Face
book
Ø What
is Face book???
Facebook is a social
networking service launched on February 4, 2004. It was founded by Mark
Zuckerberg with
his college roommate and fellow Harvard University student Eduardo
Saverin.[1] The website's
membership was initially limited by the founders to Harvard students, but was
expanded to other colleges in the Boston area, the Ivy
League and
gradually most universities in the United States and Canada, corporations,[5] and by September
2006, to everyone with a valid email
address along
with an age requirement of being 13 and older.
Content
ü Sales
negotiations
Ø Face
Mash
I'm a little
intoxicated, not gonna lie. So what if it's not even 10 pm and it's a
Tuesday night? What? The Kirkland dormitory facebook is open on my desktop and some
of these people have pretty horrendiedous facebook pics. I almost want to put
some of these faces next to pictures of some farm animals and have people vote
on which is more attractive.
— 2:49 pm
Yea, it's on. I'm not
exactly sure how the farm animals are going to fit into this whole thing (you
can't really ever be sure with farm animals...), but I like the idea of
comparing two people together.
— 11:10 am
According to The Harvard Crimson, Facemash used "photos compiled from the online facebooks
of nine Houses, placing two next to each other at a time and asking users to
choose the “hotter” person".[8] Facemash attracted 450 visitors and
22,000 photo-views in its first four hours online.[10]
The site was quickly forwarded to several campus group
list-servers, but was shut down a few days later by the Harvard administration.
Zuckerberg faced expulsion and was charged by the administration with breach of
security, violating copyrights, and violating individual privacy.
Ultimately, the charges were dropped.[8] Zuckerberg expanded on this initial
project that semester by creating a social study tool ahead of an art history final exam. He uploaded all art images
to a website, each of which was featured with a corresponding comments section,
then shared the site with his classmates, and people started sharing notes.[11]
On October 25, 2010, entrepreneur and banker Rahul Jain
auctioned off FaceMash.com to an unknown buyer for $30,201.
I'm a little
intoxicated, not gonna lie. So what if it's not even 10 pm and it's a
Tuesday night? What? The Kirkland dormitory facebook is open on my desktop and some
of these people have pretty horrendiedous facebook pics. I almost want to put
some of these faces next to pictures of some farm animals and have people vote
on which is more attractive.
— 2:49 pm
Yea, it's on. I'm not
exactly sure how the farm animals are going to fit into this whole thing (you
can't really ever be sure with farm animals...), but I like the idea of
comparing two people together.
— 11:10 am
According to The Harvard Crimson, Facemash used "photos compiled from the online facebooks
of nine Houses, placing two next to each other at a time and asking users to
choose the “hotter” person".[8] Facemash attracted 450 visitors and
22,000 photo-views in its first four hours online.[10]
The site was quickly forwarded to several campus group
list-servers, but was shut down a few days later by the Harvard administration.
Zuckerberg faced expulsion and was charged by the administration with breach of
security, violating copyrights, and violating individual privacy.
Ultimately, the charges were dropped.[8] Zuckerberg expanded on this initial
project that semester by creating a social study tool ahead of an art history final exam. He uploaded all art images
to a website, each of which was featured with a corresponding comments section,
then shared the site with his classmates, and people started sharing notes.[11]
On October 25, 2010, entrepreneur and banker
Rahul Jain auctioned off FaceMash.com to an unknown buyer for $30,201.
Ø Face Book
A "face
book" is a student
directory featuring photos and basic information.[10] In 2003, there
were no universal online facebooks at Harvard, with only paper sheets
distributed[14] and private
online directories. Zuckerberg told the Crimson that
"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."[15] In January 2004,
Zuckerberg began writing code for a new website, known as
"TheFacebook", with the inspiration coming from an editorial in
the Crimson about Facemash, stating that "It is clear
that the technology needed to create a centralized Website is readily available
... the benefits are many." On February 4, 2004,
Zuckerberg launched "TheFacebook", originally located at
thefacebook.com
Zuckerberg also stated his intention to create a universal
website that can connect people around the university. According to his
roommate, Dustin Moskovitz, "When Mark finished the site, he told a couple of friends
... then one of them suggested putting it on the Kirkland House online mailing
list, which was ... three hundred people." Moskovitz continued to say
that, “By the end of the night, we were ... actively watching the registration
process. Within twenty-four hours, we had somewhere between twelve hundred and
fifteen hundred registrants."[17]
Just six days after the launch of the site, three Harvard
University 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, but
instead using their idea to build a competing product. The three complained to
the Crimson, and the newspaper began an investigation. Zuckerberg
knew about the investigation so he used TheFacebook.com to find members in the
site who identified themselves as members of the Crimson. He
examined a history of failed logins to see if any of the Crimson members
have ever entered an incorrect password into TheFacebook.com. In the cases in
which they had failed to log in, Mark tried to use them to access the Crimson members'
Harvard email accounts, and he was successful in accessing two of them. In the
end, three Crimson members filed a lawsuit against Zuckerberg which was later
settled.
Membership was initially restricted to students of Harvard
University. Within the first month, more than half the undergraduate population
at Harvard was registered on the service.[20] Zuckerberg was soon joined in the
promotion of the site by Eduardo Saverin (business aspects), Dustin Moskovitz (programmer), Andrew McCollum (graphic artist), and Chris Hughes. In March 2004, Facebook expanded to Stanford, Columbia,
and Yale.[2] This expansion continued when it opened
to all Ivy League and
Boston-area schools. It gradually reached most universities in the United
States and Canada.[21][22][23] Facebook was incorporated in the summer
of 2004, and the entrepreneur Sean Parker, who had been informally advising Zuckerberg,
became the company's president.[24] In June 2004, Facebook moved its base of
operations to Palo Alto, California.[2] The company dropped ‘The’ from its name
after purchasing the domain name facebook.com in 2005 for
$200,000.[25]
By December 2005,
Facebook had 6 million users
Ø Face Book User
Date
|
User
(in millon)
|
Days latter
|
Monthly growth
|
May 30, 2011
|
700
|
145
|
3.45%
|
September 22, 2011
|
800
|
115
|
3.73%
|
April 24, 2012
|
900
|
215
|
1.74%
|
September 14, 2012
|
1,000
|
143
|
2.33%
|
March 31, 2013
|
1,110
|
198
|
1.5%
|
December 31, 2013
|
1,230
|
275
|
0.97%
|
December 31, 2014
|
1,390
|
365
|
0.64%
|
December 31, 2015
|
1,590
|
365
|
0.55%
|
December 31, 2016
|
1,860
|
366
|
0.47%
|
On October 1, 2005, Facebook expanded to twenty-one universities
in the United Kingdom and others around the world. Facebook launched a high
school version in September 2005, which Zuckerberg called the next logical
step. At that time, high school networks required an invitation to join.[43] Facebook later expanded membership
eligibility to employees of several companies, including Apple Inc. and Microsoft. On December 11, 2005, universities in
Australia and New Zealand were added to the Facebook network, bringing its size
to 2,000+ colleges and 25,000 + high schools throughout the United States,
Canada, Mexico, the United Kingdom, Australia, New Zealand, and Ireland.
Facebook was then opened on September 26, 2006 to everyone aged 13 and older
with a valid e-mail address.
Late in 2007, Facebook had 100,000 business pages, allowing
companies to attract potential customers and tell about themselves. These
started as group pages, but a new concept called company pages was planned.
In October 2008, Facebook announced that it would set up its
international headquarters in Dublin, Ireland.
In 2010, Facebook began to invite users to become beta testers
after passing a question-and-answer-based selection process, and a set of Facebook
Engineering Puzzles where users would solve computational problems which gave
them an opportunity to be hired by Facebook.
As of February 2011, Facebook had become the largest online
photo host, being cited by Facebook application and online photo aggregator
Pixable as expecting to have 100 billion photos by summer 2011. As of
October 2011, over 350 million users accessed Facebook through their mobile phones,
accounting for 33% of all Facebook traffic.
On March 12, 2012, Yahoo filed suit in a U.S. federal court against Facebook weeks
before the scheduled Facebook initial public offering. In its court filing, Yahoo said that Facebook had infringed on
ten of its patents covering advertising, privacy controls and social networking.
Yahoo had threatened to sue Facebook a month before the filing, insisting that
the social network license its patents. A spokesperson for Facebook issued a
statement saying "We're disappointed that Yahoo, a long-time business
partner of Facebook and a company that has substantially benefited from its
association with Facebook, has decided to resort to litigation". The
lawsuit claims that Yahoo's patents cover basic social networking ideas such as
customizing website users' experiences to their needs, adding that the patents
cover ways of targeting ads to individual users. In 2012, Facebook App
Center, an online mobile store, was rolled out. The store initially had 500
Facebook apps which were mostly games.
On April 24, 2014,
Facebook and Storyful announced a new feature called FB Newswire
Ø Financials
Ø Initial funding
Facebook was initially
incorporated as a Florida LLC. For the first few months after its launch in
February 2004, the costs for the website operations for thefacebook.com were
paid for by Mark Zuckerberg and Eduardo
Saverin,
who had taken equity stakes in the company. The website also ran a few
advertisements to meet its operating costs
Ø First angel investment
In the summer of 2004, venture capitalist Peter Thiel made
a $500,000 angel investment in the social network Facebook for
10.2% of the company and joined Facebook's board. This was the first outside
investment in Facebook.
In his book The Facebook Effect, Kirkpatrick outlines the story of how Thiel came to make his
investment: Former Napster and Plaxo employee Sean Parker, who at the time had assumed the title of
"President" of Facebook, was seeking investors for Facebook. Parker
approached Reid Hoffman,
the CEO of work-based social network LinkedIn. Hoffman liked Facebook but declined to be
the lead investor because of the potential for conflict of interest with his
duties as LinkedIn CEO. He redirected Parker to Peter Thiel, whom he knew from
their PayPal days (both Hoffman and Thiel are
considered members of the PayPal Mafia). Thiel met Parker and Mark Zuckerberg, the Harvard college student who had founded
Facebook and controlled it. Thiel and Zuckerberg got along well and Thiel
agreed to lead Facebook's seed round with $500,000 for 10.2% of the company.
Hoffman and Mark Pincus also
participated in the round, along with Maurice Werdegar who led the investment
on behalf of Western Technology Investment. The investment was originally in
the form of a convertible note, to be converted to equity if Facebook
reached 1.5 million users by the end of 2004. Although Facebook narrowly missed
the target, Thiel allowed the loan to be converted to equity anyway. Thiel
said of his investment:
"I was comfortable with them pursuing their original
vision. And it was a very reasonable valuation. I thought it was going to be a
pretty safe investment”
Ø Accel investment (Series A)
In April 2005, Accel Partners agreed
to make a $12.7 million venture
capital investment
in a deal that valued Facebook at $98 million. Accel joined Facebook's board,
and the board was expanded to five seats, with Zuckerberg, Thiel, and Breyer in
three of the seats, and the other two seats currently being empty but with
Zuckerberg free to nominate anybody to those sea.
Ø Greylock investment (Series B)
In April 2006, Facebook closed its Series B funding round. This
included $27.5 million from a number of venture capitalists,
including Greylock
Partners and Meritech Capital,
plus additional investments from Peter Thiel and Accel Partners. The
valuation for this round was about $500 million.
A leaked cash flow statement showed that during the 2005 fiscal year, Facebook had a net gain of
$5.66 million.
Ø Sales negotiations
With the sale of social networking website MySpace to News Corp on July 19, 2005, rumours surfaced about
the possible sale of Facebook to a larger media company. Zuckerberg had already
stated that he did not want to sell the company, and denied rumors to the
contrary. On March 28,
2006, BusinessWeek reported
that a potential acquisition of Facebook was under negotiation. Facebook
reportedly declined an offer of $750 million from an unknown bidder, and
it was rumored the asking price rose as high as $2 billion.
In September 2006, serious talks between Facebook and Yahoo! took place concerning acquisition of
Facebook, with prices reaching as high as $1 billion. Thiel, by then a board member of
Facebook, indicated that Facebook's internal valuation was around
$8 billion based on their projected revenues of $1 billion by 2015,
comparable to Viacom's MTV brand, a company with a shared target demographic
audience.
On July 17, 2007, Zuckerberg said that selling Facebook was
unlikely because he wanted to keep it independent, saying "We're not really
looking to sell the company... We're not looking to IPO anytime soon.
It's just not the core focus of the company." In September 2007, Microsoft approached
Facebook, proposing an investment in return for a 5% stake in the company,
offering an estimated $300–500 million. That month, other companies,
including Google, expressed interest
in buying a portion of Facebook.
Ø Microsoft investment (Series C)
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.[73]However, Microsoft bought preferred stock that carried special rights, such as
"liquidation preferences" that meant Microsoft would get paid before
common stockholders if the company were sold. Microsoft's purchase also
included the right to place international ads on Facebook.[74] In November 2007, Hong Kong
billionaire Li Ka-shinginvested
$60 million in Facebook.
Entrance to Facebook's Former headquarters in
the Stanford Research Park, Palo Alto, California. In January 2012 the company moved to a new campus in Menlo
Park, California.
Ø IPO
Facebook filed for an initial public offering (IPO) on February 1, 2012. The preliminary prospectus
stated that the company was seeking to raise $5 billion. The document announced
that the company had 845 million active monthly users and its website featured
2.7 billion daily likes and comments. After the IPO, Zuckerberg will retain a 22% ownership
share in Facebook and will own 57% of the voting shares.
Underwriters valued the shares at $38 each, pricing
the company at $104 billion, the largest valuation to date for a newly public
company.[ On May 16, one day before the IPO,
Facebook announced that it would sell 25% more shares than originally planned
due to high demand. The IPO raised $16 billion, making it the third
largest in U.S. history (just ahead of AT&T Wireless and behind only General Motors and Visa Inc.). The stock price left the company with
a higher market capitalization than all but a few U.S. corporations – surpassing
heavyweights such as Amazon.com, McDonald's, Disney, and Kraft Foods – and made Zuckerberg's stock worth $19
billion.[96][97] The New York Times stated that the offering overcame questions about
Facebook's difficulties in attracting advertisers to transform the company into
a "must-own stock". Jimmy Lee of JPMorgan Chase described it as "the next great
blue-chip". Writers at TechCrunch, on the
other hand, expressed skepticism, stating, "That's a big multiple to live
up to, and [Facebook] will likely need to add bold new revenue streams to
justify the mammoth valuation".
Trading in the stock, which began on May 18, was delayed that
day due to technical problems with the NASDAQ exchange. The stock struggled to
stay above the IPO price for most of the day, forcing underwriters to buy back
shares to support the price. At closing bell, shares were valued at
$38.23, only $0.23 above the IPO price and down $3.82 from the opening
bell value. The opening was widely described by the financial press as a disappointment. The
stock nonetheless set a new record for trading volume of an IPO. On May 25,
2012, the stock ended its first full week of trading at $31.91, a 16.5%
decline.
On 22 May, regulators from Wall Street's Financial Industry Regulatory Authority announced that they had begun to
investigate whether banks underwriting Facebook had improperly shared
information only with select clients, rather than the general public. Massachusetts Secretary of State William Galvin subpeonaed Morgan Stanley over the same issue. The
allegations sparked "fury" among some investors and led to the
immediate filing of several lawsuits, one of them a class action suit claiming more than $2.5 billion in
losses due to the IPO. Bloomberg estimated that retail investors may have lost approximately $630 million
on Facebook stock since its debut.
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