FACEBOOK: THE SOCIAL NETWORKING GIANT
The Evolution of facebook is a bit controversial one. many rumors and stories are out regarding facebook. Facebook “ is a social Networking service” Developed By Mark Zuckerburg with his Harvard university mates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes. Mark Developed his first Website Named “FaceMash” in the second year of the collage at Harvard. This website is setup for a game called “Hot Or Not” for his Harvard Collage mates.
The Photos For the website “Hot Or Not” was hacked By Mark From the House Websites of Harvard System. Mark faced charges of violation of copyrights of the Harvard websites, Breach in security Of Web services provided by Harvard and violation of individual privacy by stealing the picture from the Harvard systems. However all the charges were dropped by Harvard .however Harvard squelch the ” facemash.com” for legal reasons which was auctioned in October 2010 in $30,201 to unknown buyer.
Mark was inspired and “want to make something that would Make Harvard more open” mark said in the interview With “TechCrunch”
EVOLUTION OF FACEBOOK ERA:
Facebook was the dream project for mark. there are many rumors regarding the idea of development of ”Facebook” or earlier “TheFacebook”. Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra, accused Mark 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.
Mark started code for the new website Known as “TheFaceBook” in late 2003.Mark ask his friend Eduardo Saverin to invest some money towards the hosting of website. Eduardo Saverin agreed for the investment. On Feburary 4, 2004 mark deployed The Website “TheFacebook” mark intension is to create a university website that can contact people around the university. Website got so popular within 24 hrs more than 1200 users registered on the website.earlier facebook was restricted and only Harvard students are allowed to registered on the web service. Eduardo Saverin (business aspects), Dustin Moskovitz (programmer), Andrew McCollum (graphic artist), and Chris Hughes Soon joined the team of facebook in march 2004 and now the facebook expended beyond the boundaries of Harvard. in summer of 2004 facebook was incorporated and the sean parker Become the President of the company. Company headquarter was moved to palo alto California usa in june 2004 and Dropped its name from “TheFacebook” to “Facebook” in 2005.
FACEBOOK: THE MONEY MAKING MACHINE FOR MARK ZUCKERBURG ……
Facebook become popular in small span of time more than 21 universities have registered with facebook within one year of the introduction of the service. Facebook also launched a high school version of the website with the concept of invitation to join the website only user who has an invitation can only join the network.
Facebook was then opened for everyone aged 13 or more with a valid email address in September 26, 2006. As the increase in the registration of the user with the service facebook team decided to promote advertisement on the network and make money through it.
By the late 2007 facebook had more than 100,000 businesses attracting users of facebook through the promotion and facebook is making money through it.
A law suite was filed against mark for sharing personal information of the users to the companies for making money.
Many big giant of the IT Industry invested in the Facebook
Peter thiel made investment of $500,000 in the website and join the board with 10.2% of shares of the company.
In 2005 rumors surfaced about the sale of facebook to a largest media company
In September 2006 a conversation between facebook and yahoo took place with the acquisition prices around $1 billion.
In September 2007 microsoft, google approaches facebook for investment in return of the stake of the company.
MAJOR MONEY MAKING ACQUISITIONS BY FACEBOOK :
In august 2009 facebook acquired a social Media real time news aggregator friend feed
In Febuary 2010 Malaysian contact-importing startup Octazen Solutions was acquire by facebook
In April 2010 facebook announced acquisition of photo-sharing service called Divvyshot for an undisclosed amount
On April 12, 2012, Facebook acquired photo sharing service Instagram for approximately $1 billion
On February 19, 2014 Facebook announced it is acquiring WhatsApps Inc, a smartphone instant messaging application for $19 billion. The acquisition is the most ever paid for a venture-capital backed startup.
