Facebook, founded in 2004 is an American company that offers online social networking services to users worldwide. It was founded by former Harvard students Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. Facebook has its headquarters in Menlo Park, California and by 2012 it was the biggest social network in the world with over one billion users.
Facebook was initially named Facemash when it was started off at Harvard in 2003. Facemash was a website that allowed students to judge each other’s attractiveness. It was shut down two days later because the developer Mark Zuckerberg, went against the university’s policy in acquiring the resources for the service. However, 450 people converged to Facemash and voted 22,000 times.
Zuckerberg was able to register Facebook’s URL. Afterwards, Zuckerberg and his fellow founders created a new social network TheFacebook.com that launched in February 2004.
Facebook earns most of its revenue from advertisements on the site, it is a free site and no payment is required to join. Facebook has a lot of features, new users can create a profile, add friends, post on their timelines, upload photos, create new and join existing groups, as well as post content in the space provided on their profiles. Friends can send each other messages on the profile pages space, the status feature enables users to post their locations and current situation, and the news feed that alerts users on changes on their profiles and their friend’s profiles.
Using the like button feature, users can approve content they like, and comment too. Creating fraudulent and false identities is forbidden on Facebook. The company advocates for transparency, in order to build genuine relationships, and sharing information and ideas. Businesses find it easier to connect their products to consumers due to peer-to-peer connectivity on Facebook.
After Facebook was launched in 2004, users who were Harvard students were able to upload photos and information on their personal lives. Facebook gained popularity and was now accessible by students from other prominent schools too such as Yale and Stanford University. Facebook continued to grow and by June 2004 credit card companies, such as MasterCard, paid to be marketed on the site. There was also more than 250,000 students from over 34 schools. By the end of 2004, Facebook had gained millions of users, and it had added the wall feature that allowed users to post information.
In 2006, Facebook allowed high school and University students from all over the world to join and it grew to six million active monthly users. The tag feature was also added and it allowed users to identify themselves, and others in an uploaded photo. The uploading of an unlimited number of photos was also implemented.
Membership was made available to anyone from the age of 13 who had a valid email address. With the forbidden policy of creating false identities, advertisers were able to create good relationships with consumers. Facebook in 2006 became the most effective tool for marketing and advertising using a social network. Facebook was finally able to surpass Myspace in 2008 by becoming the most-visited social media website, by adding the live feature.
Facebook also played a vital role in the 2008 USA presidential elections. Over 1000 groups were created in support of either the Republican or Democratic candidates. In 2009 software developers were able to generate over $500 million in revenue, through Facebook’s Application Programming Interface (API). Facebook filed to be a public company in February 2012. By May it earned $16 billion through its Initial Public Offering (IPO). It got a market value of $102.4 billion. Zuckerberg holdings were estimated at $19 billion on the first day of stock’s trading. Facebook exceeded Google in the IPO of an internet company, Google raised 1.9 billion when it went public in 2004.
The net income for Facebook was $5.14 billion for the third quarter of 2018 and was listed as the 4th most valuable brand in the world with a value of $98.4 billion. The company has spent approximately $22.4 billion to buy off its competitors. Facebook has bought Instagram, WhatsApp, and Oculus among others. Facebook has around 33,606 employees and Mack Zuckerberg’s net worth is over $55 billion.
For Canadian users, who have any queries or need any assistance in regards to Facebook, they can contact the Facebook help center. Users should log in to their account, select the question mark inside a dark circle on the top right corner of the screen, click it then select “report a problem” from the drop-down menu.
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