History of Facebook
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File:MarkZuckerberg.jpg in 2005]]
The history of Facebook traces its growth from a college networking site to a global social networking service. It was launched as TheFacebook in 2004, and renamed Facebook in 2005.{{Cite news|url=https://www.theguardian.com/technology/2007/jul/25/media.newmedia|title=A brief history of Facebook|first=Sarah|last=Phillips|newspaper=The Guardian |date=July 25, 2007|via=www.theguardian.com|archive-date=December 26, 2018|access-date=December 17, 2016|archive-url=https://web.archive.org/web/20181226015256/https://www.theguardian.com/technology/2007/jul/25/media.newmedia+|url-status=live}}
Founded by Mark Zuckerberg and his college roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes{{cite journal | author = Carlson, Nicholas | date = March 5, 2010 | title = At Last — The Full Story Of How Facebook Was Founded | journal = Business Insider | url = http://www.businessinsider.com/how-facebook-was-founded-2010-3#we-can-talk-about-that-after-i-get-all-the-basic-functionality-up-tomorrow-night-1 | access-date = November 26, 2015 | archive-date = July 30, 2015 | archive-url = https://web.archive.org/web/20150730160338/http://www.businessinsider.com/how-facebook-was-founded-2010-3#we-can-talk-about-that-after-i-get-all-the-basic-functionality-up-tomorrow-night-1 | url-status = live }} at Harvard University, it was initially limited to Harvard students. It expanded to other colleges in the Boston area, the Ivy League,{{Cite press release |access-date=March 5, 2008 |url=http://www.facebook.com/press/info.php?timeline |title= Company Timeline |publisher=Facebook |date= January 1, 2007|archive-url=https://web.archive.org/web/20080228004941/http://www.facebook.com/press/info.php?timeline|archive-date=February 28, 2008}} and gradually most universities in the United States and Canada,{{Cite news |access-date=June 13, 2008 |url=https://www.forbes.com/2006/09/11/facebook-opens-up-cx_rr_0911facebook.html |title=Open Facebook |work=Forbes |location=New York |date=September 11, 2006 |author=Rosmarin, Rachel |archive-date=March 23, 2019 |archive-url=https://web.archive.org/web/20190323070616/https://www.forbes.com/2006/09/11/facebook-opens-up-cx_rr_0911facebook.html |url-status=live }}{{Cite news |url= http://www.tuftsdaily.com/2.5541/1.600318 |title= Online network created by Harvard students flourishes |work= The Tufts Daily |first= Lananh |last= Nguyen |date= April 12, 2004 |location= Medford, MA |access-date= August 21, 2009 |archive-url= https://web.archive.org/web/20110807023441/http://www.tuftsdaily.com/2.5541/online-network-created-by-harvard-students-flourishes-1.600318 |archive-date= August 7, 2011 |url-status= live }} corporations,{{Cite news |access-date=March 9, 2008 |url=http://www.businessweek.com/stories/2006-09-11/facebook-opening-the-doors-wider |archive-url=https://web.archive.org/web/20120718134414/http://www.businessweek.com/stories/2006-09-11/facebook-opening-the-doors-wider |url-status=dead |archive-date=July 18, 2012 |title=Facebook: Opening the Doors Wider |work=BusinessWeek |location = New York |date=September 12, 2006 |author=Lacy, Sarah }} and by 2006 to everyone with a valid email address along with an age requirement of being 13 or older.{{cite web|url=https://www.facebook.com/notes/facebook/welcome-to-facebook-everyone/2210227130/|title=Welcome to Fb, everyone|last=Abram|first=Carolyn|date=September 26, 2006|publisher=The Facebook Blog|access-date=March 8, 2008|archive-date=October 5, 2016|archive-url=https://web.archive.org/web/20161005165515/https://www.facebook.com/notes/facebook/welcome-to-facebook-everyone/2210227130/|url-status=live}}{{cite web |access-date=March 5, 2008 |url=http://www.facebook.com/terms.php |title=Terms of Use |publisher=Facebook |date=November 15, 2007 |archive-date=June 18, 2019 |archive-url=https://web.archive.org/web/20190618013029/https://www.facebook.com/terms.php |url-status=live }} Facebook introduced key features like the News Feed in 2006, which became central to user engagement. By 2007, Facebook surpassed MySpace in global traffic and became the world's most popular social media platform. The company focused on generating revenue through targeted advertising based on user data, a model that drove its rapid financial growth. In 2012, Facebook went public with one of the largest IPOs in tech history. Acquisitions played a significant role in Facebook's dominance. In 2012, it purchased Instagram, followed by WhatsApp and Oculus VR in 2014, extending its influence beyond social networking into messaging and virtual reality. These moves helped Facebook maintain its position as a leader in the tech industry.
Despite its success, Facebook has faced significant controversies. Privacy concerns surfaced early, including criticism of its data collection practices. The Facebook–Cambridge Analytica data scandal in 2018 revealed misuse of user data to influence elections, sparking global outcry and leading to regulatory fines and hearings. Facebook has been accused of enabling the spread of misinformation and hate speech and influencing political outcomes, prompting debates about content moderation and social media's role in society. The platform has frequently updated its algorithms to balance user experience with engagement-driven revenue, but these changes have sometimes drawn criticism for amplifying divisive content. Facebook's role in global events, including its use in organizing movements like the Arab Spring and, controversially, its impact on events like the Rohingya genocide in Myanmar, highlights its dual nature as a tool for empowerment and harm.
In 2021, Facebook rebranded as Meta, reflecting its shift toward building the "metaverse" and focusing on virtual reality and augmented reality technologies. Facebook continues to shape digital communication, commerce, and culture worldwide, with billions of users making it a key organisation in the 21st century.
TheFacebook
File:Thefacebook screenshot (2004).png's face superimposed with binary numbers as Facebook's original logo, designed by co-founder Andrew McCollum.]]
A "facebook" is a student directory featuring photos and basic information.{{cite web |first=Ellen |last=McGirt |title=Facebook's Mark Zuckerberg: Hacker. Dropout. CEO. |url=https://www.fastcompany.com/59441/facebooks-mark-zuckerberg-hacker-dropout-ceo |website=Fast Company |publisher=Mansueto Ventures |date=May 1, 2007 |access-date=July 4, 2017 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015318/https://www.fastcompany.com/59441/facebooks-mark-zuckerberg-hacker-dropout-ceo |url-status=live }} In 2004, there were no universal online facebooks at Harvard, with only paper sheets distributed{{cite web |first=Sarah |last=Phillips |title=A brief history of Facebook |url=https://www.theguardian.com/technology/2007/jul/25/media.newmedia |website=The Guardian |date=July 25, 2007 |access-date=July 4, 2017 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015256/https://www.theguardian.com/technology/2007/jul/25/media.newmedia+ |url-status=live }} and private online directories.{{cite web |first=Katharine A. |last=Kaplan |title=Facemash Creator Survives Ad Board |url=https://www.thecrimson.com/article/2003/11/19/facemash-creator-survives-ad-board-the/ |website=The Harvard Crimson |date=November 19, 2003 |access-date=June 24, 2017 |archive-date=May 4, 2019 |archive-url=https://web.archive.org/web/20190504172812/https://www.thecrimson.com/article/2003/11/19/facemash-creator-survives-ad-board-the/ |url-status=live }}{{cite web |first=Alan T. |last=Tabak |title=Hundreds Register for New Facebook Website |url=https://www.thecrimson.com/article/2004/2/9/hundreds-register-for-new-facebook-website/ |website=The Harvard Crimson |date=January 9, 2004 |access-date=July 4, 2017 |archive-date=May 18, 2019 |archive-url=https://web.archive.org/web/20190518221416/https://www.thecrimson.com/article/2004/2/9/hundreds-register-for-new-facebook-website/ |url-status=live }} 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." In January 2004, Zuckerberg began writing a 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." Zuckerberg met with Harvard student Eduardo Saverin, and each of them agreed to invest $1,000 in the site.{{cite magazine |first=Claire |last=Hoffman |title=The Battle For Facebook |url=https://www.rollingstone.com/culture/news/the-battle-for-facebook-20100915 |magazine=Rolling Stone |publisher=Wenner Media |date=September 15, 2010 |access-date=June 24, 2017 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015320/https://www.rollingstone.com/culture/culture-news/the-battle-for-facebook-242989/ |url-status=dead }} On February 4, 2004, Zuckerberg launched it under the name of "TheFacebook", originally located at thefacebook.com.{{cite magazine |first=Lily |last=Rothman |title=Happy Birthday, Facebook |url=https://time.com/3686124/happy-birthday-facebook/ |magazine=Time |date=January 4, 2015 |access-date=July 4, 2017 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015300/http://time.com/3686124/happy-birthday-facebook/%20/ |url-status=live }}
Zuckerberg intended to create a website that could connect people around the university. Upon finishing the site, Zuckerberg told a couple of friends, one of whom suggested sharing it on the Kirkland House online mailing list, which included several hundred people. According to his roommate, Dustin Moskovitz, "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."{{Cite magazine |first=John |last=Cassidy |title=Me Media |date=May 13, 2006 |magazine=The New Yorker |url=https://www.newyorker.com/archive/2006/05/15/060515fa_fact_cassidy |access-date=July 20, 2009 |archive-date=June 29, 2009 |archive-url=https://web.archive.org/web/20090629171729/http://www.newyorker.com/archive/2006/05/15/060515fa_fact_cassidy? |url-status=live }}
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 had ever entered an incorrect password into TheFacebook.com. In the cases in which they had failed to log in, Zuckerberg 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.{{Cite news |first=Nicolas |last=Carlson |title=In 2004, Mark Zuckerberg Broke Into A Facebook User's Private Email Account |date=March 5, 2010 |url=http://www.businessinsider.com/how-mark-zuckerberg-hacked-into-the-harvard-crimson-2010-3 |work=Business Insider |access-date=March 5, 2010 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015238/https://www.businessinsider.com/how-mark-zuckerberg-hacked-into-the-harvard-crimson-2010-3%20 |url-status=live }}{{Cite news |work=The New York Times |date=June 28, 2008 |title=Judge Ends Facebook's Feud With ConnectU |url=https://bits.blogs.nytimes.com/2008/06/26/judge-ends-facebooks-feud-with-connectu/| first=Brad| last=Stone}}
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.{{Cite news |access-date=March 7, 2008 |url=https://www.theguardian.com/technology/2007/jul/25/media.newmedia |title=A brief history of Facebook |work=The Guardian |location=London |date=July 25, 2007 |author=Phillips, Sarah |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015256/https://www.theguardian.com/technology/2007/jul/25/media.newmedia+ |url-status=live }} Zuckerberg was joined in the promotion of the site by Saverin (business aspects), Dustin Moskovitz (programmer), Andrew McCollum (graphic artist), and Chris Hughes. In March 2004, Facebook expanded to Stanford, Columbia, and Yale. 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.{{cite news |access-date=June 13, 2008 |url=https://www.forbes.com/2006/09/11/facebook-opens-up-cx_rr_0911facebook.html |title=Open Facebook |work=Forbes |date=September 11, 2006 |author=Rosmarin, Rachel |archive-date=March 23, 2019 |archive-url=https://web.archive.org/web/20190323070616/https://www.forbes.com/2006/09/11/facebook-opens-up-cx_rr_0911facebook.html |url-status=live }}Rotberg, Emily, [https://web.archive.org/web/20050117052114/http://www.chronicle.duke.edu/vnews/display.v/ART/2004/04/14/407d22986b0d0?in_archive=1%2F "Thefacebook.com opens to Duke students"], The Chronicle, Duke University, April 14, 2004 (archived 2005)Metz, Rachel, [http://archive.wired.com/culture/lifestyle/news/2004/06/63727 "College Facebook Mugs Go Online"] {{Webarchive|url=https://web.archive.org/web/20150805114106/http://archive.wired.com/culture/lifestyle/news/2004/06/63727 |date=August 5, 2015 }}, Wired, June 9, 2004. Facebook was incorporated in the summer of 2004, and the entrepreneur Sean Parker, who had been informally advising Zuckerberg, became the company's president.{{Cite news |author=Rosen, Ellen |title=Student's Start-Up Draws Attention and $13 Million |url=https://www.nytimes.com/2005/05/26/business/26sbiz.html?_r=2&scp=1&sq=thefacebook+parker&st=nyt |work=The New York Times |date=May 26, 2005 |access-date=May 18, 2009 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015243/https://www.nytimes.com/2005/05/26/business/students-startup-draws-attention-and-13-million.html |url-status=live }} In June 2004, Facebook moved its base of operations to Palo Alto, California.
{{Historical populations
| title = Total active usersAn "active user" is defined by Facebook as a user who has visited the website in the last 30 days.
| year_name = Date
| pop_name = {{nowrap|Users
{{small|(in millions)}}}}
| year_style = text-align:right; font-weight:normal; white-space:nowrap;
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| 2004-02-04 | 0
| 2011-01-05 | 600{{Cite news |access-date=February 11, 2011 |url=https://www.nbcnews.com/id/40929239 |title=Goldman to clients: Facebook has 600 million users |work =NBC News |author=Carlson, Nicholas |date=January 5, 2011}}{{dead link|date=August 2024|bot=medic}}{{cbignore|bot=medic}}This value is from an investment document. The date is from when the document was revealed to the public, not the actual date that the website reached this many users.
}}
The company dropped 'The' from its name after purchasing the domain name facebook.com in 2005 for $200,000 (${{formatprice|{{Inflation|US|200000|2005}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}).{{cite web|first=Christopher|last=Williams|title=Facebook wins Manx battle for face-book.com|url=https://www.theregister.co.uk/2007/10/01/facebook_domain_dispute|website=The Register|publisher=Situation Publishing|date=October 1, 2007|access-date=March 23, 2017|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015246/https://www.theregister.co.uk/2007/10/01/facebook_domain_dispute%20|url-status=live}} The domain had belonged to AboutFace Corporation.
In May 2005, Accel Partners invested $13 million (${{formatprice|{{Inflation|US|12700000|2005}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}) in Facebook, and Jim Breyer{{cite news|url=https://www.cnbc.com/id/47387334|title=Jim Breyer (via Accel Partners)|work=CNBC|date=May 22, 2012|url-status=live|archive-url=https://web.archive.org/web/20141229120047/https://www.cnbc.com/id/47387334/Jim_Breyer_via_Accel_Partners|archive-date=December 29, 2014 }} added $1 million (${{formatprice|{{Inflation|US|1000000|2005}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}) of his own money. A high-school version of the site launched in September 2005.{{cite news|title=Facebook is the go-to Web site for students looking to hook up|work=Dayton Daily News|location=Ohio|date=August 3, 2006|author=Dempsey, Laura}} Eligibility expanded to include employees of several companies, including Apple Inc. and Microsoft.{{cite news|access-date=March 9, 2008|url=http://www.businessweek.com/stories/2006-09-11/facebook-opening-the-doors-wider|archive-url=https://web.archive.org/web/20120718134414/http://www.businessweek.com/stories/2006-09-11/facebook-opening-the-doors-wider|url-status=dead|archive-date=July 18, 2012|title=Facebook: Opening the Doors Wider|work=BusinessWeek|location=New York|date=September 12, 2006|author=Lacy, Sarah}}
= 2006–2012: Public access, Microsoft alliance, and rapid growth =
In May 2006, Facebook hired its first intern, Julie Zhuo.{{cite web|url=https://fortune.com/2014/06/02/tech-star-julie-zhuo/|title=Facebook's Julie Zhuo: She's not just pushing pixels|website=Fortune|language=en|access-date=October 15, 2019|archive-date=January 29, 2021|archive-url=https://web.archive.org/web/20210129220657/https://fortune.com/2014/06/02/tech-star-julie-zhuo/|url-status=live}} After a month, Zhuo was hired as a full-time engineer. On September 26, 2006, Facebook opened to everyone at least 13 years old with a valid email address.{{cite web|first=Carolyn|last=Abram|url=http://blog.facebook.com/blog.php?post=2210227130|access-date=March 8, 2008|publisher=The Facebook Blog|title=Welcome to Facebook, everyone|date=September 26, 2006|archive-date=January 11, 2019|archive-url=https://web.archive.org/web/20190111031027/https://newsroom.fb.com/|url-status=live}}{{cite web|access-date=March 5, 2008|url=https://www.facebook.com/terms.php|title=Terms of Use|publisher=Facebook|date=November 15, 2007|archive-date=March 5, 2008|archive-url=https://web.archive.org/web/20080305190936/http://www.facebook.com/terms.php|url-status=live}}{{Cite news|url=https://newsroom.fb.com/news/2006/09/facebook-expansion-enables-more-people-to-connect-with-friends-in-a-trusted-environment/|title=Facebook Expansion Enables More People to Connect with Friends in a Trusted Environment|date=September 26, 2006|work=Facebook Newsroom|access-date=February 4, 2016|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015312/https://newsroom.fb.com/news/2006/09/facebook-expansion-enables-more-people-to-connect-with-friends-in-a-trusted-environment/|url-status=live}} By late 2007, Facebook had 100,000 pages on which companies promoted themselves.{{cite news|title=Enterprise: Facebook, a Marketer's Friend; Site Offers Platform To Tout Products, Interact With Users|last=Richmond|first=Riva|work=The Wall Street Journal|location=New York|date=November 27, 2007|page=B4}} Organization pages began rolling out in May 2009.{{cite web|author=Greenstein, Howard|url=http://mashable.com/2009/05/27/facebook-page-vs-group|title=Facebook Pages vs Facebook Groups: What's the Difference?|publisher=Mashable.com|date=May 27, 2009|access-date=August 4, 2014|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015247/https://mashable.com/2009/05/27/facebook-page-vs-group%20/|url-status=live}} On October 24, 2007, Microsoft announced that it had purchased a 1.6% share of Facebook for $240 million (${{formatprice|{{Inflation|US|240000000|2007}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), giving Facebook a total implied value of around $15 billion (${{formatprice|{{Inflation|US|15000000000|2007}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}). Microsoft's purchase included rights to place international advertisements.{{cite web|title=Microsoft gets a piece of Facebook|url=https://money.cnn.com/2007/10/24/technology/msft_facebook/|website=CNNMoney|publisher=CNN|date=October 24, 2007|access-date=May 31, 2017|archive-date=January 19, 2021|archive-url=https://web.archive.org/web/20210119214310/https://money.cnn.com/2007/10/24/technology/msft_facebook/|url-status=live}}{{cite web|first=Doug|last=Sherrets|title=Microsoft invests $240M in Facebook, as Facebook develops ad product|url=https://venturebeat.com/2007/10/24/microsoft-funds-facebook-as-facebook-develops-ad-product/|website=VentureBeat|date=October 24, 2007|access-date=May 31, 2017|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015225/https://venturebeat.com/2007/10/24/microsoft-funds-facebook-as-facebook-develops-ad-product/|url-status=live}}
In May 2007, at the first f8 developers conference, Facebook announced the launch of the Facebook Developer Platform, providing a framework for software developers to create applications that interact with core Facebook features. By the second annual f8 developers conference on July 23, 2008, the number of applications on the platform had grown to 33,000, and the number of registered developers had exceeded 400,000.{{cite web|title=Facebook Expands Power of Platform Across the Web and Around the World|url=https://about.fb.com/news/2008/07/facebook-expands-power-of-platform-across-the-web-and-around-the-world/|date=July 24, 2008|website=About Facebook|language=en-US|access-date=May 26, 2020|archive-date=December 2, 2020|archive-url=https://web.archive.org/web/20201202071705/https://about.fb.com/news/2008/07/facebook-expands-power-of-platform-across-the-web-and-around-the-world/|url-status=live}}
The website won awards such as placement into the "Top 100 Classic Websites" by PC Magazine in 2007,{{cite news |date=August 13, 2007 |title=Social Networking |url=https://www.pcmag.com/article2/0,2817,2169354,00.asp |url-status=live |archive-url=https://web.archive.org/web/20181211182243/https://www.pcmag.com/article2/0,2817,2169354,00.asp |archive-date=December 11, 2018 |access-date=May 9, 2008 |work=PC Magazine |language=English}} and winning the "People's Voice Award" from the Webby Awards in 2008.{{cite web|access-date=May 6, 2008|url=http://www.webbyawards.com/webbys/current.php?season=12|title=12th Annual Webby Awards Nominees|publisher=International Academy of Digital Arts and Sciences|url-status=dead|archive-url=https://web.archive.org/web/20100926024111/http://www.webbyawards.com/webbys/current.php?season=12|archive-date=September 26, 2010}} In early 2008, Facebook became EBITDA profitable, but was not cash flow positive yet.{{Cite web |last=Arrington |first=Michael |date=April 6, 2009 |title=Facebook Completes Rollout Of Haystack To Stem Losses From Massive Photo Uploads |url=https://techcrunch.com/2009/04/06/facebook-completes-rollout-of-haystack-to-stem-losses-from-massive-photo-uploads/ |access-date=April 4, 2023 |website=TechCrunch |language=en-US |archive-date=October 30, 2023 |archive-url=https://web.archive.org/web/20231030193959/https://techcrunch.com/2009/04/06/facebook-completes-rollout-of-haystack-to-stem-losses-from-massive-photo-uploads/ |url-status=live }}
On July 20, 2008, Facebook introduced "Facebook Beta", a significant redesign of its user interface on selected networks. The Mini-Feed and Wall were consolidated, profiles were separated into tabbed sections, and an effort was made to create a cleaner look.{{cite news|url=https://www.nytimes.com/idg/IDG_852573C4006938800025748D0064C292.html|title=Facebook Facelift Targets Aging Users and New Competitors|work=The New York Times|author=Havenstein, Heather|date=July 21, 2008|access-date=February 19, 2017|archive-date=August 7, 2008|archive-url=https://web.archive.org/web/20080807043121/http://www.nytimes.com/idg/IDG_852573C4006938800025748D0064C292.html|url-status=live}} Facebook began migrating users to the new version in September 2008.{{cite web|url=http://blog.new.facebook.com/blog.php?post=30074837130|title=Moving to the new Facebook|publisher=The Facebook Blog|access-date=September 12, 2008|author=Slee, Mark|date=September 10, 2008|archive-date=October 28, 2008|archive-url=https://web.archive.org/web/20081028113059/http://blog.new.facebook.com/blog.php?post=30074837130|url-status=live}} In July 2008, Facebook sued StudiVZ, a German social network that was alleged to be visually and functionally similar to Facebook.{{Cite web |last=Buley |first=Taylor |title=Facebook's Russian Frenemy With Benefits |url=https://www.forbes.com/2009/07/13/facebook-vkontakte-russia-technology-internet-facebook.html |access-date=April 4, 2023 |website=Forbes |language=en |archive-date=October 30, 2023 |archive-url=https://web.archive.org/web/20231030194022/https://www.forbes.com/2009/07/13/facebook-vkontakte-russia-technology-internet-facebook.html |url-status=live }}{{Cite web |title=Why Facebook Suddenly Likes Russia |url=https://news.yahoo.com/why-facebook-suddenly-likes-russia-203152804.html |access-date=April 4, 2023 |website=Yahoo! News |date=October 2012 |language=en-US |archive-date=April 4, 2023 |archive-url=https://web.archive.org/web/20230404141820/https://news.yahoo.com/why-facebook-suddenly-likes-russia-203152804.html |url-status=live }}
In October 2008, Facebook announced that its international headquarters would locate in Dublin, Ireland.{{Cite press release|access-date=November 30, 2008|url=https://www.facebook.com/press/releases.php?p=59042|title=Facebook to Establish International Headquarters in Dublin, Ireland|publisher=Facebook|date=October 2, 2008|archive-date=January 9, 2019|archive-url=https://web.archive.org/web/20190109031249/https://newsroom.fb.com/|url-status=live}} A January 2009 Compete.com study ranked Facebook the most used social networking service by worldwide monthly active users.{{cite news|author=Kazeniac, Andy|title=Social Networks: Facebook Takes Over Top Spot, Twitter Climbs|url=http://blog.compete.com/2009/02/09/facebook-myspace-twitter-social-network/|date=February 9, 2009|work=Compete Pulse blog|access-date=February 17, 2009|archive-url=https://web.archive.org/web/20110721111825/http://blog.compete.com/2009/02/09/facebook-myspace-twitter-social-network/|archive-date=July 21, 2011|url-status=dead}}{{better source needed|date=May 2019}} China blocked Facebook in 2009 following the Ürümqi riots.{{cite web|url=https://techcrunch.com/2009/07/07/china-blocks-access-to-twitter-facebook-after-riots/|title=China Blocks Access To Twitter, Facebook After Riots|last=Wauters|first=Robin|date=July 7, 2009|website=TechCrunch|publisher=AOL|access-date=June 15, 2017|archive-date=February 11, 2021|archive-url=https://web.archive.org/web/20210211020100/https://techcrunch.com/2009/07/07/china-blocks-access-to-twitter-facebook-after-riots/|url-status=live}}
In 2009, Yuri Milner's DST (which later split into DST Global and Mail.ru Group), alongside Uzbek Russian metals magnate Alisher Usmanov, invested $200 million in Facebook when it was valued at $10 billion.{{Cite news |last=Garside |first=Juliette |date=September 5, 2013 |title=Russia's richest man cashes in on Facebook share recovery |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2013/sep/05/facebook-russia-richest-alisher-usmanov-sells-stake |issn=0261-3077 |access-date=April 3, 2023 |archive-date=April 3, 2023 |archive-url=https://web.archive.org/web/20230403193359/https://www.theguardian.com/business/2013/sep/05/facebook-russia-richest-alisher-usmanov-sells-stake |url-status=live }}{{Cite news |date=May 17, 2012 |title=Facebook bet pays off for Russia's Usmanov |language=en |work=Reuters |url=https://www.reuters.com/article/us-facebook-usmanov-idUSBRE84G1BM20120517 |access-date=April 3, 2023 |archive-date=November 27, 2021 |archive-url=https://web.archive.org/web/20211127215755/https://www.reuters.com/article/us-facebook-usmanov-idUSBRE84G1BM20120517 |url-status=live }}{{Cite web |last=Kincaid |first=Jason |date=May 24, 2010 |title=DST's Yuri Milner: Facebook Is Going To Be The Social Graph That Unifies All Civilization |url=https://techcrunch.com/2010/05/24/dsts-yuri-milner-facebook-is-going-to-be-the-social-graph-that-unifies-all-civilization/ |website=TechCrunch |language=en-US |access-date=April 3, 2023 |archive-date=April 3, 2023 |archive-url=https://web.archive.org/web/20230403193358/https://techcrunch.com/2010/05/24/dsts-yuri-milner-facebook-is-going-to-be-the-social-graph-that-unifies-all-civilization/ |url-status=live }} A separate stake was also acquired by Usmanov's USM Holdings on another occasion.{{Cite web |last=Kramer |first=Mark Scott and Andrew E. |date=September 5, 2013 |title=Russian Tech Giant Cashes In on Facebook's Recovery |url=https://dealbook.nytimes.com/2013/09/05/russian-tech-giant-sells-facebook-shares-for-525-million/ |website=DealBook |language=en |access-date=April 3, 2023 |archive-date=March 7, 2022 |archive-url=https://web.archive.org/web/20220307155128/https://dealbook.nytimes.com/2013/09/05/russian-tech-giant-sells-facebook-shares-for-525-million/ |url-status=live }} According to the New York Times in 2013, "Mr. Usmanov and other Russian investors at one point owned nearly 10 percent of Facebook, though precise details of their ownership stakes are difficult to assess." It was later revealed in 2017 by the Paradise Papers that lending by Russian state-backed VTB Bank and Gazprom's investment vehicle partially financed these 2009 investments, although Milner was reportedly unaware at the time.{{Cite news |last1=Swaine |first1=Jon |last2=Harding |first2=Luke |date=November 5, 2017 |title=Russia funded Facebook and Twitter investments through Kushner investor |language=en-GB |work=The Guardian |url=https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-investor |access-date=April 3, 2023 |issn=0261-3077 |archive-date=November 10, 2017 |archive-url=https://web.archive.org/web/20171110184246/https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-associate |url-status=live }}{{Cite news|url=https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html |archive-url=https://web.archive.org/web/20171105190211/https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html |archive-date=November 5, 2017 |url-access=subscription |url-status=live|title=Kremlin Cash Behind Billionaire's Twitter and Facebook Investments|last=Drucker|first=Jesse|date=November 5, 2017|work=The New York Times|access-date=November 6, 2017|issn=0362-4331}}
In May 2009, Zuckerberg said of the $200 million Russian investment, "This investment is purely buffer for us. It is not something we needed to get to cash flow positive."{{Cite web |last=Schonfeld |first=Erick |date=May 26, 2009 |title=Facebook Takes That $200 Million Investment From The Russians At A $10 Billion Valuation. |url=https://techcrunch.com/2009/05/26/facebook-takes-that-200-million-investment-from-the-russians-at-a-10-billion-valuation/ |website=TechCrunch |language=en-US |access-date=April 4, 2023 |archive-date=April 4, 2023 |archive-url=https://web.archive.org/web/20230404031435/https://techcrunch.com/2009/05/26/facebook-takes-that-200-million-investment-from-the-russians-at-a-10-billion-valuation/ |url-status=live }} In September 2009, Facebook became cash flow positive ahead of schedule{{cite news |date=September 16, 2009 |title=Facebook 'cash flow positive,' signs 300M users |work=CBC News |location=Toronto |url=https://www.cbc.ca/news/science/facebook-cash-flow-positive-signs-300m-users-1.826223 |access-date=March 23, 2010 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015240/https://www.cbc.ca/technology/story/2009/09/16/tech-facebook-300-million-users.html%20 |url-status=live }} after closing a roughly $200 million gap in operating profitability.{{Cite web |last=Siegler |first=M. G. |date=September 15, 2009 |title=Facebook Crosses 300 Million Users. Oh Yeah, And They Just Went Cash Flow Positive. |url=https://techcrunch.com/2009/09/15/facebook-crosses-300-million-users-oh-yeah-and-their-cash-flow-just-went-positive/ |website=TechCrunch |language=en-US |access-date=June 4, 2017 |archive-date=July 4, 2017 |archive-url=https://web.archive.org/web/20170704015210/https://techcrunch.com/2009/09/15/facebook-crosses-300-million-users-oh-yeah-and-their-cash-flow-just-went-positive/ |url-status=live }}
In 2010, Facebook won the Crunchie "Best Overall Startup Or Product" award{{cite web|first=Anthony|last=Ha|title=Congratulations to Facebook, Bing, and the other Crunchies winners|url=https://venturebeat.com/2010/01/11/crunchies-winners-facebook-bing/|website=VentureBeat|date=January 11, 2010|access-date=July 13, 2017|archive-date=July 1, 2018|archive-url=https://web.archive.org/web/20180701055257/https://venturebeat.com/2010/01/11/crunchies-winners-facebook-bing/|url-status=live}} for the third year in a row.{{cite web|first=Jason|last=Kincaid|title=Congratulations Crunchies Winners! Facebook Takes Best Overall for the Hat Trick|url=https://techcrunch.com/2010/01/08/crunchies-winner/|website=TechCrunch|publisher=AOL|date=January 8, 2010|access-date=March 23, 2017|archive-date=March 23, 2019|archive-url=https://web.archive.org/web/20190323070723/https://techcrunch.com/2010/01/08/crunchies-winner/|url-status=live}}
The company announced 500 million users in July 2010.{{cite web|first=Robin|last=Wauters|title=Zuckerberg Makes It Official: Facebook Hits 500 Million Members|url=https://techcrunch.com/2010/07/21/facebook-500-million/|website=TechCrunch|publisher=AOL|date=July 21, 2010|access-date=June 4, 2017|archive-date=October 25, 2020|archive-url=https://web.archive.org/web/20201025170830/https://techcrunch.com/2010/07/21/facebook-500-million/|url-status=live}} Half of the site's membership used Facebook daily, for an average of 34 minutes, while 150 million users accessed the site from mobile devices. A company representative called the milestone a "quiet revolution".{{cite web|first1=Charles|last1=Arthur|first2=Jemima|last2=Kiss|title=Facebook reaches 500 million users|url=https://www.theguardian.com/technology/2010/jul/21/facebook-500-million-users|website=The Guardian|date=July 21, 2010|access-date=March 23, 2017|archive-date=September 27, 2020|archive-url=https://web.archive.org/web/20200927051704/https://www.theguardian.com/technology/2010/jul/21/facebook-500-million-users|url-status=live}} In October 2010 groups were introduced.[https://interestingengineering.com/history-of-facebook A Brief History of Facebook, Its Major Milestones] {{Webarchive|url=https://web.archive.org/web/20210622144648/https://interestingengineering.com/history-of-facebook |date=June 22, 2021 }} by Christopher McFadden, Interesting Engineering, July 7, 2020 In November 2010, based on SecondMarket Inc. (an exchange for privately held companies' shares), Facebook's value was $41 billion (${{formatprice|{{Inflation|US|41000000000|2010}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}). The company had slightly surpassed eBay to become the third largest American web company after Google and Amazon.com.{{cite news|first=Sophie|last=Curtis|title=Facebook at 10: Zuckerberg hails 'incredible journey'|url=https://www.telegraph.co.uk/technology/facebook/10614544/Facebook-at-10-Zuckerberg-hails-incredible-journey.html |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/technology/facebook/10614544/Facebook-at-10-Zuckerberg-hails-incredible-journey.html |archive-date=January 10, 2022 |url-access=subscription |url-status=live|website=The Telegraph|date=February 3, 2014|access-date=May 31, 2017}}{{cbignore}}{{cite web|first=Brian|last=Womack|title=Facebook Becomes Third Biggest US Web Company|url=http://www.thejakartaglobe.com/technology/facebook-becomes-third-biggest-us-web-company/406751|archive-url=https://web.archive.org/web/20101203081529/http://www.thejakartaglobe.com/technology/facebook-becomes-third-biggest-us-web-company/406751|website=Jakarta Globe|publisher=BeritaSatu Media Holdings|date=November 15, 2010|archive-date=December 3, 2010|access-date=May 31, 2017}}
On November 15, 2010, Facebook announced it had acquired the domain name fb.com from the American Farm Bureau Federation for an undisclosed amount. On January 11, 2011, the Farm Bureau disclosed $8.5 million (${{formatprice|{{Inflation|US|8500000|2011}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}) in "domain sales income", making the acquisition of FB.com one of the ten highest domain sales in history.{{cite news|url=http://namemon.com/news/1-latest-news/115-fbcom-acquired-by-facebook|title=FB.com acquired by Facebook|date=January 11, 2011|work=NameMon News|archive-url=https://web.archive.org/web/20110204210357/http://namemon.com/news/1-latest-news/115-fbcom-acquired-by-facebook|archive-date=February 4, 2011|url-status=dead}}
In February 2011, Facebook announced plans to move its headquarters to the former Sun Microsystems campus in Menlo Park, California.{{cite web|url=https://mashable.com/2011/02/07/facebook-menlo-park-pics/|title=These Are Facebook's New Offices [PHOTOS]|last=Parr|first=Ben|website=Mashable|date=February 8, 2011|access-date=February 6, 2019|archive-date=January 24, 2021|archive-url=https://web.archive.org/web/20210124161113/https://mashable.com/2011/02/07/facebook-menlo-park-pics/|url-status=live}}{{cite web|url=https://www.almanacnews.com/news/2011/02/08/facebook-packs-up-for-menlo-park|title=Facebook packs up for Menlo Park|website=www.almanacnews.com|access-date=February 6, 2019|last=Brundage|first=Sandy|date=February 8, 2011 |archive-date=January 24, 2021|archive-url=https://web.archive.org/web/20210124161121/https://www.almanacnews.com/news/2011/02/08/facebook-packs-up-for-menlo-park|url-status=live}} In March 2011, it was reported that Facebook was removing about 20,000 profiles daily for violations such as spam, graphic content and underage use, as part of its efforts to boost cyber security.{{cite news|title=Facebook deletes 20,000 underage profiles daily|url=http://ibnlive.in.com/news/facebook-deletes-20000-underage-profiles-daily/146972-11.html|archive-url=https://web.archive.org/web/20110326053101/http://ibnlive.in.com/news/facebook-deletes-20000-underage-profiles-daily/146972-11.html|url-status=dead|archive-date=March 26, 2011|date=March 24, 2011|access-date=March 24, 2011|work=IBN Live|agency=Press Trust of India|location=Noida, Uttar Pradesh}} Statistics showed that Facebook reached one trillion page views in the month of June 2011, making it the most visited website tracked by DoubleClick.{{cite web|first=Emil|last=Protalinski|title=Facebook is first with 1 trillion page views, according to Google|url=https://www.zdnet.com/article/facebook-is-first-with-1-trillion-page-views-according-to-google/|website=ZDNet|publisher=CBS Interactive|date=August 24, 2011|access-date=July 13, 2017|archive-date=September 23, 2020|archive-url=https://web.archive.org/web/20200923111307/https://www.zdnet.com/article/facebook-is-first-with-1-trillion-page-views-according-to-google/|url-status=live}}{{cite web|first=Kate|last=Solomon|title=Facebook hit 1 trillion page views in June|url=http://www.techradar.com/news/internet/facebook-hit-1-trillion-page-views-in-june-1000147|website=TechRadar|publisher=Future plc|date=August 25, 2011|access-date=July 13, 2017|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015250/https://www.techradar.com/news/internet/facebook-hit-1-trillion-page-views-in-june-1000147%20|url-status=live}} According to a Nielsen study, Facebook had in 2011 become the second-most accessed website in the U.S. behind Google.{{Cite news|title=Google and Facebook top 2011's most visited sites in US|url=https://www.bbc.com/news/technology-16356066|date=March 8, 2012|access-date=July 13, 2017|work=BBC News|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015313/https://www.bbc.com/news/technology-16356066%20|url-status=live}}{{cite web|first=Ryan|last=Fleming|title=Google and Facebook top the most visited websites of 2011|url=https://www.digitaltrends.com/web/google-and-facebook-top-the-most-visited-websites-of-2011/|website=Digital Trends|date=December 29, 2011|access-date=July 13, 2017|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015325/https://www.digitaltrends.com/web/google-and-facebook-top-the-most-visited-websites-of-2011/%20/|url-status=live}}
= 2012–2013: IPO, lawsuits, and one billion active users =
{{Further|Initial public offering of Facebook}}
In March 2012, Facebook announced App Center, a store selling applications that operate via the website. The store was to be available on iPhones, Android devices, and for mobile web users.{{cite news|url=https://www.bbc.co.uk/news/technology-18017379|title=Facebook app store launches amid mobile revenue worries|date=May 10, 2012|work=BBC News|access-date=July 21, 2018|archive-date=November 25, 2018|archive-url=https://web.archive.org/web/20181125010222/https://www.bbc.co.uk/news/technology-18017379|url-status=live}}
File:Facebook on Nasdaq.jpeg building welcomes Facebook to NASDAQ, May 2012.]]
Facebook's initial public offering came on May 17, 2012, at a share price of US$38 (${{formatprice|{{Inflation|US|38|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}). The company was valued at $104 billion (${{formatprice|{{Inflation|US|104000000000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), the largest valuation to that date.{{cite news|first1=Mark|last1=Milian|first2=Marcus|last2=Chan|title=Facebook's Valuation: What $104 Billion Is Worth|url=https://www.bloomberg.com/slideshow/2012-05-17/facebook-s-valuation-what-104-billion-is-worth.html|access-date=January 11, 2014|newspaper=Bloomberg Technology|date=May 18, 2012|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015303/https://www.bloomberg.com/tosv2.html?vid=&uuid=fb4dd880-08b0-11e9-a79e-fbdd3dcb455b&url=L3NsaWRlc2hvdy8yMDEyLTA1LTE3L2ZhY2Vib29rLXMtdmFsdWF0aW9uLXdoYXQtMTA0LWJpbGxpb24taXMtd29ydGguaHRtbCUyMA==|url-status=live}}{{cite web|last=Kerr|first=Dara|title=Facebook stock hits a record high, since IPO|url=http://news.cnet.com/8301-1023_3-57600166-93/facebook-stock-hits-a-record-high-since-ipo/|work=C{{!}}Net News|publisher=C{{!}}Net|access-date=August 27, 2013|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015308/https://www.cnet.com/news/facebook-stock-hits-a-record-high-since-ipo/|url-status=live}}{{cite news|url=https://www.latimes.com/business/la-fi-facebook-pricing-20120518,0,3426310.story|archive-url=https://web.archive.org/web/20120518023059/http://www.latimes.com/business/la-fi-facebook-pricing-20120518%2C0%2C3426310.story|archive-date=May 18, 2012|title=Stakes are high on Facebook's first day of trading|first1=Andrew|last1=Tangel|first2=Walter|last2=Hamilton|date=May 17, 2012|work=Los Angeles Times|access-date=May 17, 2012|url-status=dead }} The IPO raised $16 billion (${{formatprice|{{Inflation|US|16000000000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), the third-largest in U.S. history, after Visa Inc. in 2008 and AT&T Wireless in 2000.{{cite news|url=https://dealbook.nytimes.com/2012/05/17/facebook-raises-16-billion-in-i-p-o/?hp|title=Facebook Raises $16 Billion in I.P.O.|first1=Evelyn M.|last1=Rusli|date=May 17, 2012|work=The New York Times|access-date=May 17, 2012|first2=Peter|last2=Eavis|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015240/https://dealbook.nytimes.com/2012/05/17/facebook-raises-16-billion-in-i-p-o/?hp%20|url-status=live}}{{cite news|url=https://www.usnews.com/news/business/articles/2012/05/18/questions-and-answers-on-blockbuster-facebook-ipo-3|title=Questions and answers on blockbuster Facebook IPO|first=Bernard|last=Condon|date=May 17, 2012|work=U.S. News & World Report|access-date=May 17, 2012|agency=Associated Press|archive-date=October 18, 2020|archive-url=https://web.archive.org/web/20201018112326/https://www.usnews.com/news/business/articles/2012/05/18/questions-and-answers-on-blockbuster-facebook-ipo-3|url-status=live}} Based on its 2012 income of $5 billion (${{formatprice|{{Inflation|US|5000000000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), Facebook joined the Fortune 500 list for the first time in May 2013, ranked 462.{{cite news|url=https://www.usatoday.com/story/money/business/2013/05/06/facebook-fortune-500-2013/2139223/|title=Facebook squeaks onto the Fortune 500|newspaper=USA Today|date=May 6, 2013|access-date=May 19, 2013|first=Matt|last=Krantz|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015309/https://www.usatoday.com/story/money/business/2013/05/06/facebook-fortune-500-2013/2139223/|url-status=live}} The shares set a first-day record for trading volume of an IPO (460 million shares).{{cite news|url=http://online.wsj.com/article/BT-CO-20120518-710783.html|archive-url=https://web.archive.org/web/20120524053446/http://online.wsj.com/article/BT-CO-20120518-710783.html|archive-date=May 24, 2012|title=Facebook Sets Record For IPO Trading Volume|date=May 18, 2012|work=The Wall Street Journal|access-date=May 18, 2012|url-status=dead }} The IPO was controversial given the immediate price declines that followed,[https://web.archive.org/web/20120528230445/https://finance.yahoo.com/news/facebook-shares-fall-valuation-doubts-134021024.html Facebook shares fall valuation doubts]. Yahoo! Finance[https://www.forbes.com/sites/billsinger/2012/05/20/tepid-honeymoon-of-facebook-and-nasdaq-does-not-deliver-the-big-bang/ Tepid honeymoon of Facebook and NASDAQ does not deliver the big bang] {{Webarchive|url=https://web.archive.org/web/20201121193228/https://www.forbes.com/sites/billsinger/2012/05/20/tepid-honeymoon-of-facebook-and-nasdaq-does-not-deliver-the-big-bang/ |date=November 21, 2020 }}. forbes.com{{cite news|url=https://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-facebook-revenue-estimates-middle-133648905.html|title=Facebook Bankers Secretly Cut Facebook's Revenue Estimates in Middle Of IPO Roadshow|first1=Henry|last1=Blodget|date=May 22, 2012|work=Yahoo! Finance|access-date=December 14, 2014|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015253/https://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-facebook-revenue-estimates-middle-133648905.html%20|url-status=live}}[http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/22/BU3K1OLCV5.DTL Facebook IPO underscores shutting out the masses] {{Webarchive|url=https://web.archive.org/web/20120604063228/http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/22/BU3K1OLCV5.DTL |date=June 4, 2012 }}. sfgate.com and was the subject of lawsuits,{{cite web|title=Listing of Recent Securities Lawsuits Filed Against Facebook|url=https://www.docketalarm.com/search/dockets/?q=facebook+morgan+stanley&f=nos_exact-850+Securities%2FCommodities|archive-url=https://web.archive.org/web/20131019163905/https://www.docketalarm.com/search/dockets/?q=facebook+morgan+stanley&f=nos_exact-850+Securities%2FCommodities|url-status=dead|archive-date=October 19, 2013|access-date=July 19, 2013}} while SEC and FINRA both launched investigations.{{cite news|url=https://finance.yahoo.com/blogs/breakout/fury-over-facebook-ipo-grows-lawsuits-mount-150039330.html|title=Fury Over Facebook IPO Grows, Lawsuits Mount|first1=Matt|last1=Nesto|date=May 23, 2012|work=Yahoo! Finance|access-date=December 14, 2014|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015302/https://finance.yahoo.com/blogs/breakout/fury-over-facebook-ipo-grows-lawsuits-mount-150039330.html%20|url-status=live}}
Zuckerberg announced at the start of October 2012 that Facebook had one billion monthly active users,{{cite web|first1=Aaron|last1=Smith|first2=Laurie|last2=Segal|first3=Stacy|last3=Cowley|title=Facebook reaches one billion users|url=https://money.cnn.com/2012/10/04/technology/facebook-billion-users/|website=CNN|date=October 4, 2012|access-date=June 4, 2017|archive-date=December 2, 2023|archive-url=https://web.archive.org/web/20231202203723/https://money.cnn.com/2012/10/04/technology/facebook-billion-users/|url-status=live}} including 600 million mobile users, 219 billion photo uploads and 140 billion friend connections.{{cite web|first=Daniel|last=Ionescu|title=Facebook rules the social networking world with 1 billion users|url=http://www.pcworld.com/article/2011123/facebook-rules-the-social-networking-world-with-1-billion-users.html|website=PC World|publisher=International Data Group|date=October 4, 2012|access-date=June 4, 2017|archive-date=October 30, 2023|archive-url=https://web.archive.org/web/20231030193937/http://www.pcworld.com/article/2011123/facebook-rules-the-social-networking-world-with-1-billion-users.html|url-status=live}}
On October 1, 2012, Zuckerberg visited Russian Prime Minister Dmitry Medvedev in Moscow to stimulate social media innovation in Russia and to boost Facebook's position in the Russian market.{{Cite news |last=Kramer |first=Andrew E. |date=October 1, 2012 |title=Zuckerberg Meets With Medvedev in a Crucial Market |language=en-US |work=The New York Times |url=https://www.nytimes.com/2012/10/02/technology/zuckerberg-meets-with-medvedev-in-key-market.html |access-date=April 4, 2023 |issn=0362-4331 |archive-date=April 4, 2023 |archive-url=https://web.archive.org/web/20230404084719/https://www.nytimes.com/2012/10/02/technology/zuckerberg-meets-with-medvedev-in-key-market.html |url-status=live }}{{Cite news |last=Elder |first=Miriam |date=October 1, 2012 |title=Facebook's Mark Zuckerberg meets excited Russian prime minister |language=en-GB |work=The Guardian |url=https://www.theguardian.com/world/2012/oct/01/facebook-mark-zuckerberg-russia-prime-minister |access-date=April 4, 2023 |issn=0261-3077 |archive-date=April 3, 2023 |archive-url=https://web.archive.org/web/20230403193404/https://www.theguardian.com/world/2012/oct/01/facebook-mark-zuckerberg-russia-prime-minister |url-status=live }}
= 2013–2014: Site developments, A4AI, and 10th anniversary =
On January 15, 2013, Facebook announced Facebook Graph Search, which provides users with a "precise answer", rather than a link to an answer by leveraging data present on its site.{{cite news|title=Facebook introduces social search feature|url=https://www.washingtonpost.com/business/technology/facebook-introduces-social-search-feature/2013/01/15/599c6f7e-5f3d-11e2-9940-6fc488f3fecd_story.html|newspaper=The Washington Post|author=Tsukayama, Hayley|date=January 15, 2013|access-date=August 27, 2017|archive-date=September 18, 2018|archive-url=https://web.archive.org/web/20180918022532/https://www.washingtonpost.com/business/technology/facebook-introduces-social-search-feature/2013/01/15/599c6f7e-5f3d-11e2-9940-6fc488f3fecd_story.html|url-status=live}} Facebook emphasized that the feature would be "privacy-aware", returning results only from content already shared with the user.Claburn, Thomas (January 16, 2013). [http://www.informationweek.com/security/privacy/meet-facebooks-graph-search-tool/240146350 "Meet Facebook's Graph Search Tool"] {{Webarchive|url=https://web.archive.org/web/20130118112042/http://www.informationweek.com/security/privacy/meet-facebooks-graph-search-tool/240146350 |date=January 18, 2013 }}. Information Week. On April 3, 2013, Facebook unveiled Facebook Home, a user-interface layer for Android devices offering greater integration with the site. HTC announced HTC First, a phone with Home pre-loaded.{{cite web|first=Dan|last=Seifert|title=HTC and Facebook announce the First smartphone with AT&T, arriving April 12th for $99.99|url=https://www.theverge.com/2013/4/4/4182302/htc-and-facebook-announce-the-first-smartphone|website=The Verge|publisher=Vox Media|date=April 4, 2013|access-date=March 23, 2017|archive-date=November 12, 2020|archive-url=https://web.archive.org/web/20201112022421/http://www.theverge.com/2013/4/4/4182302/htc-and-facebook-announce-the-first-smartphone|url-status=live}}
On April 15, 2013, Facebook announced an alliance across 19 states with the National Association of Attorneys General, to provide teenagers and parents with information on tools to manage social networking profiles.{{cite web|first=Ingrid|last=Lunden|title=Facebook Links Up With Attorneys General in 19 U.S. States For Teen Social Networking Safety Program|url=https://techcrunch.com/2013/04/15/facebook-links-up-with-attorneys-general-in-19-u-s-states-for-teen-online-safety-program/|website=TechCrunch|publisher=AOL|date=April 15, 2013|access-date=March 23, 2017|archive-date=January 24, 2021|archive-url=https://web.archive.org/web/20210124161205/https://techcrunch.com/2013/04/15/facebook-links-up-with-attorneys-general-in-19-u-s-states-for-teen-online-safety-program/|url-status=live}} On April 19 Facebook modified its logo to remove the faint blue line at the bottom of the "F" icon. The letter F moved closer to the edge of the box.{{cite news|author=Murphy, Samantha|url=http://mashable.com/2013/04/19/facebook-logo-update/|title=New Facebook Logo Made Official|work=Mashable|date=November 18, 2011|access-date=April 20, 2013|archive-date=April 20, 2013|archive-url=https://web.archive.org/web/20130420063251/http://mashable.com/2013/04/19/facebook-logo-update/|url-status=live}}
Following a campaign by 100 advocacy groups, Facebook agreed to update its policy on hate speech. The campaign highlighted content promoting domestic violence and sexual violence against women and led 15 advertisers to withdraw, including Nissan UK, House of Burlesque, and Nationwide UK. The company initially stated, "while it may be vulgar and offensive, distasteful content on its own does not violate our policies".{{cite news|title=#FBrape: Will Facebook Heed Open Letter Protesting 'Endorsement Of Rape & Domestic Violence'?|url=http://www.huffingtonpost.co.uk/2013/05/28/fbrape-will-facebook-heed-open-letter-protesting-endorsement-rape-domestic-violence_n_3346520.html|access-date=May 29, 2013|newspaper=HuffPost UK|date=May 28, 2013|author=Nelson, Sara C.|archive-date=July 1, 2018|archive-url=https://web.archive.org/web/20180701164851/https://www.huffingtonpost.co.uk/2013/05/28/fbrape-will-facebook-heed-open-letter-protesting-endorsement-rape-domestic-violence_n_3346520.html|url-status=live}} It took action on May 29.{{cite web|first=Rory|last=Carroll|title=Facebook gives way to campaign against hate speech on its pages|url=https://www.theguardian.com/technology/2013/may/29/facebook-campaign-violence-against-women|website=The Guardian|date=May 29, 2013|access-date=March 23, 2017|archive-date=January 24, 2021|archive-url=https://web.archive.org/web/20210124161235/https://www.theguardian.com/technology/2013/may/29/facebook-campaign-violence-against-women|url-status=live}}
On June 12, Facebook announced that it was introducing clickable hashtags to help users follow trending discussions, or search what others are talking about on a topic.{{cite news|url=http://www.techstake.org/2013/06/facebook-introduces-hashtags-to-its-users.html|title=Facebook Introduces Hashtags to its Users|author=Dey, Aditya|work=TechStake-Technology News Blog|date=June 13, 2013|access-date=June 13, 2013|archive-url=https://web.archive.org/web/20130614152042/http://www.techstake.org/2013/06/facebook-introduces-hashtags-to-its-users.html|archive-date=June 14, 2013|url-status=dead }} San Mateo County, California, became the top wage-earning county in the country after the fourth quarter of 2012 because of Facebook. The Bureau of Labor Statistics reported that the average salary was 107% higher than the previous year, at $168,000 a year (${{formatprice|{{Inflation|US|168000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), more than 50% higher than the next-highest county, New York County (better known as Manhattan), at roughly $110,000 a year (${{formatprice|{{Inflation|US|110000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}).{{cite news|title=How Facebook's IPO Created the Best-Paid County in America|url=https://blogs.wsj.com/corporate-intelligence/2013/07/02/how-facebooks-ipo-created-the-best-paid-county-in-america/ |archive-url=https://web.archive.org/web/20130704204100/https://blogs.wsj.com/corporate-intelligence/2013/07/02/how-facebooks-ipo-created-the-best-paid-county-in-america/ |archive-date=July 4, 2013 |access-date=July 4, 2013|department=Corporate Intelligence blog|work=The Wall Street Journal|date=July 2, 2013|author=Thurm, Scott}}
Facebook joined Alliance for Affordable Internet (A4AI) in October, as it launched. The A4AI is a coalition of public and private organizations that includes Google, Intel and Microsoft. Led by Sir Tim Berners-Lee, the A4AI seeks to make Internet access more affordable to ease access in the developing world.{{cite web|first=Samuel|last=Gibbs|title=Sir Tim Berners-Lee and Google lead coalition for cheaper internet|url=https://www.theguardian.com/technology/2013/oct/07/google-berners-lee-alliance-broadband-africa|website=The Guardian|date=October 7, 2013|access-date=March 23, 2017|archive-date=January 31, 2017|archive-url=https://web.archive.org/web/20170131120944/https://www.theguardian.com/technology/2013/oct/07/google-berners-lee-alliance-broadband-africa|url-status=live}}
The company celebrated its 10th anniversary during the week of February 3, 2014.{{cite web|first=Dominic|last=Rushe|title=Facebook posts record quarterly results and reports $1.5bn profit for 2013|url=https://www.theguardian.com/technology/2014/jan/29/facebook-record-quarterly-results|website=The Guardian|date=January 29, 2014|access-date=March 23, 2017|archive-date=December 12, 2020|archive-url=https://web.archive.org/web/20201212103016/https://www.theguardian.com/technology/2014/jan/29/facebook-record-quarterly-results|url-status=live}} In January 2014, over one billion users connected via a mobile device.{{cite web|last=McDuling|first=John|url=http://qz.com/202349/facebook-mobile-user-base-has-crossed-the-1-billion-threshhold/|title=Facebook's mobile user base has crossed the 1 billion threshold – Quartz|date=April 23, 2014|publisher=Qz.com|access-date=April 24, 2014|archive-date=August 19, 2020|archive-url=https://web.archive.org/web/20200819003517/https://qz.com/202349/facebook-mobile-user-base-has-crossed-the-1-billion-threshhold/|url-status=live}} As of June, mobile accounted for 62% of advertising revenue, an increase of 21% from the previous year.{{cite news|first1=Lewis|last1=DVorkin|title=Inside Forbes: Mobile Part II, Or 4 More Charts That Offer a Peek Into the Future of Journalism|url=https://www.forbes.com/sites/lewisdvorkin/2014/07/29/inside-forbes-mobile-part-ii-or-4-more-charts-that-offer-a-peak-into-the-future-of-journalism/|website=Forbes|access-date=August 13, 2014|date=July 29, 2014|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724092424/https://www.forbes.com/sites/lewisdvorkin/2014/07/29/inside-forbes-mobile-part-ii-or-4-more-charts-that-offer-a-peak-into-the-future-of-journalism/|url-status=live}} By September Facebook's market capitalization had exceeded $200 billion (${{formatprice|{{Inflation|US|200000000000|2014}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}).{{cite news|first=Victor|last=Luckerson|title=Facebook Is Now Worth $200 Billion|url=https://time.com/3305662/facebook-valuation-200-billion/|magazine=Time|date=September 8, 2014|access-date=May 31, 2017|archive-date=August 11, 2020|archive-url=https://web.archive.org/web/20200811231105/https://time.com/3305662/facebook-valuation-200-billion/|url-status=live}}{{cite web|first=Paul R.|last=La Monica|title=A lot to 'like': Facebook now worth $200 billion|url=https://money.cnn.com/2014/09/09/investing/facebook-worth-200-billion/|website=CNNMoney|publisher=CNN|date=September 9, 2014|access-date=May 31, 2017|archive-date=March 1, 2020|archive-url=https://web.archive.org/web/20200301180233/https://money.cnn.com/2014/09/09/investing/facebook-worth-200-billion/|url-status=live}}{{cite news|title=Facebook Valuation Tops $200 Billion|url=https://www.bloomberg.com/graphics/infographics/facebook-valuation-tops-200-billion.html|website=Bloomberg L.P.|date=September 8, 2014|access-date=May 31, 2017|archive-date=August 7, 2020|archive-url=https://web.archive.org/web/20200807020626/https://www.bloomberg.com/graphics/infographics/facebook-valuation-tops-200-billion.html|url-status=live}}
Zuckerberg participated in a Q&A session at Tsinghua University in Beijing, China, on October 23, where he attempted to converse in Mandarin. Zuckerberg hosted visiting Chinese politician Lu Wei, known as the "Internet czar" for his influence in China's online policy, on December 8.{{cite news|author=James Griffiths and Steven Jiang|date=March 26, 2019|title=Former Chinese internet czar Lu Wei sentenced to 14 years in prison for bribery|url=https://www.cnn.com/2019/03/26/asia/lu-wei-china-sentenced-corruption-intl/index.html|access-date=April 18, 2021|website=CNN|language=en|archive-date=April 18, 2021|archive-url=https://web.archive.org/web/20210418031000/https://www.cnn.com/2019/03/26/asia/lu-wei-china-sentenced-corruption-intl/index.html|url-status=live}}{{cite web|last1=Sonnad|first1=Nikhil|last2=Macauley|first2=Richard|title=Mark Zuckerberg's 20-minute speech in clumsy Mandarin is his latest attempt to woo China|url=https://qz.com/532834/mark-zuckerbergs-20-minute-speech-in-clumsy-mandarin-is-his-latest-attempt-to-woo-china/|access-date=April 18, 2021|website=Quartz|date=October 26, 2015|language=en|archive-date=April 18, 2021|archive-url=https://web.archive.org/web/20210418031015/https://qz.com/532834/mark-zuckerbergs-20-minute-speech-in-clumsy-mandarin-is-his-latest-attempt-to-woo-china/|url-status=live}}{{cite web|location=Beijing|agency=Agence France Presse|date=October 23, 2014|title=Mark Zuckerberg speaks Mandarin during Q&A session in China|url=http://www.theguardian.com/technology/2014/oct/23/facebook-mark-zuckerberg-mandarin-q-and-a-beijing|access-date=April 18, 2021|website=The Guardian|language=en|archive-date=April 20, 2021|archive-url=https://web.archive.org/web/20210420074357/https://www.theguardian.com/technology/2014/oct/23/facebook-mark-zuckerberg-mandarin-q-and-a-beijing|url-status=live}}
= 2015–2020: Algorithm revision; fake news =
{{as of|2015}}, Facebook's algorithm was revised in an attempt to filter out false or misleading content, such as fake news stories and hoaxes. It relied on users who flag a story accordingly. Facebook maintained that satirical content should not be intercepted.{{cite news|first=Alexei|last=Oreskovic|title=Facebook clamps down on fake news stories|url=https://www.reuters.com/article/us-facebook-hoaxes-idUSKBN0KT2C820150120|access-date=February 4, 2015|work=Reuters|date=January 20, 2015|archive-date=November 14, 2015|archive-url=https://web.archive.org/web/20151114214838/http://www.reuters.com/article/2015/01/20/us-facebook-hoaxes-idUSKBN0KT2C820150120|url-status=live}} The algorithm was accused of maintaining a "filter bubble", where material the user disagrees with{{cite journal|title=Exposure to ideologically diverse news and opinion on Facebook|journal=Science|date=June 5, 2015|pmid=25953820|pages=1130–1132|volume=348|issue=6239|doi=10.1126/science.aaa1160|first1=Eytan|last1=Bakshy|first2=Solomon|last2=Messing|first3=Lada A.|last3=Adamic|s2cid=206632821|bibcode=2015Sci...348.1130B |doi-access=free|issn=0036-8075 }} and posts with few likes would be deprioritized.{{cite web|title = Facebook Is Hiding Your Friends' Updates From You {{!}} Unicorn Booty|url = https://unicornbooty.com/facebook-is-hiding-your-friends-updates-from-you/|website = Unicorn Booty|access-date = November 8, 2015|date = May 28, 2015|archive-url = https://web.archive.org/web/20151208044342/https://unicornbooty.com/facebook-is-hiding-your-friends-updates-from-you/|archive-date = December 8, 2015|url-status = dead}} In November, Facebook extended paternity leave from 4 weeks to 4 months.{{cite news|url=http://news.naver.com/main/read.nhn?mode=LSD&mid=shm&sid1=105&oid=001&aid=0008017659|title=페이스북, 전세계 '아빠 출산휴가' 4주→4개월로 확대|last=gong|date=November 28, 2015|access-date=November 30, 2015|archive-date=March 20, 2017|archive-url=https://web.archive.org/web/20170320165755/http://news.naver.com/main/read.nhn?mode=LSD&mid=shm&sid1=105&oid=001&aid=0008017659|url-status=live}}
On April 12, 2016, Zuckerberg outlined his 10-year vision, which rested on three main pillars: artificial intelligence, increased global connectivity, and virtual and augmented reality.{{Cite news|url=https://www.usatoday.com/story/tech/2016/04/12/zuckerbergs-10-year-plan-expand-facebook-empire/82936814/|title=Zuckerberg unveils 10-year plan to expand Facebook empire, with political tones|work=USA Today|access-date=April 12, 2016|archive-date=February 14, 2021|archive-url=https://web.archive.org/web/20210214093801/https://www.usatoday.com/story/tech/2016/04/12/zuckerbergs-10-year-plan-expand-facebook-empire/82936814/|url-status=live}} In July, a {{USD|1 billion}} suit was filed against the company alleging that it permitted Hamas to use it to perform assaults that cost the lives of four people.{{cite web|url=https://www.msn.com/en-us/news/world/facebook-sued-for-dollar1b-for-alleged-use-of-medium-for-terror/ar-BBucrBn?li=BBnbfcL&ocid=mailsignout|title=Facebook Sued for $1B for Alleged Use of Medium for Terror|first=Gwen|last=Ackerman|publisher=Bloomberg L.P.|date=July 11, 2016|access-date=September 23, 2016|archive-url=https://web.archive.org/web/20160819093935/http://www.msn.com/en-us/news/world/facebook-sued-for-dollar1b-for-alleged-use-of-medium-for-terror/ar-BBucrBn?li=BBnbfcL&ocid=mailsignout|archive-date=August 19, 2016|url-status=dead }} Facebook released its blueprints of Surround 360 camera on GitHub under an open-source license.{{cite web|first=Josh|last=Constine|title=Facebook open sources Surround 360 camera with Ikea-style instructions|url=https://techcrunch.com/2016/07/26/if-you-source-it-they-will-build/|website=TechCrunch|publisher=AOL|date=July 26, 2016|access-date=March 23, 2017|archive-date=January 25, 2021|archive-url=https://web.archive.org/web/20210125042328/https://techcrunch.com/2016/07/26/if-you-source-it-they-will-build/|url-status=live}} In September, it won an Emmy for its animated short "Henry".{{cite web|url=https://www.yahoo.com/tech/facebooks-oculus-wins-emmy-for-its-virtual-reality-short-173213477.html|title=Facebook wins first Emmy for Visual animated short "Henry"|date=September 20, 2016|access-date=September 21, 2016|archive-date=May 6, 2017|archive-url=https://web.archive.org/web/20170506110613/https://www.yahoo.com/tech/facebooks-oculus-wins-emmy-for-its-virtual-reality-short-173213477.html|url-status=live}} In October, Facebook announced a fee-based communications tool called Workplace that aims to "connect everyone" at work. Users can create profiles, see updates from co-workers on their news feed, stream live videos and participate in secure group chats.{{cite news|last=Hu|first=Howard|url=https://www.forbes.com/sites/howardhyu/2016/10/11/facebooks-workplace-could-replace-all-emails-within-your-company/|title=Facebook's Workplace Could Replace All Emails Within Your Company|work=Forbes|date=October 11, 2016|access-date=October 11, 2016|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724093338/https://www.forbes.com/sites/howardhyu/2016/10/11/facebooks-workplace-could-replace-all-emails-within-your-company/|url-status=live}}
Following the 2016 U.S. presidential election, Facebook announced that it would combat fake news by using fact checkers from sites like FactCheck.org and Associated Press (AP), making reporting hoaxes easier through crowdsourcing, and disrupting financial incentives for abusers.{{Cite news|url=https://www.wired.com/2016/12/facebook-gets-real-fighting-fake-news/|title=Facebook's Cracking Down on Fake News Starting Today|last=Alba|first=Davey|author-link=Davey Alba|newspaper=WIRED|access-date=December 15, 2016|archive-date=December 4, 2020|archive-url=https://web.archive.org/web/20201204173325/https://www.wired.com/2016/12/facebook-gets-real-fighting-fake-news/|url-status=live}}
File:Oculus-Rift-CV1-Headset-Front.jpg headset{{cite web|url=http://kotaku.com/facebook-buys-oculus-rift-for-2-billion-1551487939|title=Facebook Buys Oculus Rift For $2 Billion|date=March 25, 2014|access-date=March 25, 2014|website=Kotaku.com|last=Plunkett|first=Luke|archive-date=March 25, 2014|archive-url=https://web.archive.org/web/20140325235354/http://kotaku.com/facebook-buys-oculus-rift-for-2-billion-1551487939|url-status=live}}]]
On January 17, 2017, Facebook COO Sheryl Sandberg planned to open Station F, a startup incubator campus in Paris, France.{{cite web|first=Sam|last=Shead|title=Facebook is planning to open a startup incubator in Paris|url=http://www.businessinsider.com/facebook-launches-startup-incubator-in-station-f-2017-1|website=Business Insider|publisher=Axel Springer SE|date=January 17, 2017|access-date=March 23, 2017|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724202625/https://www.businessinsider.com/facebook-launches-startup-incubator-in-station-f-2017-1|url-status=live}} On a six-month cycle, Facebook committed to work with ten to 15 data-driven startups there.{{Cite magazine|url=https://www.wired.co.uk/article/station-f-facebook-startup-garage-startups|title=More than 100 entrepreneurs sign up to help Facebook and Station F find the best startups|magazine=WIRED|first=Matt|last=Burgess|date=February 1, 2017|access-date=February 8, 2017|archive-date=January 30, 2021|archive-url=https://web.archive.org/web/20210130192042/https://www.wired.co.uk/article/station-f-facebook-startup-garage-startups|url-status=live}} On April 18, Facebook announced the beta launch of {{visible anchor|Facebook Spaces}} at its annual F8 developer conference.{{Cite news|url=https://www.theverge.com/2017/4/18/15332658/facebook-spaces-virtual-reality-oculus-rift-f8-conference-2017|title=Facebook's bold and bizarre VR hangout app is now available for the Oculus Rift|publisher=The Verge|first=Nick|last=Statt|date=April 18, 2017|access-date=April 19, 2017|archive-date=February 4, 2021|archive-url=https://web.archive.org/web/20210204070541/https://www.theverge.com/2017/4/18/15332658/facebook-spaces-virtual-reality-oculus-rift-f8-conference-2017|url-status=live}} Facebook Spaces is a virtual reality version of Facebook for Oculus VR goggles. In a virtual and shared space, users can access a curated selection of 360-degree photos and videos using their avatar, with the support of the controller. Users can access their own photos and videos, along with media shared on their newsfeed.{{Cite news|url=https://variety.com/2017/digital/news/facebook-spaces-vr-app-1202033330/|title=A Closer Look at Facebook Spaces, the Company's First Social VR App|work=Variety|first=Janko|last=Roettgers|date=April 18, 2017|access-date=April 19, 2017|archive-date=August 18, 2020|archive-url=https://web.archive.org/web/20200818043221/https://variety.com/2017/digital/news/facebook-spaces-vr-app-1202033330/|url-status=live}} In September, Facebook announced it would spend up to US$1 billion on original shows for its Facebook Watch platform.{{Cite news|url=https://techcrunch.com/2017/09/08/facebook-plans-to-spend-up-to-1b-on-original-shows-in-2018/|title=Facebook plans to spend up to $1B on original shows in 2018|last=Etherington|first=Darrell|work=TechCrunch|access-date=January 29, 2018|archive-date=January 24, 2021|archive-url=https://web.archive.org/web/20210124174054/https://techcrunch.com/2017/09/08/facebook-plans-to-spend-up-to-1b-on-original-shows-in-2018/|url-status=live}} On October 16, it acquired the anonymous compliment app tbh, announcing its intention to leave the app independent.{{Cite news|url=https://techcrunch.com/2017/10/16/facebook-acquires-anonymous-teen-compliment-app-tbh-will-let-it-run/|title=Facebook acquires anonymous teen compliment app tbh, will let it run|last=Constine|first=Josh|work=TechCrunch|access-date=October 17, 2017|archive-date=January 25, 2021|archive-url=https://web.archive.org/web/20210125165754/https://techcrunch.com/2017/10/16/facebook-acquires-anonymous-teen-compliment-app-tbh-will-let-it-run/|url-status=live}}{{Cite news|url=https://www.businessinsider.com/facebook-buys-tbh-anonymous-app-loved-by-teens-2017-10?r=US&IR=T|title=Facebook has bought tbh, the anonymous app loved by teens|work=Business Insider|access-date=October 17, 2017|archive-date=July 22, 2018|archive-url=https://web.archive.org/web/20180722112346/http://uk.businessinsider.com/facebook-buys-tbh-anonymous-app-loved-by-teens-2017-10?r=US&IR=T|url-status=live}}{{Cite news|url=https://www.bloomberg.com/news/articles/2017-10-16/facebook-buys-tbh-app-popular-with-teens-for-anonymous-messaging|title=Facebook Buys TBH App Popular With Teens for Anonymous Messaging|date=October 16, 2017|work=Bloomberg|access-date=October 17, 2017|archive-date=August 7, 2020|archive-url=https://web.archive.org/web/20200807020709/https://www.bloomberg.com/news/articles/2017-10-16/facebook-buys-tbh-app-popular-with-teens-for-anonymous-messaging|url-status=live}}{{cite web|url=https://tbhtime.com/news/|title=tbh has a new home!|website=tbh|access-date=October 17, 2017|archive-url=https://web.archive.org/web/20171017051329/https://tbhtime.com/news/|archive-date=October 17, 2017|url-status=dead }}
In October 2017, Facebook expanded its work with Definers Public Affairs, a PR firm that had originally been hired to monitor press coverage of the company to address concerns primarily regarding Russian meddling, then mishandling of user data by Cambridge Analytica, hate speech on Facebook, and calls for regulation.{{Cite news|title=Delay, Deny and Deflect: How Facebook's Leaders Fought Through Crisis|newspaper=The New York Times |date=November 14, 2018 |url=https://www.nytimes.com/2018/11/14/technology/facebook-data-russia-election-racism.html |archive-url=https://web.archive.org/web/20181114211819/https://www.nytimes.com/2018/11/14/technology/facebook-data-russia-election-racism.html |archive-date=November 14, 2018 |url-access=subscription |url-status=live|access-date=November 15, 2018|last1=Frenkel |first1=Sheera |last2=Confessore |first2=Nicholas |last3=Kang |first3=Cecilia |last4=Rosenberg |first4=Matthew |last5=Nicas |first5=Jack }} Company spokesman Tim Miller stated that a goal for tech firms should be to "have positive content pushed out about your company and negative content that's being pushed out about your competitor". Definers claimed that George Soros was the force behind what appeared to be a broad anti-Facebook movement, and created other negative media, along with America Rising, that was picked up by larger media organisations like Breitbart News.{{cite web|last=Wong|first=Julia Carrie|author-link=Julia Carrie Wong |date=November 15, 2018|title=Facebook reportedly discredited critics by linking them to George Soros|url=https://www.theguardian.com/technology/2018/nov/14/facebook-george-soros-pr-firm-discredit-critics-crisis|access-date=November 15, 2018|website=The Guardian|archive-date=January 27, 2021|archive-url=https://web.archive.org/web/20210127112329/https://www.theguardian.com/technology/2018/nov/14/facebook-george-soros-pr-firm-discredit-critics-crisis|url-status=live}} Facebook cut ties with the agency in late 2018, following public outcry over their association.{{Cite news|title=Facebook Cuts Ties With Definers Public Affairs Following Outcry|newspaper=The New York Times |date=November 15, 2018 |url=https://www.nytimes.com/2018/11/15/technology/facebook-definers-soros.html |archive-url=https://web.archive.org/web/20181115105644/https://www.nytimes.com/2018/11/15/technology/facebook-definers-soros.html |archive-date=November 15, 2018 |url-access=subscription |url-status=live|access-date=November 15, 2018|last1=Isaac |first1=Mike |last2=Nicas |first2=Jack }} Posts originating from the Facebook page of Breitbart News, a media organization previously affiliated with Cambridge Analytica,{{Cite web |last1=Johnson |first1=Eliana |last2=Vogel |first2=Kenneth P. |last3=Dawsey |first3=Josh |title=Mega-donor urged Bannon not to resign |url=https://www.politico.com/story/2017/04/bannon-resign-mercer-trump-236939 |archive-url=https://web.archive.org/web/20170406152002/http://www.politico.com/story/2017/04/bannon-resign-mercer-trump-236939 |archive-date=April 6, 2017 |access-date=November 11, 2022 |website=Politico|language=en |date=April 5, 2017}} were among the most widely shared political content on Facebook.{{Cite news |date=September 10, 2020 |title=Facebook offers a distorted view of American news |newspaper=The Economist |url=https://www.economist.com/graphic-detail/2020/09/10/facebook-offers-a-distorted-view-of-american-news |access-date=May 5, 2022 |issn=0013-0613 |quote=According to CrowdTangle, a Facebook-owned tool that tracks how web content is shared on social media, the two most popular American media outlets on the site last month (..) were Fox News and Breitbart, two right-wing news sites. |archive-date=March 24, 2022 |archive-url=https://web.archive.org/web/20220324063035/https://www.economist.com/graphic-detail/2020/09/10/facebook-offers-a-distorted-view-of-american-news |url-status=live }}{{cite news |last1=Ellison |first1=Sarah |last2=Izadi |first2=Elahe |date=October 26, 2021 |title='Definitely not the results we want': Facebook staff lamented 'perverse incentives' for media |url=https://www.washingtonpost.com/business/2021/10/26/conservative-media-misinformation-facebook/ |access-date=May 5, 2022 |newspaper=The Washington Post |language=en |quote=An August article from Breitbart, an early and loyal media ally of former president Donald Trump, touted three months of CrowdTangle data to boast that it was 'demolishing its establishment foes on Facebook.' |archive-date=October 30, 2021 |archive-url=https://web.archive.org/web/20211030062736/https://www.washingtonpost.com/business/2021/10/26/conservative-media-misinformation-facebook/ |url-status=live }}{{Cite news |last=Alba |first=Davey |date=September 29, 2020 |title=The Facebook Pages With the Largest Share of Debate Conversation |language=en-US |work=The New York Times |url=https://www.nytimes.com/2020/09/29/technology/the-facebook-pages-with-the-largest-share-of-debate-conversation.html |access-date=May 5, 2022 |issn=0362-4331 |quote=At the top was Fox News (with a 25 percent share of the conversation), followed by Breitbart (15 percent of the conversation) and then the conservative commentator Ben Shapiro (12 percent share). |archive-date=March 15, 2022 |archive-url=https://web.archive.org/web/20220315004601/https://www.nytimes.com/2020/09/29/technology/the-facebook-pages-with-the-largest-share-of-debate-conversation.html |url-status=live }}{{cite news |last=Darcy |first=Oliver |date=May 28, 2020 |title=Trump says right-wing voices are being censored. The data says something else |website=CNN |url=https://www.cnn.com/2020/05/28/media/trump-social-media-conservative-censorship/index.html |access-date=May 5, 2022 |quote=The second top US political media page belonged to Breitbart, with 23% of total interactions. |archive-date=February 21, 2022 |archive-url=https://web.archive.org/web/20220221014121/https://www.cnn.com/2020/05/28/media/trump-social-media-conservative-censorship/index.html |url-status=live }}{{excessive citations inline|date=April 2023}}
In May 2018 at F8, the company announced it would offer its own dating service. Shares in competitor Match Group fell by 22%.{{cite news|url=https://www.bbc.co.uk/news/technology-43965204|title=Facebook F8: Zuckerberg's dating service takes on Tinder|work=BBC News|date=May 2, 2018|access-date=May 2, 2018|archive-date=February 9, 2021|archive-url=https://web.archive.org/web/20210209000843/https://www.bbc.co.uk/news/technology-43965204|url-status=live}} Facebook Dating includes privacy features and friends are unable to view their friends' dating profile.{{cite news|date=May 1, 2018|title=Facebook unveils plans for new dating service|work=CBC News|url=http://www.cbc.ca/news/business/facebook-dating-service-1.4643498|access-date=August 5, 2021|archive-date=September 25, 2020|archive-url=https://web.archive.org/web/20200925042916/https://www.cbc.ca/news/business/facebook-dating-service-1.4643498|url-status=live}} In July, Facebook was charged £500,000 by UK watchdogs for failing to respond to data erasure requests.{{Cite news|url=https://www.bbc.co.uk/news/technology-44785151|title=Facebook faces maximum fine for data misuse|date=July 11, 2018|work=BBC News|access-date=July 11, 2018|archive-date=January 14, 2021|archive-url=https://web.archive.org/web/20210114140914/https://www.bbc.co.uk/news/technology-44785151|url-status=live}} On July 18, Facebook established a subsidiary named Lianshu Science & Technology in Hangzhou City, China, with $30 million (${{formatprice|{{Inflation|US|30000000|2018}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}) of capital. All its shares are held by Facebook Hong.{{cite web|url=https://www.channelnewsasia.com/news/business/facebook-sets-up-china-subsidiary-10559294|title=Facebook sets up China subsidiary|website=Channel News Asia|date=July 24, 2018|access-date=July 24, 2018|archive-date=July 25, 2018|archive-url=https://web.archive.org/web/20180725111512/https://www.channelnewsasia.com/news/business/facebook-sets-up-china-subsidiary-10559294|url-status=dead}} Approval of the registration of the subsidiary was then withdrawn, due to a disagreement between officials in Zhejiang province and the Cyberspace Administration of China.{{cite news|url=https://www.nytimes.com/2018/07/25/business/facebook-china.html |archive-url=https://web.archive.org/web/20180725141712/https://www.nytimes.com/2018/07/25/business/facebook-china.html |archive-date=July 25, 2018 |url-access=subscription |url-status=live|title=China Said to Quickly Withdraw Approval for New Facebook Venture|work=The New York Times|date=July 25, 2018|first=Paul|last=Mozur}} On July 26, Facebook became the first company to lose over $100 billion (${{formatprice|{{Inflation|US|100000000000|2018}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}) worth of market capitalization in one day, dropping from nearly $630 billion to $510 billion after disappointing sales reports.{{Cite news|url=https://www.cnbc.com/2018/07/26/facebook-on-pace-for-biggest-one-day-loss-in-value-for-any-company-sin.html|title=Facebook's $100 billion-plus rout is the biggest loss in stock market history|last1=Imbert|first1=Fred|date=July 26, 2018|work=CNBC|access-date=July 26, 2018|last2=Francolla|first2=Gina|archive-date=December 13, 2020|archive-url=https://web.archive.org/web/20201213144809/https://www.cnbc.com/2018/07/26/facebook-on-pace-for-biggest-one-day-loss-in-value-for-any-company-sin.html|url-status=live}}{{Cite news|url=https://www.theverge.com/2018/7/26/17619424/facebook-stock-market-decline-largest-ever|title=Facebook's stock market decline is the largest one-day drop in US history|last=Newton|first=Casey|date=July 26, 2018|work=The Verge|access-date=July 26, 2018|archive-date=November 9, 2020|archive-url=https://web.archive.org/web/20201109031828/https://www.theverge.com/2018/7/26/17619424/facebook-stock-market-decline-largest-ever|url-status=live}} On July 31, Facebook said that the company had deleted 17 accounts related to the 2018 U.S. midterm elections. On September 19, Facebook announced that, for news distribution outside the United States, it would work with U.S. funded democracy promotion organizations, International Republican Institute and the National Democratic Institute, which are loosely affiliated with the Republican and Democratic parties.{{cite news|first1=Joseph|last1=Menn|title=Facebook expands fake election news fight, but falsehoods still rampant|url=https://www.reuters.com/article/us-facebook-elections/facebook-expands-fake-election-news-fight-but-falsehoods-still-rampant-idUSKCN1LZ2XY|access-date=September 28, 2018|work=Reuters|agency=Reuters|date=September 19, 2018|archive-date=February 14, 2021|archive-url=https://web.archive.org/web/20210214104223/https://www.reuters.com/article/us-facebook-elections/facebook-expands-fake-election-news-fight-but-falsehoods-still-rampant-idUSKCN1LZ2XY|url-status=live}} Through the Digital Forensic Research Lab Facebook partners with the Atlantic Council, a NATO-affiliated think tank. In November, Facebook launched smart displays branded Portal and Portal Plus (Portal+). They support Amazon's Alexa (intelligent personal assistant service). The devices include video chat function with Facebook Messenger.{{Cite news|url=https://www.cnet.com/reviews/facebook-portal-plus-preview/|title=Facebook Portal brings Alexa and Messenger video chats to one device|date=October 8, 2018|work=CNET|access-date=November 10, 2018|archive-date=January 28, 2021|archive-url=https://web.archive.org/web/20210128102244/https://www.cnet.com/reviews/facebook-portal-plus-preview/|url-status=live}}{{Cite news|url=https://www.cnet.com/news/facebooks-portal-video-calling-smart-display-hits-stores/|title=You can buy Facebook's Portal smart displays starting today|date=November 7, 2018|work=CNET|access-date=November 10, 2018|archive-date=January 29, 2021|archive-url=https://web.archive.org/web/20210129023713/https://www.cnet.com/news/facebooks-portal-video-calling-smart-display-hits-stores/|url-status=live}}
In August 2018, a lawsuit was filed in Oakland, California claiming that Facebook created fake accounts to inflate its user data and appeal to advertisers in the process.{{cite news|url=https://www.theregister.com/2018/08/17/facebook_ad_reach_lawsuit/#:~:text='Made%2Dup%20PR%20numbers',to%20exaggerate%20online%20advertising%20audience&text=Facebook%20brags%20it%20has%20a,than%201.27bn%20fake%20accounts.|title=Facebook flat-out 'lies' about how many people can see its ads – lawsuit|first=Thomas|last=Claburn|publisher=The Register|date=August 17, 2018|access-date=November 18, 2020|archive-date=September 7, 2023|archive-url=https://web.archive.org/web/20230907062047/https://www.theregister.com/2018/08/17/facebook_ad_reach_lawsuit/#:~:text='Made%2Dup%20PR%20numbers',to%20exaggerate%20online%20advertising%20audience&text=Facebook%20brags%20it%20has%20a,than%201.27bn%20fake%20accounts.|url-status=live}}
File:Aerial view of Facebook campus in Menlo Park, September 2019.JPG]]
In January 2019, the 10-year challenge was started{{cite web| url=https://www.standard.co.uk/insider/alist/10-year-challenge-facebook-instagram-celebrity-glow-ups-a4039476.html| title=Why everybody's doing the 10-year challenge (with the best so far)| date=January 15, 2019| access-date=January 17, 2019| archive-date=October 29, 2020| archive-url=https://web.archive.org/web/20201029203107/https://www.standard.co.uk/insider/alist/10-year-challenge-facebook-instagram-celebrity-glow-ups-a4039476.html| url-status=live}} asking users to post a photograph of themselves from 10 years ago (2009) and a more recent photo.{{cite web| url=https://www.mirror.co.uk/tech/facebook-10-year-challenge-could-13866672| title=Facebook '10-year challenge' could be used for good and evil thanks to AI| website=Daily Mirror| date=January 16, 2019| access-date=January 17, 2019| archive-date=July 24, 2020| archive-url=https://web.archive.org/web/20200724094413/https://www.mirror.co.uk/tech/facebook-10-year-challenge-could-13866672| url-status=live}}
Criticized for its role in vaccine hesitancy, Facebook announced in March 2019 that it would provide users with "authoritative information" on the topic of vaccines.{{cite news|title=Facebook announces anti-vaxx crackdown, will block ads with vaccine misinformation|author=Graham, Jefferson|date=March 7, 2019|access-date=March 8, 2019|url=https://www.usatoday.com/story/tech/talkingtech/2019/03/07/facebook-looks-tackle-vaccine-misinformation/3092719002/|newspaper=USA Today|archive-date=December 12, 2020|archive-url=https://web.archive.org/web/20201212215603/https://www.usatoday.com/story/tech/talkingtech/2019/03/07/facebook-looks-tackle-vaccine-misinformation/3092719002/|url-status=live}}
A study published in the journal Vaccine of advertisements posted in the three months prior to that found that 54% of the anti-vaccine advertisements on Facebook were placed by just two organisations funded by well-known anti-vaccination activists.{{Cite journal|title=Vaccine-related advertising in the Facebook Ad Archive|journal=Vaccine|year=2020|doi=10.1016/j.vaccine.2019.10.066|last1=Jamison|first1=Amelia M.|last2=Broniatowski|first2=David A.|last3=Dredze|first3=Mark|last4=Wood-Doughty|first4=Zach|last5=Khan|first5=Dureaden|last6=Quinn|first6=Sandra Crouse|volume=38|issue=3|pages=512–520|pmid=31732327|pmc=6954281}}{{cite web|url=https://www.theguardian.com/technology/2019/nov/13/majority-antivaxx-vaccine-ads-facebook-funded-by-two-organizations-study|title=Majority of anti-vaxx ads on Facebook are funded by just two organizations|date=November 14, 2019|website=The Guardian|access-date=November 14, 2019|archive-date=February 21, 2021|archive-url=https://web.archive.org/web/20210221010843/https://www.theguardian.com/technology/2019/nov/13/majority-antivaxx-vaccine-ads-facebook-funded-by-two-organizations-study|url-status=live}} The Children's Health Defense / World Mercury Project chaired by Robert F. Kennedy Jr. and Stop Mandatory Vaccination, run by campaigner Larry Cook, posted 54% of the advertisements. The ads often linked to commercial products, such as natural remedies and books.
On March 14, the Huffington Post reported that Facebook's PR agency had paid someone to tweak Facebook COO Sheryl Sandberg's Wikipedia page, as well as adding a page for the global head of PR, Caryn Marooney.{{cite news|title=Facebook, Axios And NBC Paid This Guy To Whitewash Wikipedia Pages|author=Feinberg, Askley|date=March 14, 2019|access-date=March 15, 2019|url=https://www.huffpost.com/entry/wikipedia-paid-editing-pr-facebook-nbc-axios_n_5c63321be4b03de942967225|work=HuffPost|archive-date=April 8, 2019|archive-url=https://web.archive.org/web/20190408121951/https://www.huffpost.com/entry/wikipedia-paid-editing-pr-facebook-nbc-axios_n_5c63321be4b03de942967225|url-status=live}}
In March 2019, the perpetrator of the Christchurch mosque shootings in New Zealand used Facebook to stream live footage of the attack as it unfolded. Facebook took 29 minutes to detect the livestreamed video, which was eight minutes longer than it took police to arrest the gunman. About 1.3m copies of the video were blocked from Facebook but 300,000 copies were published and shared. Facebook has promised changes to its platform; spokesman Simon Dilner told Radio New Zealand that it could have done a better job. Several companies, including the ANZ and ASB banks, have stopped advertising on Facebook after the company was widely condemned by the public.{{cite news|url=https://www.theguardian.com/world/2019/mar/24/censor-bans-manifesto-of-christchurch-mosque-shooter|title=Censor bans 'manifesto' of Christchurch mosque shooter|first=Charles|last=Anderson|newspaper=The Guardian|date=March 24, 2019|via=www.theguardian.com|access-date=March 25, 2019|archive-date=November 8, 2020|archive-url=https://web.archive.org/web/20201108001029/https://www.theguardian.com/world/2019/mar/24/censor-bans-manifesto-of-christchurch-mosque-shooter|url-status=live}} Following the attack, Facebook began blocking white nationalist, white supremacist, and white separatist content, saying that they could not be meaningfully separated. Previously, Facebook had only blocked overtly supremacist content. The older policy had been condemned by civil rights groups, who described these movements as functionally indistinct.{{cite news|last1=Romm|first1=Tony|last2=Dwoskin|first2=Elizabeth|title=Facebook says it will now block white-nationalist, white-separatist posts|url=https://www.washingtonpost.com/technology/2019/03/27/facebook-says-it-will-now-block-white-nationalist-white-separatist-posts/|access-date=March 28, 2019|newspaper=The Washington Post|date=March 27, 2019|archive-date=July 25, 2020|archive-url=https://web.archive.org/web/20200725001012/https://www.washingtonpost.com/technology/2019/03/27/facebook-says-it-will-now-block-white-nationalist-white-separatist-posts/|url-status=live}}{{cite news|last=O'Sullivan|first=Donie|title=Facebook bans white nationalism two weeks after New Zealand attack|url=https://www.cnn.com/2019/03/27/tech/facebook-white-nationalism-ban/index.html|access-date=March 28, 2019|work=CNN|date=March 27, 2019|archive-date=September 30, 2020|archive-url=https://web.archive.org/web/20200930085359/https://www.cnn.com/2019/03/27/tech/facebook-white-nationalism-ban/index.html|url-status=live}} Further bans were made in mid-April 2019, banning several British far-right organizations and associated individuals from Facebook, and also banning praise or support for them.{{Cite news|url=https://www.bbc.com/news/technology-47974579|title=Facebook bans far right groups and leaders|date=April 18, 2019|access-date=April 18, 2019|website=BBC News|archive-date=January 29, 2021|archive-url=https://web.archive.org/web/20210129023712/https://www.bbc.com/news/technology-47974579|url-status=live}}{{cite web|url=https://www.theverge.com/2019/4/18/18484623/facebook-bans-uk-far-right-groups-leaders-edl-bnp-britain-first|title=Facebook bans UK's biggest far-right organizations, including EDL, BNP, and Britain First|last=Vincent|first=James|date=April 18, 2019|website=The Verge|access-date=April 18, 2019|archive-date=February 9, 2021|archive-url=https://web.archive.org/web/20210209000158/https://www.theverge.com/2019/4/18/18484623/facebook-bans-uk-far-right-groups-leaders-edl-bnp-britain-first|url-status=live}}
NTJ's member Moulavi Zahran Hashim, a radical Islamist imam believed to be the mastermind behind the 2019 Sri Lanka Easter bombings, preached on a pro-ISIL Facebook account, known as "Al-Ghuraba" media.{{cite news|title=Sri Lanka bombings 'retaliation' for Christchurch mosque attacks, minister says|url=https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12224693|work=The New Zealand Herald |date=April 23, 2019|access-date=April 23, 2019|archive-date=April 24, 2019|archive-url=https://web.archive.org/web/20190424084016/https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12224693|url-status=live}}{{cite news|title=Sri Lanka 'bombing mastermind' named as Moulvi Zahran Hashim|url=https://www.telegraph.co.uk/news/2019/04/23/sri-lanka-bombing-mastermind-named-moulvi-zahran-hashim/ |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/news/2019/04/23/sri-lanka-bombing-mastermind-named-moulvi-zahran-hashim/ |archive-date=January 10, 2022 |url-access=subscription |url-status=live|work=The Telegraph|date=April 23, 2019}}{{cbignore}}
File:President Trump Meets with Mark Zuckerberg (48765678712).jpg and Facebook executives with President Donald Trump in September 2019]]
On May 2, 2019, at F8, the company announced its new vision with the tagline "the future is private".{{cite web|url=https://www.theverge.com/2019/4/30/18524188/facebook-f8-keynote-mark-zuckerberg-privacy-future-2019|title=Facebook CEO Mark Zuckerberg says the "future is private"|last=Statt|first=Nick|date=April 30, 2019|website=The Verge|access-date=May 4, 2019|archive-date=February 21, 2021|archive-url=https://web.archive.org/web/20210221205003/https://www.theverge.com/2019/4/30/18524188/facebook-f8-keynote-mark-zuckerberg-privacy-future-2019|url-status=live}} A redesign of the website and mobile app was introduced, dubbed as "FB5".{{cite web |date=May 2019 |title=Facebook pivots to what it wishes it was |url=http://techcrunch.com/2019/05/01/aspirationbook/ |url-status=live |archive-url=https://web.archive.org/web/20210221205250/https://techcrunch.com/2019/05/01/aspirationbook/ |archive-date=February 21, 2021 |access-date=May 4, 2019 |website=TechCrunch}} The event also featured plans for improving groups,{{Cite news|url=https://www.washingtonpost.com/news/powerpost/paloma/the-technology-202/2019/05/01/the-technology-202-facebook-s-new-emphasis-on-groups-could-leave-it-more-vulnerable-to-disinformation/5cc8c0e01ad2e506550b2ec0/|title=Analysis {{!}} The Technology 202: Facebook's new emphasis on groups could leave it more vulnerable to disinformation|newspaper=The Washington Post|access-date=May 4, 2019|archive-date=May 3, 2019|archive-url=https://web.archive.org/web/20190503225731/https://www.washingtonpost.com/news/powerpost/paloma/the-technology-202/2019/05/01/the-technology-202-facebook-s-new-emphasis-on-groups-could-leave-it-more-vulnerable-to-disinformation/5cc8c0e01ad2e506550b2ec0/|url-status=live}} a dating platform,{{Cite news|url=https://www.theguardian.com/technology/shortcuts/2019/may/01/will-facebooks-secret-crush-end-the-unbearable-pain-of-unrequited-love|title=Will Facebook's Secret Crush end the unbearable pain of unrequited love?|last=Hunt|first=Elle|date=May 1, 2019|work=The Guardian|access-date=May 4, 2019|issn=0261-3077|archive-date=November 25, 2020|archive-url=https://web.archive.org/web/20201125081339/https://www.theguardian.com/technology/shortcuts/2019/may/01/will-facebooks-secret-crush-end-the-unbearable-pain-of-unrequited-love|url-status=live}} end-to-end encryption on its platforms,{{Cite news|url=https://www.nytimes.com/2019/04/30/technology/facebook-private-communication-groups.html |archive-url=https://web.archive.org/web/20190430204557/https://www.nytimes.com/2019/04/30/technology/facebook-private-communication-groups.html |archive-date=April 30, 2019 |url-access=subscription |url-status=live|title=Facebook Unveils Redesign as It Tries to Move Past Privacy Scandals|last=Isaac|first=Mike|date=April 30, 2019|work=The New York Times|access-date=May 4, 2019|issn=0362-4331}} and allowing users on Messenger to communicate directly with WhatsApp and Instagram users.{{cite web|url=https://www.engadget.com/2019/04/30/facebook-f8-keynote-announcements/|title=All the important stuff from Facebook's F8 keynote|website=Engadget|date=April 30, 2019 |access-date=May 4, 2019|archive-date=March 1, 2020|archive-url=https://web.archive.org/web/20200301181731/https://www.engadget.com/2019/04/30/facebook-f8-keynote-announcements/|url-status=live}}{{cite web |date=May 2, 2019 |title=Takeaways from F8 and Facebook's next phase |url=http://techcrunch.com/2019/05/02/takeaways-from-f8-and-facebooks-next-phase/ |url-status=live |archive-url=https://web.archive.org/web/20210221205250/https://techcrunch.com/2019/05/02/takeaways-from-f8-and-facebooks-next-phase/ |archive-date=February 21, 2021 |access-date=May 4, 2019 |website=TechCrunch}}
On July 31, 2019, Facebook announced a partnership with University of California, San Francisco to build a non-invasive, wearable device that lets people type by simply imagining themselves talking.{{cite web|title=Facebook Reality Labs- UCSF working on tech that reads your mind|url=https://previewtech.net/facebook-human-brain-ucsf/|website=Preview Tech|date=August 17, 2019|access-date=August 18, 2019|archive-date=August 18, 2019|archive-url=https://web.archive.org/web/20190818035757/https://previewtech.net/facebook-human-brain-ucsf/|url-status=dead}}
On August 13, 2019, it was revealed that Facebook had enlisted hundreds of contractors to create and obtain transcripts of the audio messages of users.{{cite web|date=August 13, 2019|title=Facebook paid hundreds of contractors to transcribe users' audio|url=https://www.latimes.com/business/story/2019-08-13/facebook-paid-hundreds-of-contractors-to-transcribe-audio-of-users|website=Los Angeles Times|access-date=August 13, 2019|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724095530/https://www.latimes.com/business/story/2019-08-13/facebook-paid-hundreds-of-contractors-to-transcribe-audio-of-users|url-status=live}}{{cite web|date=August 13, 2019|title=Facebook Paid Contractors to Transcribe Users' Audio Chats|url=https://www.bloomberg.com/news/articles/2019-08-13/facebook-paid-hundreds-of-contractors-to-transcribe-users-audio|access-date=July 10, 2020|website=Bloomberg.com|archive-date=February 14, 2021|archive-url=https://web.archive.org/web/20210214225146/https://www.bloomberg.com/news/articles/2019-08-13/facebook-paid-hundreds-of-contractors-to-transcribe-users-audio|url-status=live}}{{cite web|last=Haselton|first=Todd|date=August 13, 2019|title=Facebook hired people to transcribe voice calls made on Messenger|url=https://www.cnbc.com/2019/08/13/facebook-hired-people-to-transcribe-voice-calls-made-on-messenger.html|website=CNBC|access-date=August 13, 2019|archive-date=November 27, 2020|archive-url=https://web.archive.org/web/20201127014413/https://www.cnbc.com/2019/08/13/facebook-hired-people-to-transcribe-voice-calls-made-on-messenger.html|url-status=live}} This was especially common of Facebook Messenger, where the contractors frequently listened to and transcribed voice messages of users. After this was first reported on by Bloomberg News, Facebook released a statement confirming the report to be true, but also stated that the monitoring program was now suspended.
On September 5, 2019, Facebook launched Facebook Dating in the United States. This new application allows users to integrate their Instagram posts in their dating profile.{{cite web |date=September 5, 2019 |title=Facebook Dating launches in the US, adds Instagram integration |url=http://techcrunch.com/2019/09/05/facebook-dating-launches-in-the-u-s-adds-instagram-integration/ |url-status=live |archive-url=https://web.archive.org/web/20210221205102/https://techcrunch.com/2019/09/05/facebook-dating-launches-in-the-u-s-adds-instagram-integration/ |archive-date=February 21, 2021 |access-date=September 5, 2019 |website=TechCrunch |language=en-US}}
Facebook News, which features selected stories from news organizations, was launched on October 25.{{cite news|access-date=October 29, 2019|title=Facebook News: App Will Offer Hand-Picked Stories From NPR, Other Outlets|url=https://www.npr.org/2019/10/25/773331294/facebook-news-app-will-offer-hand-picked-stories-from-npr-other-outlets|website=NPR|first1=Colin|last1=Dwyer|first2=Bill|last2=Chappell|date=October 25, 2019|archive-date=July 24, 2020|archive-url=https://web.archive.org/web/20200724091954/https://www.npr.org/2019/10/25/773331294/facebook-news-app-will-offer-hand-picked-stories-from-npr-other-outlets|url-status=live}} Facebook's decision to include far-right website Breitbart News as a "trusted source" was negatively received.{{cite web|first1=Adi|last1=Robertson|access-date=October 29, 2019|title=Mark Zuckerberg is struggling to explain why Breitbart belongs on Facebook News|url=https://www.theverge.com/2019/10/25/20932653/facebook-news-breitbart-mark-zuckerberg-statement-bias|date=October 25, 2019|website=The Verge|archive-date=October 26, 2019|archive-url=https://web.archive.org/web/20191026015022/https://www.theverge.com/2019/10/25/20932653/facebook-news-breitbart-mark-zuckerberg-statement-bias|url-status=live}}{{cite web|access-date=October 29, 2019|title=Facebook News Criticized for Including Breitbart as 'Trusted' Source|url=https://www.thewrap.com/facebook-news-criticized-for-including-breitbart-as-trusted-source/|date=October 25, 2019|website=TheWrap|first1=Lindsey|last1=Ellefson|first2=Sean|last2=Burch|archive-date=November 25, 2020|archive-url=https://web.archive.org/web/20201125160653/https://www.thewrap.com/facebook-news-criticized-for-including-breitbart-as-trusted-source/|url-status=live}}
On November 17, 2019, the banking data for 29,000 Facebook employees was stolen from a payroll worker's car. The data was stored on unencrypted hard drives and included bank account numbers, employee names, the last four digits of their social security numbers, salaries, bonuses, and equity details. The company did not realize the hard drives were missing until November 20. Facebook confirmed that the drives contained employee information on November 29. Employees were not notified of the break-in until December 13, 2019.{{cite web|url=https://www.theverge.com/2019/12/13/21020736/facebook-theft-unencrypted-drives-employee-payroll-security|title=A thief stole unencrypted hard drives filled with 29,000 Facebook employees' information|last=Lee|first=Dami|date=December 13, 2019|website=The Verge|language=en|access-date=December 14, 2019|archive-date=November 11, 2020|archive-url=https://web.archive.org/web/20201111213002/https://www.theverge.com/2019/12/13/21020736/facebook-theft-unencrypted-drives-employee-payroll-security|url-status=live}}
On March 10, 2020, Facebook appointed two new directors Tracey Travis and Nancy Killefer to their board of members.{{cite web|url=https://www.bloombergquint.com/technology/facebook-names-two-new-directors-making-board-40-women|title=Facebook Names Two New Directors, Making Board 40% Women|website=BloombergQuint|date=March 9, 2020|language=en|access-date=March 10, 2020|archive-date=September 24, 2020|archive-url=https://web.archive.org/web/20200924161337/https://www.bloombergquint.com/technology/facebook-names-two-new-directors-making-board-40-women|url-status=live}}
In June 2020, several major companies including Adidas, Aviva, Coca-Cola, Ford, HP, InterContinental Hotels Group, Mars, Starbucks, Target, and Unilever, announced they would pause adverts on Facebook for July in support of the Stop Hate For Profit campaign which claimed the company was not doing enough to remove hateful content.{{Cite news|last=Wakefield|first=Jane|date=June 30, 2020|title=UK hotel and insurance giants pause Facebook ads|language=en-GB|work=BBC News|url=https://www.bbc.com/news/technology-53235302|access-date=July 1, 2020|archive-date=July 23, 2020|archive-url=https://web.archive.org/web/20200723004021/https://www.bbc.com/news/technology-53235302|url-status=live}} The BBC noted that this was unlikely to affect the company as most of Facebook's advertising revenue comes from small- to medium-sized businesses.{{Cite news|last=Clayton|first=James|date=June 29, 2020|title=Could a boycott kill Facebook?|language=en-GB|work=BBC News|url=https://www.bbc.com/news/technology-53225139|access-date=July 1, 2020|archive-date=November 18, 2020|archive-url=https://web.archive.org/web/20201118022257/https://www.bbc.com/news/technology-53225139|url-status=live}}
On August 14, 2020, Facebook started integrating the direct messaging service of Instagram with its own Messenger for both iOS and Android devices. After the update, an update screen is said to pop up on Instagram's mobile app with the following message, "There's a New Way to Message on Instagram" with a list of additional features. As part of the update, the regular DM icon on the top right corner of Instagram will be replaced by the Facebook Messenger logo.{{cite web|url=https://www.theverge.com/2020/8/14/21369737/facebook-merging-instagram-messenger-chats-update|title=Facebook begins merging Instagram and Messenger chats in new update|access-date=August 14, 2020|website=The Verge|date=August 14, 2020|archive-date=January 17, 2021|archive-url=https://web.archive.org/web/20210117235754/https://www.theverge.com/2020/8/14/21369737/facebook-merging-instagram-messenger-chats-update|url-status=live}}
On September 15, 2020, Facebook launched a climate science information centre to promote authoritative voices on climate change and provide access of "factual and up-to-date" information on climate science. It featured facts, figures and data from organizations, including the Intergovernmental Panel on Climate Change (IPCC), Met Office, UN Environment Programme (UNEP), National Oceanic and Atmospheric Administration (NOAA) and World Meteorological Organization (WMO), with relevant news posts.{{cite web|url=https://news.sky.com/story/facebook-launches-climate-information-centre-following-california-wildfires-and-misinformation-criticisms-12072342|title=Facebook launches climate information centre following California wildfires and misinformation criticisms|access-date=September 15, 2020|website=Sky News|archive-date=December 3, 2020|archive-url=https://web.archive.org/web/20201203211053/https://news.sky.com/story/facebook-launches-climate-information-centre-following-california-wildfires-and-misinformation-criticisms-12072342|url-status=live}}
After the 2020 U.S. presidential election, Facebook temporarily increased the weight of ecosystem quality in its news feed algorithm.{{cite news|last=Roose|first=Kevin|date=December 16, 2020|title=Facebook reverses postelection algorithm changes that boosted news from authoritative sources|work=The New York Times|url=https://www.nytimes.com/2020/12/16/technology/facebook-reverses-postelection-algorithm-changes-that-boosted-news-from-authoritative-sources|access-date=December 5, 2021}}
= 2020–present: FTC lawsuit, corporate re-branding, shut down of facial recognition technology, ease of policy =
{{See also|2021 Facebook leak|Frances Haugen}}
In January 2021, as part of a redesign, Facebook removed likes from its public pages used by famous people and brands.{{Cite web |date=January 6, 2021 |title=Facebook drops 'likes' button from public pages |url=https://www.reuters.com/article/business/facebook-drops-likes-button-from-public-pages-idUSKBN29B1Z6/ |access-date=October 24, 2024 |website=Reuters}}
Facebook was sued by the Federal Trade Commission as well as a coalition of several states for illegal monopolization and antitrust. The FTC and states sought the courts to force Facebook to sell its subsidiaries WhatsApp and Instagram.{{cite web|date=December 9, 2020|title=FTC Sues Facebook for Illegal Monopolization|url=https://www.ftc.gov/news-events/press-releases/2020/12/ftc-sues-facebook-illegal-monopolization|access-date=January 11, 2021|website=Federal Trade Commission|language=en|archive-date=February 20, 2021|archive-url=https://web.archive.org/web/20210220200355/https://www.ftc.gov/news-events/press-releases/2020/12/ftc-sues-facebook-illegal-monopolization|url-status=live}}{{Cite news|last=Canon|first=Gabrielle|date=December 9, 2020|title=Facebook's 'monopoly' must be split up, US and states say in major lawsuits|language=en-GB|work=The Guardian|url=https://www.theguardian.com/technology/2020/dec/09/facebook-lawsuit-antitrust-whatsapp-instagram-ftc|access-date=January 11, 2021|issn=0261-3077|archive-date=February 14, 2021|archive-url=https://web.archive.org/web/20210214155008/https://www.theguardian.com/technology/2020/dec/09/facebook-lawsuit-antitrust-whatsapp-instagram-ftc|url-status=live}} The suits were dismissed by a federal judge on June 28, 2021, who stated that there was not enough evidence brought in the suit to determine Facebook to be a monopoly at this point, though allowed the FTC to amend its case to include additional evidence.{{cite web | url = https://www.theverge.com/2021/6/28/22554476/ftc-facebook-instagram-antitrust-case-whatsapp-federal-court | title = Federal court dismisses FTC's bid to unwind Instagram from Facebook | first1 = Makena | last1 = Kelly | first2 = Russell | last2 = Brandom | date = June 28, 2021 | access-date = June 28, 2021 | work = The Verge | archive-date = June 28, 2021 | archive-url = https://web.archive.org/web/20210628192515/https://www.theverge.com/2021/6/28/22554476/ftc-facebook-instagram-antitrust-case-whatsapp-federal-court | url-status = live }} In its amended filings in August 2021, the FTC asserted that Facebook had been a monopoly in the area of personal social networks since 2011, distinguishing Facebook's activities from social media services like TikTok that broadcast content without necessarily limiting that message to intended recipients.{{cite web | url = https://www.theverge.com/2021/8/19/22627032/ftc-facebook-amended-antitrust-complaint-monopoly-instagram-whatsapp | title = FTC says Facebook has been a monopoly 'since at least 2011' in amended antitrust complaint | first1 = Russell | last1 = Brandom | first2 = Makena | last2 = Kelly | date = August 19, 2021 | access-date = August 19, 2021 | work = The Verge | archive-date = August 19, 2021 | archive-url = https://web.archive.org/web/20210819161243/https://www.theverge.com/2021/8/19/22627032/ftc-facebook-amended-antitrust-complaint-monopoly-instagram-whatsapp | url-status = live }}
In response to the proposed bill in the Australian Parliament for a News Media Bargaining Code, on February 17, 2021, Facebook blocked Australian users from sharing or viewing news content on its platform, as well as pages of some government, community, union, charity, political, and emergency services.{{cite web|date=February 17, 2021|title=Facebook restores health, emergency pages|url=https://7news.com.au/lifestyle/health-wellbeing/facebook-blocks-qld-and-sa-health-pages-c-2187836|access-date=February 20, 2021|website=7NEWS.com.au|language=en|archive-date=February 18, 2021|archive-url=https://web.archive.org/web/20210218001906/https://7news.com.au/lifestyle/health-wellbeing/facebook-blocks-qld-and-sa-health-pages-c-2187836|url-status=live}} The Australian government strongly criticised the move, saying it demonstrated the "immense market power of these digital social giants".{{Cite news|url=https://www.bbc.com/news/world-australia-56099523|title=Facebook blocks Australian users from viewing or sharing news|work=BBC News|date=February 18, 2021|access-date=February 21, 2021|archive-date=March 23, 2021|archive-url=https://web.archive.org/web/20210323030904/https://www.bbc.com/news/world-australia-56099523|url-status=live}}
On February 22, Facebook said it reached an agreement with the Australian government that would see news returning to Australian users in the coming days. As part of this agreement, Facebook and Google can avoid the News Media Bargaining Code adopted on February 25 if they "reach a commercial bargain with a news business outside the Code".{{cite act |type= |index= |date=February 25, 2021 |article= |article-type= |legislature=The Parliament of the Commonwealth of Australia |title=Treasury Laws Amendment (News Media and Digital Platforms Mandatory Bargaining Code) |trans-title= |page= |url=https://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r6652_ems_2fe103c0-0f60-480b-b878-1c8e96cf51d2/upload_pdf/JC000725.pdf |language=en }} {{Cite web |url=https://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r6652_ems_2fe103c0-0f60-480b-b878-1c8e96cf51d2/upload_pdf/JC000725.pdf |title=Archived copy |access-date=February 25, 2021 |archive-date=January 27, 2021 |archive-url=https://web.archive.org/web/20210127155936/https://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r6652_ems_2fe103c0-0f60-480b-b878-1c8e96cf51d2/upload_pdf/JC000725.pdf |url-status=bot: unknown }}{{cite news |last1=Choudhury |first1=Saheli Roy |title=Facebook to restore news pages for Australian users in coming days |url=https://www.cnbc.com/2021/02/23/facebook-to-restore-news-pages-for-australian-users-in-coming-days.html |access-date=February 22, 2021 |publisher=CNBC |date=February 22, 2021 |archive-date=March 21, 2021 |archive-url=https://web.archive.org/web/20210321154640/https://www.cnbc.com/2021/02/23/facebook-to-restore-news-pages-for-australian-users-in-coming-days.html |url-status=live }}{{cite news|last=Van Boom|first=Daniel|title=Facebook will reverse news block in Australia|url=https://www.cnet.com/news/facebook-will-reverse-news-block-in-australia/|date=February 22, 2021|access-date=February 24, 2021|publisher=CNET|archive-date=February 23, 2021|archive-url=https://web.archive.org/web/20210223205436/https://www.cnet.com/news/facebook-will-reverse-news-block-in-australia/|url-status=live}}
Facebook has been accused of removing and shadow banning content that spoke either in favor of protesting Indian farmers or against Narendra Modi's government.{{cite news |title=Protests About Indian Farming Reforms Have Reached Facebook's Headquarters |url=https://www.buzzfeednews.com/article/pranavdixit/protests-indian-farming-facebook|archive-url=https://web.archive.org/web/20230506085753/https://www.buzzfeednews.com/article/pranavdixit/protests-indian-farming-facebook|archive-date=May 6, 2023 |work=BuzzFeed News |date=December 17, 2020}}{{cite news |title=Online censorship claims shadow Indian farmer solidarity protests |url=https://globalnews.ca/news/7532961/online-censorship-claims-shadow-indian-farmer-solidarity-protests/ |work=Global News |date=December 19, 2020 |access-date=April 5, 2021 |archive-date=April 16, 2021 |archive-url=https://web.archive.org/web/20210416124043/https://globalnews.ca/news/7532961/online-censorship-claims-shadow-indian-farmer-solidarity-protests/ |url-status=live }}{{cite web |title=Farmers' protest page was flagged as spam, clarifies Facebook a day after blocking account |url=https://scroll.in/latest/981912/farmers-protest-page-was-flagged-as-spam-clarifies-facebook-a-day-after-blocking-account |website=Scroll.in |date=December 21, 2020 |archive-date=December 21, 2020 |archive-url=https://web.archive.org/web/20201221120155/https://scroll.in/latest/981912/farmers-protest-page-was-flagged-as-spam-clarifies-Facebook-a-day-after-blocking-account |url-status=live }} India-based employees of Facebook are at risk of arrest.{{cite news |title=India has reportedly threatened to jail Twitter, Facebook, and WhatsApp employees if the firms don't give up data regarding the farmers protests |url=https://www.businessinsider.com/india-threatens-to-jail-facebook-twitter-workers-over-farmer-protests-2021-3 |work=Business Insider |date=March 5, 2021 |access-date=April 5, 2021 |archive-date=April 14, 2021 |archive-url=https://web.archive.org/web/20210414164242/https://www.businessinsider.com/india-threatens-to-jail-facebook-twitter-workers-over-farmer-protests-2021-3 |url-status=live }}
On February 27, 2021, Facebook announced Facebook BARS app for rappers.{{cite web|title=Facebook Brings Another TikTok-Like App Specifically for Creating Raps|url=https://gadgets.ndtv.com/apps/news/facebook-bars-app-rap-hip-hop-tiktok-ios-closed-beta-download-npe-2379848|access-date=July 6, 2021|website=NDTV Gadgets 360|date=February 27, 2021|language=en|archive-date=July 26, 2021|archive-url=https://web.archive.org/web/20210726202046/https://gadgets.ndtv.com/apps/news/facebook-bars-app-rap-hip-hop-tiktok-ios-closed-beta-download-npe-2379848|url-status=live}}
On June 29, 2021, Facebook announced Bulletin, a platform for independent writers.{{cite web|url=https://about.fb.com/news/2021/06/introducing-bulletin-a-platform-for-independent-writers/|publisher=Facebook|title=Introducing Bulletin, A Platform for Independent Writers|author=Brown, Campbell|date=June 29, 2021|access-date=July 6, 2021|archive-date=June 30, 2021|archive-url=https://web.archive.org/web/20210630000230/https://about.fb.com/news/2021/06/introducing-bulletin-a-platform-for-independent-writers/}}{{cite web|url=https://www.bulletin.com/home/|title=Facebook Bulletin|website=Bulletin|archive-date=June 29, 2021|archive-url=https://web.archive.org/web/20210629185521/https://www.bulletin.com/home/}} Unlike competitors such as Substack, Facebook would not take a cut of subscription fees of writers using that platform upon its launch, like Malcolm Gladwell and Mitch Albom. According to The Washington Post technology writer Will Oremus, the move was criticized by those who viewed it as a tactic intended by Facebook to force those competitors out of business.{{cite web|url=https://www.washingtonpost.com/technology/2021/07/06/facebook-bulletin-antitrust/|title=A classic Silicon Valley tactic – losing money to crush rivals – comes in for scrutiny|newspaper=The Washington Post|author=Oremus, Will|date=July 6, 2021|access-date=July 6, 2021|archive-date=July 6, 2021|archive-url=https://web.archive.org/web/20210706144551/https://www.washingtonpost.com/technology/2021/07/06/facebook-bulletin-antitrust/}}
In October 2021, owner Facebook, Inc. changed its company name to Meta Platforms, Inc., or simply "Meta", as it shifts its focus to building the "metaverse". This change does not affect the name of the Facebook social networking service itself, instead being similar to the creation of Alphabet as Google's parent company in 2015.{{Cite news|date=October 28, 2021|title=Facebook is changing its name to Meta as it focuses on the virtual world|url=https://www.washingtonpost.com/technology/2021/10/28/facebook-meta-name-change/|access-date=October 28, 2021|newspaper=The Washington Post|first=Elizabeth|last=Dwoskin|language=en-US|archive-date=October 28, 2021|archive-url=https://web.archive.org/web/20211028182314/https://www.washingtonpost.com/technology/2021/10/28/facebook-meta-name-change/|url-status=live}}
In November 2021, Facebook stated it would stop targeting ads based on data related to health, race, ethnicity, political beliefs, religion and sexual orientation. The change will occur in January and will affect all apps owned by Meta Platforms.{{cite web |date=November 10, 2021 |title=Facebook to stop targeting ads based on race, sexual orientation, and politics |url=https://arstechnica.com/tech-policy/2021/11/facebook-to-stop-microtargeting-ads-based-on-race-sexual-orientation-and-politics/ |access-date=November 14, 2021 |website=ArsTechnica |first=Jon |last=Brodkin |language=en-US |archive-date=April 28, 2022 |archive-url=https://web.archive.org/web/20220428112249/https://arstechnica.com/tech-policy/2021/11/facebook-to-stop-microtargeting-ads-based-on-race-sexual-orientation-and-politics/ |url-status=live }}
In February 2022, Facebook's daily active users dropped for the first time in its 18-year history. According to Facebook's parent Meta, DAUs dropped to 1.929 billion in the three months ending in December, down from 1.930 billion the previous quarter. Furthermore, the company warned that revenue growth would slow due to competition from TikTok and YouTube, as well as advertisers cutting back on spending.{{Cite news |date=February 3, 2022 |title=Facebook: Daily active users fall for first time in 18-year history |page=1 |work=BBC News |url=https://www.bbc.com/news/business-60238565 |access-date=February 3, 2022 |archive-date=February 3, 2022 |archive-url=https://web.archive.org/web/20220203000121/https://www.bbc.com/news/business-60238565 |url-status=live }}
On March 10, 2022, following Russia's invasion of Ukraine, Facebook announced that it would temporarily ease rules against violent speech in some cases when targeted at "Russian invaders", though it would still not tolerate credible threats against Russian civilians.{{cite web |date=March 11, 2022 |title=Facebook eases rules to allow violent speech against 'Russian invaders' |url=https://www.france24.com/en/live-news/20220311-facebook-eases-rules-to-allow-violent-speech-against-russian-invaders |access-date=March 11, 2022 |website=France 24 |language=en |archive-date=March 11, 2022 |archive-url=https://web.archive.org/web/20220311005948/https://www.france24.com/en/live-news/20220311-facebook-eases-rules-to-allow-violent-speech-against-russian-invaders |url-status=live }} Russia then banned all Meta services, including Instagram.{{cite news |url=https://www.nytimes.com/2022/03/30/technology/ukraine-russia-facebook-instagram.html |title=How War in Ukraine Roiled Facebook and Instagram |newspaper=The New York Times |date=March 30, 2022 |accessdate=May 5, 2022 |archive-date=April 25, 2022 |archive-url=https://web.archive.org/web/20220425064312/https://www.nytimes.com/2022/03/30/technology/ukraine-russia-facebook-instagram.html |url-status=live }}
In September 2022, Jonathan Vanian, a Technology Reporter for CNBC, wrote a piece on CNBC.com about the recent struggles Facebook was experiencing, writing, "Users are jumping ship and advertisers are reducing their spending, leaving Meta poised to report its second straight drop in quarterly revenue." He also cited poor leadership decisions devoting resources to the metaverse, writing, "CEO Mark Zuckerberg spends much of his time proselytizing the metaverse, which may be the company's future but accounts for virtually none of its near-term revenue and is costing billions of dollars a year to build." He also detailed accounts from analysts predicting a "death spiral" for Facebook stock as users leave, ad impressions increase, and the company chases revenue.{{Cite web |last=Vanian |first=Jonathan |title=Facebook scrambles to escape stock's death spiral as users flee, sales drop |url=https://www.cnbc.com/2022/09/30/facebook-scrambles-to-escape-death-spiral-as-users-flee-sales-drop.html |access-date=September 30, 2022 |website=CNBC |date=September 30, 2022 |language=en |archive-date=September 30, 2022 |archive-url=https://web.archive.org/web/20220930204204/https://www.cnbc.com/2022/09/30/facebook-scrambles-to-escape-death-spiral-as-users-flee-sales-drop.html |url-status=live }}
== October 4, 2021, global service outage ==
{{Main|2021 Facebook outage}}
File:Facebook-outage-traffic-dropoff_(cropped).png
On October 4, 2021, Facebook had its worst outage since 2008. The outage was global in scope, and took down all Facebook properties, including Instagram and WhatsApp, from approximately 15:39 UTC to 22:05 UTC, and affected roughly three billion users.{{cite web|last=Subin|first=Samantha|date=October 4, 2021|title=Facebook is suffering its worst outage since 2008|url=https://www.cnbc.com/2021/10/04/facebook-instagram-and-whatsapp-are-down.html|access-date=October 4, 2021|website=CNBC|archive-date=October 4, 2021|archive-url=https://web.archive.org/web/20211004212815/https://www.cnbc.com/2021/10/04/facebook-instagram-and-whatsapp-are-down.html|url-status=live}}{{cite news|date=October 4, 2021|title=Facebook, WhatsApp, Instagram suffer worldwide outage|work=AP News|url=https://apnews.com/article/facebook-whatsapp-instagram-outage-8b9d3862ed957029e545182a595fdce1|access-date=October 4, 2021|archive-date=October 8, 2021|archive-url=https://web.archive.org/web/20211008174023/https://apnews.com/article/facebook-whatsapp-instagram-outage-8b9d3862ed957029e545182a595fdce1|url-status=live}}{{cite news |last1=Patnaik |first1=Subrat |last2=Mathews |first2=Eva |title=Facebook, Instagram, WhatsApp hit by global outage |url=http://www.reuters.com/article/facebook-outages-idUSKBN2GU1TV |access-date=October 4, 2021 |work=Reuters |date=October 4, 2021 |archive-date=October 4, 2021 |archive-url=https://web.archive.org/web/20211004171434/https://apnews.com/article/facebook-whatsapp-instagram-outage-8b9d3862ed957029e545182a595fdce1 |url-status=live }} Security experts identified the problem as a BGP withdrawal of all of the IP routes to their Domain Name (DNS) servers which were all self-hosted at the time.{{cite news|last1=Duffy|first1=Clare|last2=Lyngaas|first2=Sean|date=October 4, 2021|title=Facebook, Instagram, WhatsApp go down|url=https://www.cnn.com/2021/10/04/tech/facebook-instagram-whatsapp-outage/index.html|access-date=October 4, 2021|website=CNN Business|archive-date=October 4, 2021|archive-url=https://web.archive.org/web/20211004170507/https://www.cnn.com/2021/10/04/tech/facebook-instagram-whatsapp-outage/index.html|url-status=live}} The outage also affected all internal communications systems used by Facebook employees, which disrupted restoration efforts.{{cite web|last=Lawler|first=Richard|date=October 4, 2021|title=Facebook is down, along with Instagram, WhatsApp, Messenger, and Oculus VR|url=https://www.theverge.com/2021/10/4/22708989/instagram-facebook-outage-messenger-whatsapp-error|access-date=October 4, 2021|website=The Verge|archive-date=October 4, 2021|archive-url=https://web.archive.org/web/20211004163422/https://www.theverge.com/2021/10/4/22708989/instagram-facebook-outage-messenger-whatsapp-error|url-status=live}}
The outage cut off Facebook's internal communications, preventing employees from sending or receiving external emails, accessing the corporate directory, and authenticating to some Google Docs and Zoom services.{{cite web |date=October 4, 2021 |title=Locked out and totally down: Facebook is scrambling to fix massive outage |url=https://www.theverge.com/2021/10/4/22709575/facebook-outage-instagram-whatsapp |access-date=October 4, 2021 |work=The Verge |archive-date=October 4, 2021 |archive-url=https://web.archive.org/web/20211004215338/https://www.theverge.com/2021/10/4/22709575/facebook-outage-instagram-whatsapp |url-status=live }}{{Cite web |last=Lawler |first=Richard |date=October 4, 2021 |title=Facebook is down, along with Instagram, WhatsApp, Messenger, and Oculus VR |url=https://www.theverge.com/2021/10/4/22708989/instagram-facebook-outage-messenger-whatsapp-error |access-date=October 4, 2021 |website=The Verge |archive-date=October 4, 2021 |archive-url=https://web.archive.org/web/20211004163422/https://www.theverge.com/2021/10/4/22708989/instagram-facebook-outage-messenger-whatsapp-error |url-status=live }} The outage had a major impact on people in the developing world, who depend on Facebook's "Free Basics" program, affecting communication, business and humanitarian work.{{cite news |last1=Schapiro |first1=Avi Asher |last2=Teixeira |first2=Fabio |date=October 5, 2021 |title=Small businesses to aid: How Facebook outage upended lives |work=Thomson Reuters |url=https://news.trust.org/item/20211005204816-qzjft/ |access-date=October 6, 2021 |archive-date=October 6, 2021 |archive-url=https://web.archive.org/web/20211006021015/https://news.trust.org/item/20211005204816-qzjft |url-status=live }}{{Cite news |last=Carpenter |first=Scott |date=October 4, 2021 |title=Zuckerberg Loses $6 Billion in Hours as Facebook Plunges |language=en |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2021-10-04/zuckerberg-loses-7-billion-in-hours-as-facebook-plunges |access-date=October 5, 2021 |archive-date=October 5, 2021 |archive-url=https://web.archive.org/web/20211005002140/https://www.bloomberg.com/news/articles/2021-10-04/zuckerberg-loses-7-billion-in-hours-as-facebook-plunges |url-status=live }}{{Cite web |date=October 5, 2021 |title=Facebook Outage Causes Share Drop, Zuckerberg Loses US$5.9B Net Worth – October 5, 2021 |url=https://dailynewsbrief.com/2021/10/05/facebook-outage-causes-share-drop-zuckerberg-loses-us5-9b-net-worth/ |access-date=October 5, 2021 |website=Daily News Brief |language=en-US |archive-date=October 5, 2021 |archive-url=https://web.archive.org/web/20211005131541/https://dailynewsbrief.com/2021/10/05/facebook-outage-causes-share-drop-zuckerberg-loses-us5-9b-net-worth/ |url-status=live }}
Facebook's chief technology officer, Mike Schroepfer, wrote an apology after the downtime had extended to several hours,{{Cite web |date=October 4, 2021 |title=UPDATE: Facebook, Instagram, WhatsApp Back Online After Hours-Long Global Outage – CBS San Francisco |url=https://www.cbsnews.com/sanfrancisco/news/facebook-instagram-whatsapp-online-global-outage/ |access-date=December 5, 2023 |website=www.cbsnews.com |language=en-US |archive-date=December 5, 2023 |archive-url=https://web.archive.org/web/20231205065419/https://www.cbsnews.com/sanfrancisco/news/facebook-instagram-whatsapp-online-global-outage/ |url-status=live }}{{Cite web |date=October 4, 2021 |title=Facebook, Instagram, WhatsApp Back Online |url=https://www.voanews.com/a/facebook-instagram-whatsapp-suffering-outages-/6256754.html |access-date=December 5, 2023 |website=Voice of America |language=en |archive-date=December 5, 2023 |archive-url=https://web.archive.org/web/20231205065419/https://www.voanews.com/a/facebook-instagram-whatsapp-suffering-outages-/6256754.html |url-status=live }} saying, "Teams are working as fast as possible to debug and restore as fast as possible."{{Cite web |date=October 5, 2021 |title=Facebook begins recovery after major outage took apps offline |url=https://www.japantimes.co.jp/news/2021/10/05/business/tech/facebook-apps-outage/ |access-date=December 5, 2023 |website=The Japan Times |language=en |archive-date=December 5, 2023 |archive-url=https://web.archive.org/web/20231205065427/https://www.japantimes.co.jp/news/2021/10/05/business/tech/facebook-apps-outage/ |url-status=live }}
== Shutdown of facial recognition ==
On November 2, 2021, Facebook announced it would shut down its facial recognition technology and delete the data on over a billion users.{{cite news|last=Metz|first=Rachel|title=Facebook is shutting down its facial recognition software|url=https://www.cnn.com/2021/11/02/tech/facebook-shuts-down-facial-recognition/index.html|access-date=November 3, 2021|website=CNN|archive-date=November 3, 2021|archive-url=https://web.archive.org/web/20211103001519/https://www.cnn.com/2021/11/02/tech/facebook-shuts-down-facial-recognition/index.html|url-status=live}} Meta later announced plans to implement the technology as well as other biometric systems in its future products, such as the metaverse.{{cite web |last=Hamilton |first=Isobel Asher |title=Meta says it's getting rid of facial recognition on Facebook — but that won't apply to the metaverse |url=https://www.businessinsider.com/facebook-metaverse-meta-facial-recognition-zuckerberg-2021-11 |date=November 4, 2021 |access-date=November 10, 2021 |website=Business Insider |archive-date=November 10, 2021 |archive-url=https://web.archive.org/web/20211110130323/https://www.businessinsider.com/facebook-metaverse-meta-facial-recognition-zuckerberg-2021-11 |url-status=live }}
The shutdown of the technology will reportedly also stop Facebook's automated alt text system, used to transcribe media on the platform for visually impaired users.
In February 2023, Meta CEO Mark Zuckerberg announced that Meta would start selling blue "verified" badges on Instagram and Facebook.{{Cite web |last=Dellatto |first=Marisa |title=Meta Launching $12-Per-Month Verification Service—Following Twitter's Lead |url=https://www.forbes.com/sites/marisadellatto/2023/02/19/meta-launching-12-per-month-verification-service-following-twitters-lead/ |access-date=March 24, 2023 |website=Forbes |language=en |archive-date=March 30, 2023 |archive-url=https://web.archive.org/web/20230330152714/https://www.forbes.com/sites/marisadellatto/2023/02/19/meta-launching-12-per-month-verification-service-following-twitters-lead/ |url-status=live }}
Financials
=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.Kirkpatrick, David (June 8, 2010). The Facebook Effect. Simon & Schuster. pp. 37–38.
=First angel investment=
In the summer of 2004, venture capitalist Peter Thiel made a $500,001 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.[https://www.theguardian.com/technology/2010/aug/25/facebook-value-flotation "Shareholder trading values Facebook at more than $33bn" The Guardian—August 25, 2010:] {{Webarchive|url=https://web.archive.org/web/20170818012504/https://www.theguardian.com/technology/2010/aug/25/facebook-value-flotation |date=August 18, 2017 }} This reference does not confirm Thiel's percentage stake, implied to be 5.2% i.e. 33 divided by 1.7. The 5.2% is also independently asserted in the Facebook section of this Wikipedia article, but without citation. The imputed valuation of Facebook has, also, moved up to, 0bn in an early-2011 transaction with Goldman Sachs (Craig, Susanne and Andrew Ross Sorkin, [https://dealbook.nytimes.com/2011/01/02/goldman-invests-in-facebook-at-50-billion-valuation/ "Goldman Offering Clients a Chance to Invest in Facebook"], The New York Times Dealbook, January 2, 2011, 11:31 pm ET.) A 5.2% share of, 0bn would be worth .58bn. For its part, by March 2010, Forbes had actually reduced its estimate of Thiel's net worth to $1.2bn ([https://www.forbes.com/lists/2010/10/billionaires-2010_Peter-Thiel_J5T8.html #828 on list of world's billionaires] {{Webarchive|url=https://web.archive.org/web/20230909112819/http://www.forbes.com/lists/2010/10/billionaires-2010_Peter-Thiel_J5T8.html |date=September 9, 2023 }}), though the higher Facebook valuation makes this even more undervalued. Footnote expanded January 11, 2011.{{cite news |title=Life After Facebook |first1=Brian |last1=Caulfield |first2=Nicole |last2=Perlroth |url=https://www.forbes.com/forbes/2011/0214/features-peter-thiel-social-media-life-after-facebook_3.html |archive-url=https://web.archive.org/web/20110129230051/http://www.forbes.com/forbes/2011/0214/features-peter-thiel-social-media-life-after-facebook_3.html |url-status=dead |archive-date=January 29, 2011 |work=Forbes |date=February 14, 2011 |access-date=November 29, 2011}}{{cite news|access-date=April 30, 2008|url=http://www.theage.com.au/news/general/beware-facebook/2008/01/18/1200620184398.html?page=fullpage#contentSwap2|title=Why you should beware of Facebook|work=The Age|location=Australia|date=January 20, 2008|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015255/https://www.theage.com.au/technology/why-you-should-beware-of-facebook-20080120-ge6mel.html?page=fullpage#contentSwap2|url-status=live}}
In his book The Facebook Effect, David 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.Kirkpatrick, David (June 8, 2010). The Facebook Effect (p. 87-88). Simon & Schuster. 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.
=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.{{Cite news |last=Levy |first=Ari |date=January 18, 2012 |title=Accel Facebook Bet Poised to Become Biggest Venture Profit: Tech |url=https://www.bloomberg.com/news/articles/2012-01-18/accel-s-facebook-bet-poised-to-become-biggest-ever-venture-profit-tech?embedded-checkout=true |url-status=live |access-date=April 22, 2025 |work=Bloomberg}} Accel joined Facebook's board, and the board was expanded to five seats, with Zuckerberg, Thiel, and Accel's Jim Breyer in three of the seats, and the other two seats currently being empty but with Zuckerberg free to nominate anybody to those seats.Kirkpatrick, David (June 8, 2010). The Facebook Effect (p. 126). Simon & Schuster.
=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.Kirkpatrick, David (June 8, 2010). The Facebook Effect (pp. 170–171). Simon & Schuster.{{Cite news|access-date=March 8, 2008 | first=Sam | last=Teller | url=https://www.thecrimson.com/article.aspx?ref=503336| archive-url=https://web.archive.org/web/20070818200839/http://www.thecrimson.com/article.aspx?ref=503336 | title=Investors Add $25M to Facebook's Coffers |work=The Harvard Crimson | date=April 25, 2006|archive-date=August 18, 2007 }}
A leaked cash flow statement showed that during the 2005 fiscal year, Facebook had a net gain of $5.66 million.{{cite web|access-date=April 30, 2008|url=http://www.neelscompany.com/a-leaked-facebooks-cash-flow-statement-from-2005/|archive-url=https://archive.today/20150315202156/http://www.neelscompany.com/a-leaked-facebooks-cash-flow-statement-from-2005/|url-status=dead|archive-date=March 15, 2015|title=Statement of Cash Flows|language=fr|publisher=Neels Company}}
=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.{{cite news|access-date=March 7, 2008|url=http://news.bbc.co.uk/2/hi/business/4695495.stm|title=News Corp in $580 m internet buy|work=BBC News |date=July 19, 2005|archive-date=June 1, 2019|archive-url=https://web.archive.org/web/20190601150710/http://news.bbc.co.uk/2/hi/business/4695495.stm|url-status=live}} Zuckerberg had already stated that he did not want to sell the company, and denied rumors to the contrary.{{cite web | url=http://facebook.com/topic.php?uid=2208601394&topic=1841&start=500#post5339 | title=Free Flow of Information on the Internet discussions | access-date=September 13, 2006 | last=Zuckerberg | first=Mark | publisher=Facebook | date=September 8, 2006 | url-status=dead | archive-url=https://web.archive.org/web/20090424083737/http://www.facebook.com/topic.php?uid=2208601394&topic=1841&start=500#post5339 | archive-date=April 24, 2009 }} 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.{{Cite news | first=Steve | last=Rosenbush | url=http://www.businessweek.com/technology/content/mar2006/tc20060327_215976.htm | archive-url=https://web.archive.org/web/20060330042530/http://www.businessweek.com/technology/content/mar2006/tc20060327_215976.htm | url-status=dead | archive-date=March 30, 2006 | title=Facebook's on the Block |work=BusinessWeek | date=March 28, 2012 | access-date=April 3, 2006}}
In September 2006, serious talks between Facebook and Yahoo! took place concerning acquisition of Facebook, with prices reaching as high as $1 billion.{{Cite news| last = Delaney| first = Kevin| title = Facebook, Riding a Web Trend, Flirts With a Big-Money Deal| page = 1| publisher=Dow Jones & Company| date = September 21, 2006 }}{{Cite web |last=Bahler |first=Kristen |date=February 17, 2017 |title=How to Use Facebook's New Job Search Feature |url=https://money.com/facebook-new-jobs/ |url-status=live |archive-url=https://web.archive.org/web/20220503002336/https://money.com/facebook-new-jobs/ |archive-date=May 3, 2022 |website=Money.com}} 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.{{cite news|access-date=April 30, 2008|url=https://www.bloomberg.com/apps/news?pid=20601204&sid=aqwoCAVu._zA|title=Facebook, Courted By Yahoo, Won't Sell, Director Says (Update3)|publisher=Bloomberg L.P.|date=December 15, 2006|author=Sullivan, Brian|archive-date=July 2, 2009|archive-url=https://web.archive.org/web/20090702080255/http://www.bloomberg.com//apps//news?pid=20601204&sid=aqwoCAVu._zA|url-status=live}}
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."{{Cite magazine|access-date=March 5, 2008|url=http://content.time.com/time/business/article/0,8599,1644040,00.html|title=The Future of Facebook|magazine=Time|date=June 17, 2007|author=Locke, Laura|archive-date=September 29, 2018|archive-url=https://web.archive.org/web/20180929080837/http://content.time.com/time/business/article/0,8599,1644040,00.html|url-status=live}} In September 2007, Microsoft approached Facebook, proposing an investment in return for a 5% stake in the company, offering an estimated $300–500 million.{{Cite news|access-date=April 30, 2008|url=https://www.usatoday.com/tech/techinvestor/corporatenews/2007-10-02-facebook-suitors_N.htm|title=Tech giants poke around Facebook|work=USA Today|date=October 2, 2007|author=Swartz, Jon|archive-date=May 23, 2008|archive-url=https://web.archive.org/web/20080523004304/http://www.usatoday.com/tech/techinvestor/corporatenews/2007-10-02-facebook-suitors_N.htm|url-status=live}} That month, other companies, including Google, expressed interest in buying a portion of Facebook.{{cite news|access-date=March 5, 2008|url=https://www.wsj.com/articles/SB119065193646437586?mod=hps_us_whats_news|title=Microsoft Fires Volley At Google in Ad Battle|work=The Wall Street Journal|date=September 25, 2007|author=Delaney, Kevin|archive-date=October 29, 2018|archive-url=https://web.archive.org/web/20181029031013/https://www.wsj.com/articles/SB119065193646437586?mod=hps_us_whats_news|url-status=live}}
=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.{{cite web |url=https://www.microsoft.com/Presspass/press/2007/oct07/10-24FacebookPR.mspx |title=Facebook and Microsoft Expand Strategic Alliance |access-date=November 8, 2007 |publisher=Microsoft |date=October 24, 2007 |archive-date=October 27, 2007 |archive-url=https://web.archive.org/web/20071027033604/http://www.microsoft.com/presspass/press/2007/oct07/10-24FacebookPR.mspx |url-status=live }} 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. In November 2007, Hong Kong billionaire Li Ka-shing invested $60 million in Facebook.{{cite web|access-date=April 30, 2008|url=http://www.tehrantimes.com/index_View.asp?code=158391|title=Li Ka-shing invests 60 million dollars in Facebook: report|work=Tehran Times|date=December 3, 2007|archive-date=April 28, 2016|archive-url=https://web.archive.org/web/20160428063558/http://www.tehrantimes.com/index_View.asp?code=158391|url-status=live}}
= DST investment =
In 2009, Yuri Milner's DST (which later split into DST Global and Mail.ru Group), alongside Uzbek Russian metals magnate Alisher Usmanov, invested $200 million in Facebook when it was valued at $10 billion.{{Cite news |last=Garside |first=Juliette |date=2013-09-05 |title=Russia's richest man cashes in on Facebook share recovery |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2013/sep/05/facebook-russia-richest-alisher-usmanov-sells-stake |issn=0261-3077 |archive-date=April 3, 2023 |access-date=April 4, 2023 |archive-url=https://web.archive.org/web/20230403193359/https://www.theguardian.com/business/2013/sep/05/facebook-russia-richest-alisher-usmanov-sells-stake |url-status=live }}{{Cite news |date=2012-05-17 |title=Facebook bet pays off for Russia's Usmanov |language=en |work=Reuters |url=https://www.reuters.com/article/us-facebook-usmanov-idUSBRE84G1BM20120517 |archive-date=November 27, 2021 |access-date=April 4, 2023 |archive-url=https://web.archive.org/web/20211127215755/https://www.reuters.com/article/us-facebook-usmanov-idUSBRE84G1BM20120517 |url-status=live }}{{Cite web |last=Kincaid |first=Jason |date=2010-05-24 |title=DST's Yuri Milner: Facebook Is Going To Be The Social Graph That Unifies All Civilization |url=https://techcrunch.com/2010/05/24/dsts-yuri-milner-facebook-is-going-to-be-the-social-graph-that-unifies-all-civilization/ |website=TechCrunch |language=en-US |access-date=April 4, 2023 |archive-date=April 3, 2023 |archive-url=https://web.archive.org/web/20230403193358/https://techcrunch.com/2010/05/24/dsts-yuri-milner-facebook-is-going-to-be-the-social-graph-that-unifies-all-civilization/ |url-status=live }} A separate stake was also acquired by Usmanov's USM Holdings on another occasion.{{Cite web |last=Kramer |first=Mark Scott and Andrew E. |date=2013-09-05 |title=Russian Tech Giant Cashes In on Facebook's Recovery |url=https://dealbook.nytimes.com/2013/09/05/russian-tech-giant-sells-facebook-shares-for-525-million/ |website=DealBook |language=en |access-date=April 4, 2023 |archive-date=March 7, 2022 |archive-url=https://web.archive.org/web/20220307155128/https://dealbook.nytimes.com/2013/09/05/russian-tech-giant-sells-facebook-shares-for-525-million/ |url-status=live }} According to the New York Times in 2013, "Mr. Usmanov and other Russian investors at one point owned nearly 10 percent of Facebook, though precise details of their ownership stakes are difficult to assess." It was later revealed in 2017 by the Paradise Papers that lending by Russian state-backed VTB Bank and Gazprom's investment vehicle partially financed these 2009 investments, although Milner was reportedly unaware at the time.{{Cite news |last1=Swaine |first1=Jon |last2=Harding |first2=Luke |date=2017-11-05 |title=Russia funded Facebook and Twitter investments through Kushner investor |language=en-GB |work=The Guardian |url=https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-investor |access-date=2023-04-03 |issn=0261-3077 |archive-date=November 10, 2017 |archive-url=https://web.archive.org/web/20171110184246/https://www.theguardian.com/news/2017/nov/05/russia-funded-facebook-twitter-investments-kushner-associate |url-status=live }}{{Cite news |last=Drucker |first=Jesse |date=November 5, 2017 |title=Kremlin Cash Behind Billionaire's Twitter and Facebook Investments |work=The New York Times |url=https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html |url-status=live |url-access=subscription |access-date=November 6, 2017 |archive-url=https://web.archive.org/web/20171105190211/https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html |archive-date=2017-11-05 |issn=0362-4331}}File:1601californiaavelobby.jpg, Palo Alto, California. In January 2012 the company moved to a new campus in Menlo Park, California.]]
=Switch to profitability=
In August 2008, BusinessWeek reported that private sales by employees, as well as purchases by venture capital firms, were being done at share prices that put the company's total valuation at between $3.75 billion and $5 billion.{{cite web|url=http://www.businessweek.com/magazine/content/08_33/b4096000952343.htm?chan=rss_topEmailedStories_ssi_5|archive-url=https://web.archive.org/web/20080807085505/http://www.businessweek.com/magazine/content/08_33/b4096000952343.htm?chan=rss_topEmailedStories_ssi_5|url-status=dead|archive-date=August 7, 2008|title=Facebook Stock For Sale|access-date=August 6, 2008|work=BusinessWeek }} In October 2008, Zuckerberg said "I don't think social networks can be monetized in the same way that search did ... In three years from now we have to figure out what the optimum model is. But that is not our primary focus today."{{Cite news |url=http://www.alleyinsider.com/2008/10/zuckerberg-facebook-will-have-a-business-plan-in-three-years |work=Silicon Alley Insider |date=October 10, 2008 |title=Zuckerberg: Facebook Will Have A Business Plan In Three Years |first=Peter |last=Kafka |archive-date=February 7, 2009 |access-date=June 15, 2011 |archive-url=https://web.archive.org/web/20090207090915/http://www.alleyinsider.com/2008/10/zuckerberg-facebook-will-have-a-business-plan-in-three-years |url-status=live }}
Facebook hired Sheryl Sandberg as its chief operating officer in March 2008. Sandberg is reported to have held a number of brainstorming sessions with Facebook employees on their long-term monetization strategy, which led to the conclusion that advertising would be the main source of monetization. Under Sandberg's leadership, Facebook made a number of changes to its advertising model with the aim of achieving profitability. In September 2009, Facebook stated that it had turned cash flow positive for the first time.{{Cite news |url=https://www.cbc.ca/news/science/facebook-cash-flow-positive-signs-300m-users-1.826223 |title=Facebook 'cash flow positive,' signs 300M users |publisher=CBC |location=Canada |date=September 16, 2009 |access-date=March 23, 2010 |archive-date=December 26, 2018 |archive-url=https://web.archive.org/web/20181226015240/https://www.cbc.ca/technology/story/2009/09/16/tech-facebook-300-million-users.html%20 |url-status=live }}
In early 2012, Facebook disclosed that its profits had jumped 65% to $1 billion in the previous year when its revenue, which is mainly from advertising, had jumped almost 90% to $3.71 billion.{{Cite news|last=Jarzmensky|first=Matt|title=Facebook's Financials Raise Renewed Valuation Questions|url=https://www.wsj.com/article/BT-CO-20120202-718848.html|agency=Wall Street Journal|access-date=March 24, 2012|date=February 2, 2012|work=The Wall Street Journal|archive-date=January 10, 2020|archive-url=https://web.archive.org/web/20200110023644/https://www.wsj.com/articles/BT-CO-20120202-718848|url-status=dead}} Facebook also reported that 56% of its advertising revenue comes from the United States alone, and that 12% of its revenue comes from Zynga, the social network game development company. Payments and other fees were $557 million up from $106 million the previous year.{{cite web|last=Johansmeyer|first=Tom|title=Facebook's Financials Revealed [Facebook S-1]|work=business2community|date=February 2, 2012}}
{{Clear}}
=Acquisitions=
In August 2009, Facebook acquired social media real-time news aggregator FriendFeed,[https://techcrunch.com/2009/08/10/facebook-acquires-friendfeed/ Facebook Acquires FriendFeed] {{Webarchive|url=https://web.archive.org/web/20180208162725/https://techcrunch.com/2009/08/10/facebook-acquires-friendfeed/ |date=February 8, 2018 }} Techcrunch a startup created by Gmail's first engineer Paul Buchheit.[http://blogoscoped.com/archive/2007-07-16-n55.html Paul Buchheit on Gmail, AdSense and More] {{Webarchive|url=https://web.archive.org/web/20150614042243/http://blogoscoped.com/archive/2007-07-16-n55.html |date=June 14, 2015 }} Google Blogoscoped[http://googlesystem.blogspot.com/2008/03/dont-be-evil-trigger-for-ethical.html Don't Be Evil, a Trigger for Ethical Questions] {{Webarchive|url=https://web.archive.org/web/20180114233925/https://googlesystem.blogspot.com/2008/03/dont-be-evil-trigger-for-ethical.html |date=January 14, 2018 }} Google Operating System Blog{{Cite journal|first=Kaustubh|last=Katdare|url=http://www.crazyengineers.com/mr-paul-buchheit-creator-of-gmail-adsense-friendfeed/|title=Small Talk with Mr. Paul Buchheit – Creator of Gmail, Adsense & Friend|publisher=CrazyEngineers|date=March 1, 2009|access-date=May 19, 2012|archive-url=https://web.archive.org/web/20120321151410/http://www.crazyengineers.com/mr-paul-buchheit-creator-of-gmail-adsense-friendfeed/|archive-date=March 21, 2012|url-status=dead}}
In February 2010, Facebook acquired Malaysian contact-importing startup Octazen Solutions.{{cite web |last=Arrington |first=Michael |url=https://techcrunch.com/2010/02/19/octazen-what-the-heck-did-facebook-just-buy-exactly-and-why/ |title=Facebook acquires contact-importing company Octazen |publisher=Techcrunch.com |date=February 19, 2010 |access-date=March 23, 2010 |archive-date=March 24, 2010 |archive-url=https://web.archive.org/web/20100324153741/http://techcrunch.com/2010/02/19/octazen-what-the-heck-did-facebook-just-buy-exactly-and-why/ |url-status=live }} On April 2, 2010, Facebook announced acquisition of a photo-sharing service called Divvyshot for an undisclosed amount.{{Cite news|url=https://techcrunch.com/2010/04/02/facebook-buys-up-divvyshot-to-make-facebook-photos-even-better/|title=Facebook buys photo service Divvyshot|date=April 2, 2010|access-date=April 5, 2010|archive-date=April 4, 2010|archive-url=https://web.archive.org/web/20100404075114/http://techcrunch.com/2010/04/02/facebook-buys-up-divvyshot-to-make-facebook-photos-even-better/|url-status=live}} In June 2010, an online marketplace for trading private Facebook stock reflected a valuation of $11.5 billion.{{cite magazine|magazine=PC World|title=What Is Your Facebook Data Worth?|first=Narasu|last=Rebbapragada|date=June 21, 2010}}
On April 12, 2012, Facebook acquired photo sharing service Instagram for approximately $1 billion in cash and stock.{{cite news| title=Breaking: Facebook buying Instagram for $1 billion| url=http://finance.fortune.cnn.com/2012/04/09/breaking-facebook-buying-instagram-for-1-billion/?section=magazines_fortune| work=Fortune| publisher=CNN | access-date=Apr 9, 2012| date=April 9, 2012| archive-url=https://web.archive.org/web/20120701074219/http://finance.fortune.cnn.com/2012/04/09/breaking-facebook-buying-instagram-for-1-billion/?section=magazines_fortune| archive-date=July 1, 2012| url-status=dead}}{{cite web|title=Facebook to Acquire Instagram|url=http://newsroom.fb.com/Announcements/Facebook-to-Acquire-Instagram-141.aspx|publisher=Facebook|access-date=Apr 9, 2012|date=April 9, 2012|archive-date=July 18, 2012|archive-url=https://archive.today/20120718113527/http://newsroom.fb.com/Announcements/Facebook-to-Acquire-Instagram-141.aspx|url-status=live}}
On March 8, 2013, Facebook announced that they acquired the team from Storylane, but not the product itself.{{cite news | url=https://thenextweb.com/facebook/2013/03/08/facebook-acquires-storylane-team-but-does-not-get-its-product-stories-or-data/ | title=Facebook acquires Storylane team, but does not get its product, stories or data | work=The Next Web | date=March 8, 2013 | access-date=March 26, 2013 | archive-date=March 12, 2013 | archive-url=https://web.archive.org/web/20130312174434/http://thenextweb.com/facebook/2013/03/08/facebook-acquires-storylane-team-but-does-not-get-its-product-stories-or-data/ | url-status=live }} On October 13, 2013, Facebook acquired Onavo, an Israeli analytics company, for approximately $120 million.{{Cite web|url = https://techcrunch.com/2013/10/13/facebook-buys-mobile-analytics-company-onavo-and-finally-gets-its-office-in-israel/|title = Facebook Buys Mobile Data Analytics Company Onavo, Reportedly For Up To $200M… And (Finally?) Gets Its Office In Israel|date = Oct 13, 2013|website =TechCrunch |last = Lunden|first = Ingrid|access-date = January 30, 2019|archive-date = July 7, 2017|archive-url = https://web.archive.org/web/20170707140556/https://techcrunch.com/2013/10/13/facebook-buys-mobile-analytics-company-onavo-and-finally-gets-its-office-in-israel/|url-status = live}}{{cite web|access-date=January 30, 2019|title=Facebook pays teens to install VPN that spies on them|url=https://techcrunch.com/2019/01/29/facebook-project-atlas/|first=John|last=Constine|website=TechCrunch |date=January 29, 2019|archive-date=November 19, 2020|archive-url=https://web.archive.org/web/20201119184403/https://social.techcrunch.com/2019/01/29/facebook-project-atlas/|url-status=live}}{{cite web|access-date=January 30, 2019|first=Guy|last=Rosen|title=We are joining the Facebook team|url=http://blog.onavo.com/2013/10/joining-facebook|archive-url=https://web.archive.org/web/20131107004328/http://blog.onavo.com/2013/10/joining-facebook|date=November 7, 2013|website=Onavo Blog|archive-date=November 7, 2013}}
On February 19, 2014, Facebook announced its acquisition of WhatsApp, a smartphone instant messaging application for $19 billion in a mix of stock and cash. The acquisition is the most ever paid for a venture-capital backed startup.{{cite news | url=https://www.economist.com/news/business/21596966-why-mark-zuckerbergs-social-network-paying-such-whopping-sum-messaging | newspaper=The Economist | title=Getting_The_Messages | date=February 22, 2014 | archive-date=September 30, 2017 | access-date=August 29, 2017 | archive-url=https://web.archive.org/web/20170930035544/https://www.economist.com/news/business/21596966-why-mark-zuckerbergs-social-network-paying-such-whopping-sum-messaging | url-status=live }}
On March 25, 2014, Facebook announced they had acquired virtual reality startup Oculus VR for $2 billion in cash and stock.{{cite news | url=https://www.forbes.com/sites/briansolomon/2014/03/25/facebook-buys-oculus-virtual-reality-gaming-startup-for-2-billion/ | work=Forbes | title=Facebook Buys Oculus, Virtual Reality Gaming Startup, For $2 Billion | date=March 25, 2014 | archive-date=December 6, 2023 | access-date=May 24, 2019 | archive-url=https://web.archive.org/web/20231206074651/https://www.forbes.com/sites/briansolomon/2014/03/25/facebook-buys-oculus-virtual-reality-gaming-startup-for-2-billion/ | url-status=live }}
Initial public offering
{{main|Initial public offering of Facebook}}
Facebook filed for an initial public offering (IPO) on February 1, 2012.{{cite web |url=https://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm |title=Form S-1 Registration Statement Under The Securities Act of 1933 |date=February 1, 2012 |access-date=May 18, 2012 |archive-date=June 12, 2012 |archive-url=https://web.archive.org/web/20120612002443/http://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm |url-status=live }} 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.{{cite web |url=http://mashable.com/2012/02/03/facebook-ipo-complete-guide/ |title=Facebook IPO: The Complete Guide |work=Mashable business |last=Erickson |first=Christine |date=February 3, 2012 |access-date=March 23, 2012 |archive-date=March 22, 2012 |archive-url=https://web.archive.org/web/20120322220745/http://mashable.com/2012/02/03/facebook-ipo-complete-guide/ |url-status=live }} After the IPO, Zuckerberg retains a 22% ownership share in Facebook and owns 57% of the voting shares.{{cite journal|last=Helft|first=Miguel|author2=Hempel, Jessi|title=Inside Facebook|journal=Fortune|date=March 19, 2012|volume=165|issue=4|url=http://tech.fortune.cnn.com/2012/03/01/inside-facebook/|access-date=April 3, 2012|page=122|archive-url=https://web.archive.org/web/20120305130229/http://tech.fortune.cnn.com/2012/03/01/inside-facebook/|archive-date=March 5, 2012|url-status=dead}}
Underwriters valued the shares at $38 each, pricing the company at $104 billion, the largest valuation to date for a newly public company.{{cite news |url=https://www.latimes.com/business/la-fi-facebook-pricing-20120518,0,3426310.story |title=Stakes are high on Facebook's first day of trading |first1=Andrew |last1=Tangel |first2=Walter |last2=Hamilton |date=May 17, 2012 |work=The Los Angeles Times |access-date=May 17, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120518023059/http://www.latimes.com/business/la-fi-facebook-pricing-20120518%2C0%2C3426310.story |archive-date=May 18, 2012 }} On May 16, one day before the IPO, Facebook announced that it would sell 25% more shares than originally planned due to high demand.{{cite news |url=https://www.bbc.co.uk/news/business-18086426 |title=Facebook boosts number of shares on offer by 25% |date=May 16, 2012 |work=BBC News |access-date=May 17, 2012 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209195314/https://www.bbc.com/news/business-18086426 |url-status=live }} 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. 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".{{cite news |url=http://www.cnn.com/2012/05/17/tech/social-media/facebook-ipo-reactions/index.html |title=Internet greets Facebook's IPO price with glee, skepticism |first=Doug |last=Gross |date=March 17, 2012 |work=CNN |access-date=May 17, 2012 |archive-date=May 17, 2012 |archive-url=https://web.archive.org/web/20120517234405/http://www.cnn.com/2012/05/17/tech/social-media/facebook-ipo-reactions/index.html |url-status=live }}
Trading in the stock, which began on May 18, was delayed that day due to technical problems with the NASDAQ exchange.{{cite news |url=https://www.wsj.com/articles/SB10001424052702303448404577412251723815184?mod=googlenews_wsj |title=Trading Problems Persisted After Opening for Facebook's IPO |first1=Jenny |last1=Straburg |first2=Jacob |last2=Bunge |date=May 18, 2012 |work=The Wall Street Journal |access-date=May 18, 2012 |archive-date=September 14, 2017 |archive-url=https://web.archive.org/web/20170914220621/https://www.wsj.com/articles/SB10001424052702303448404577412251723815184?mod=googlenews_wsj |url-status=live }} The stock struggled to stay above the IPO price for most of the day, forcing underwriters to buy back shares to support the price.{{cite news |url=https://www.wsj.com/articles/SB10001424052702303448404577411903118364314?mod=WSJ_hp_LEFTTopStories |title=Facebook Falls Back to IPO Price |first1=Jacob |last1=Bunge |first2=Jenny |last2=Strasburg |first3=Ryan |last3=Dezember |date=May 18, 2012 |work=The Wall Street Journal |access-date=May 18, 2012 |archive-date=September 10, 2017 |archive-url=https://web.archive.org/web/20170910002150/https://www.wsj.com/articles/SB10001424052702303448404577411903118364314?mod=WSJ_hp_LEFTTopStories |url-status=live }} At closing bell, shares were valued at $38.23,{{cite news |url=https://dealbook.nytimes.com/2012/05/18/facebook-opens-at-42-05-in-debut-but-falls-quickly/?hp |title=Facebook Closes at $38.23, Nearly Flat on Day |author=Michael J. De La Mercred |date=May 18, 2012 |work=The New York Times |access-date=May 18, 2012 |archive-date=May 21, 2012 |archive-url=https://web.archive.org/web/20120521045258/http://dealbook.nytimes.com/2012/05/18/facebook-opens-at-42-05-in-debut-but-falls-quickly/?hp |url-status=live }} 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.{{cite web |url=https://venturebeat.com/2012/05/18/facebook-disappoints-on-its-opening-day-closing-down-4-from-where-it-opened/ |title=Facebook disappoints on its opening day, closing down $4 from where it opened |first=Jolie |last=O'Dell |date=May 18, 2012 |work=Venture Beat |access-date=May 18, 2012 |archive-date=February 9, 2021 |archive-url=https://web.archive.org/web/20210209195253/https://venturebeat.com/2012/05/18/facebook-disappoints-on-its-opening-day-closing-down-4-from-where-it-opened/ |url-status=live }}
The stock nonetheless set a new record for trading volume of an IPO.{{cite news|url=https://www.wsj.com/article/BT-CO-20120518-710783.html |title=Facebook Sets Record For IPO Trading Volume |date=May 18, 2012 |work=The Wall Street Journal |access-date=May 18, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120522073523/http://online.wsj.com/article/BT-CO-20120518-710783.html |archive-date=May 22, 2012 }} On May 25, 2012, the stock ended its first full week of trading at $31.91, a 16.5% decline.{{cite news |url=https://www.washingtonpost.com/business/facebook-falls-below-38-ipo-price-in-second-day-of-trading/2012/05/21/gIQAnKCDgU_story.html |archive-url=https://web.archive.org/web/20190110061716/https://www.washingtonpost.com/business/facebook-falls-below-38-ipo-price-in-second-day-of-trading/2012/05/21/gIQAnKCDgU_story.html |url-status=dead |archive-date=January 10, 2019 |title=Facebook falls below $38 IPO price in second day of trading |first1=Brian |last1=Womack |first2=Amy |last2=Thomson |date=May 21, 2012 |agency=Bloomberg |newspaper=The Washington Post |access-date=May 21, 2012}}
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 subpoenaed Morgan Stanley over the same issue.{{cite news |url=https://dealbook.nytimes.com/2012/05/22/facebook-i-p-o-raises-regulatory-concerns/?hp |title=Facebook I.P.O. Raises Regulatory Concerns |author=Evelyn M. Rusli and Michael J. De La Merced |date=May 22, 2012 |work=The New York Times |access-date=May 22, 2012}} 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.{{cite web |url=https://www.chron.com/business/article/Litigation-over-Facebook-IPO-just-starting-3581490.php |title=Litigation over Facebook IPO just starting |first1=James |last1=Temple |first2=Casey |last2=Newton |date=May 23, 2012 |work=The San Francisco Chronicle |access-date=May 24, 2012}} Bloomberg estimated that retail investors may have lost approximately $630 million on Facebook stock since its debut.{{cite news| url=https://www.huffingtonpost.com/2012/05/24/facebook-ipo-retail-investors_n_1542861.html?ref=business | work=Huffington Post | first=Alexander | last=Eichler | title=Wall St. Cashes In On Facebook Stock Plunge While Ordinary Investors Lose Millions | date=May 24, 2012}}
Timeline
{{Redirect|Facebook timeline|the Facebook feature unveiled in late 2011|Facebook features#Timeline}}
See also
Notes
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