Facebook, founded in 2004 by Mark Zuckerberg, has a fascinating history as a business. Here’s a brief overview:
*Early Days (2004-2005)*
– Initially, Facebook was only for Harvard students, but it quickly expanded to other colleges and universities.
– In 2005, Facebook raised its first venture capital funding, securing $500,000 from Peter Thiel.
*Growth and Expansion (2006-2010)*
– Facebook opened up to high school students and internationally in 2006.
– In 2007, Facebook launched Facebook Platform, allowing developers to create apps.
– By 2010, Facebook had reached 600 million users and introduced Facebook Places.
*IPO and Acquisitions (2011-2014)*
– Facebook went public in 2012, raising $16 billion in its initial public offering (IPO).
– Acquired Instagram in 2012 for $1 billion and WhatsApp in 2014 for $19 billion.
*Diversification and Controversies (2015-Present)*
– Facebook launched Facebook Live in 2016 and expanded into e-commerce and online banking.
– Faced criticism and controversies over data privacy, election interference, and misinformation.
– Implemented various measures to address these concerns, including increased transparency and fact-checking.
*Today*
– Facebook is a global social media giant with over 2.9 billion monthly active users.
– Its parent company, Meta Platforms Inc. (formerly Facebook Inc.), has a market capitalization of over $600 billion.
I hope that gives you a good overview of Facebook’s history as a business! Let me know if you have any specific questions or if there’s anything else I can help with.