Fb: from Harvard dorm to scandal-plagued social media titan

In 2003, 19-year-old laptop whiz Mark Zuckerberg starts figuring out of his Harvard dormitory room on an internet community aimed toward connecting the distinguished US college’s scholars.

On February 4, 2004, he launches thefacebook.com with 3 buddies.

Club is opened as much as different faculties round North The united states. Zuckerberg leaves Harvard and strikes to California’s Silicon Valley.

The brand new corporate receives its first primary out of doors funding of $500,000 from PayPal co-founder Peter Thiel, and formally turns into Fb in 2005.

First privateness considerations

After Fb rejects bids from US media conglomerate Viacom and Yahoo, Microsoft takes a $240 million stake in 2007. Via now it has 50 million customers.

That yr, Zuckerberg apologises for a function known as Beacon that alerted the entire group when a consumer made purchases on-line.

In 2008, Fb topples MySpace to turn into the sector’s hottest social networking site and launches its first cell app the next yr.

Protest platform

David Fincher’s tale of Fb’s origins, “The Social Community,” hits cinemas in 2010, successful Oscars for highest tailored screenplay, unique ranking and picture enhancing.

Time mag names Zuckerberg as 2010 Individual of the 12 months for “reworking the best way we are living our lives on a daily basis.”

As club rockets, Fb performs a rising position in shaping public debate.

In 2011, it performs a key position in giving a voice to disappointed Arab adolescence within the Arab Spring revolts.

Inventory marketplace access

In 2012, Fb buys photograph-sharing app Instagram for $1 billion.

The tech sector’s largest preliminary public providing (IPO) ever raises $16 billion and values Fb at $104 billion.

A hoodie-clad Zuckerberg remotely rings the Nasdaq bell from Fb’s California headquarters.

In October 2012, Fb’s club tops 1000000000.

Social media conglomerate

In 2014, Fb courts more youthful smartphone customers via purchasing messaging platform WhatsApp for $19 billion.

It strikes into new Frank Gehry-designed headquarters in Silicon Valley.

Controversies

In 2016, Fb is embroiled in controversy over Russia’s alleged use of it and different social media platforms to take a look at to persuade the end result of the United States presidential election that introduced Donald Trump to energy.

In 2018, it emerges that British consulting company Cambridge Analytica stealthily harvested the private information of thousands and thousands of Fb customers and used it for political functions, together with rallying fortify for Trump.

Zuckerberg, grilled in the United States Congress, vows to do extra to fight pretend information, overseas interference in elections and hate speech, and to tighten information privateness.

From Fb to Meta

In 2021, Fb adjustments its corporate title to Meta — Greek for “past” but in addition which means the metaverse — the digital global which Zuckerberg sees as representing the way forward for the web.

On February 3, 2022, its proportion value plunges, wiping greater than $200 billion off its marketplace worth after it warns of slowing income enlargement.

Its stocks rebound spectacularly in overdue 2023, and the corporate data a capitalisation in early 2024 of greater than $1 trillion.

Younger customers increasingly more barren region it for TikTok or Snapchat however with more or less 1.96 billion lively customers it stays the sector’s maximum used social community.

Early life considerations

In October 2023 dozens of US states accuse Meta of destructive the psychological well being of youngsters and teenagers.

Meta later responds with plans to tighten content material restrictions for youths on Instagram and Fb.

In 2023, Fb may be hit with a document 1.2-billion-euros ($1.3-billion) fantastic in Eire for illegally moving non-public information between Europe and the USA, in breach of EU regulations.

Paid model

In July 2023 Meta launches its text-based app Threads, supposed to be a rival to X, previously referred to as Twitter, after that platform alienated many customers and advertisers following Elon Musk’s acquire.

In overdue October it began providing paid ad-free subscriptions in Europe for customers unwilling to have their non-public information harvested.

 

Leave a Comment