 26, 2020

Facebook launches a new app called CatchUp that makes it easier for friends and family in the U.S. to coordinate phone calls or set up group calls with up to 8 people.

May 19, 2020

Facebook chief executive officer announces a handful of updates signaling the company's commitment to online shopping and commerce.

May 19, 2020

Facebook takes on Amazon with online shopping, commerce venture Shops.

May 2020

Facebook announces that it would be creating new company hubs in Atlanta, Denver and Dallas as part of a move to decentralize is workforce.

April 14, 2020

Facebook launches an experimental app for messaging close friends over Apple Watch.

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Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Facebook Series B round
27,500,000
April 1, 2006
11 Results
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Products

Product
Description
Launch date
Website
Industry
Messenger (App)

Facebook Messenger (commonly known as Messenger) is a messaging app and platform owned by Facebook.

1 Result
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People

Name
Role
LinkedIn

Aaron Morris

Investor

Adam Gold

Investor

Adnan Khan

Investor

Agustin Gonzalez

Investor

ajtest account

Investor

Akshay Rustagi

Investor

Alex Fries

Investor

Alexander Davis

Investor

Alexander Wolfson

Investor

Ali Khan

Investor

Alin Skurtu

Investor

Alison Leigh, Ph.D, MFT, Sex Educator, Organizational Psychologist/

Advisor

Allan Kaplan

Investor

Amar Chokhawala

Investor

Amitt Mahajan

Investor

Anand Rajaraman

Investor

Andrea Zurek

Investor

Andrei Miulescu

Investor

Andrew Camel

Investor

Andrew McCollum

Founder

Andrew S. Kofman

Investor

Anida D

Investor

Anthony Lawrence

Investor

Anthony Marlowe

Investor

António Mello Campello

Investor

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Further reading

Title
Author
Link
Type
Date

Facebook is building brain-computer interfaces for typing and skin-hearing

Josh Constine

Web

April 19, 2017

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
BBC News
September 26, 2020
BBC News
The 14-year-old killed herself in 2017 after viewing graphic images on social media.
John Naughton
September 26, 2020
the Guardian
Liberal democracies struggle to tackle the might of the tech giants when it comes to protecting users' data
BBC News
September 25, 2020
BBC News
Officials say social networks failed to take down all posts that are illegal under Thai law.
DNA Web Team
September 25, 2020
DNA India
DNA Special: How we are letting social media influence every aspect of our lives - In his show DNA, Sudhir Chaudhary analyses how we are merely 'products' for social media companies and how these are controlling our likes, dislikes and behaviour.
September 24, 2020
BBC News
Former Danish PM Helle Thorning-Schmidt says her panel will take its time over takedown rulings.
By Leo Kelion
September 24, 2020
BBC News
The company's oversight board - which can overrule Mark Zuckerberg - begins work in mid-October.
Brooke Crothers
September 23, 2020
Fox News
The FBI issued a warning to "raise awareness" of the threat posed by disinformation in the wake of the 2020 elections.
BBC News
September 23, 2020
BBC News
Advertisers agree standards with Facebook, Twitter and YouTube over harmful content issues.
Helen Davidson and Carmela Fonbuena in Manila
September 23, 2020
the Guardian
The Facebook accounts linked to China used virtual private networks to cloak their location. Photograph: EPA
BBC News
September 23, 2020
BBC News
Some used artificial intelligence to make profile pics and posted content about the US election.
Alex Hern
September 22, 2020
the Guardian
EU court in July ruled there were insufficient safeguards against snooping by US intelligence agencies
Connie Loizos
September 22, 2020
TechCrunch
Morgan Beller, who is a co-creator of the proposed Libra digital currency, along with Facebook vice presidents David Marcus and Kevin Weil, has left the company to become a general partner with the venture firm NFX . In a call yesterday, she said she first became acquainted with the San Francisco-based outfit five years ago [...]
Oliver Milman
September 22, 2020
the Guardian
Facebook blames mistake in system for restrictions on groups including Greenpeace USA
Jess Cartner-Morley
September 20, 2020
the Guardian
From its early days as a whimsical, arthouse space through more recent waves of influencers and pool inflatables, the world's favourite photo-sharing app has rewired society for good and bad
BBC News
September 18, 2020
BBC News
An open letter from academics and politicians also targets Amazon, Apple and Microsoft.
Samuel Gibbs Consumer technology editor
September 17, 2020
the Guardian
Cheaper, lighter, crisper screen and more power make for potent standalone virtual reality escapism
By Leo Kelion
September 16, 2020
BBC News
The Oculus Quest 2 is also getting Assassin's Creed and Splinter Cell video games.
Joseph Winters
September 16, 2020
Grist
As you might expect, not everyone is pleased.
BBC News
September 15, 2020
BBC News
Dozens of celebrities announce they will freeze their accounts to protest against hate speech.
By Jane Wakefield
September 15, 2020
BBC News
Ex-data scientist writes internal memo outlining scale of problems facing social network.
SHOW MORE

References

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