How Facebook was created? The History of Facebook
In our previous post, we talked about Instagram Startup’s story and how Instagram started? Today we gonna tell you about the history of Facebook and how Facebook was created? Facebook is a social networking site launched as TheFacebook on February 4, 2004. The social media platform currently has more than two billion active users around the world. Read the full story of Facebook from Mark Zuckerberg’s first coding adventures at Harvard to one of the biggest social network company in the world.
Facebook Keys Takeaway:
- October 2003: Facemash created by Zuckerberg
- February 2004: Facebook (then called “thefacebook”) was founded by Mark Zuckerberg, Moskovitz, Saverin, and Hughes.
- March 2004: Facebook available for three other college students – Yale, Columbia, and Stanford.
- June 2004: Facebook moves its headquarters to Palo Alto in California.
- September 2004: The site launches the now-infamous “wall” – which allows users to post things and receive messages on their own page.
- December 2004: Facebook hits 1 million users.
- May 2005: Facebook spread to over 800 college campuses.
- September 2005: TheFacebook website becomes Facebook.com
- October 2005: Facebook adds photos and goes global.
- December 2005: Facebook has over 6 million users.
- April 2006: Facebook introduces a mobile version.
- September 2006: Anyone can now join Facebook at least 13 years of age.
- December 2006: The site hits 12 million registered users.
- June 2007: Video launches.
- December 2007: Facebook members increase to 58 million.
- July 2008: Facebook launched its version for iPhone.
- February 2009: The “like” button is introduced.
- July 2010: Facebook hits 500 million users mark.
- August 2010: Engineering center is opened in Seattle.
- October 2010: Facebook Groups are launched.
- April 2011: Datacenter opens in Prineville, Oregon.
- July 2011: Facebook Video calling is launched.
- April 2012: Acquired Instagram for $1 billion.
- May 2012: Facebook releases its IPO – which raised $16 billion and gave the company a $102.4 billion market value.
- October 2012: Facebook membership hits the 1 billion mark.
- June 2013: Facebook’s acquisition of Instagram launches video.
- February 2014: Acquired WhatsApp for $22 billion.
- March 2014: Acquisition of Oculus.
- November 2014: Groups App is announced.
- April 2015: Over 40 million small businesses created their pages on Facebook for marketing.
- June 2015: Facebook’s AI Research opens in Paris.
- February 2016: Facebook’s Reactions launches.
- July 2016: Over 1 billion active users uses Messenger monthly.
- October 2016: Marketplace launches – allowing users to buy and sell products.
- March 2018: Facebook sued by shareholders following stock plummet.
- April 2018: Zuckerberg testifies before Congress regarding concerns over data and privacy breaches.
The Brief History of Facebook:
Facebook was invented by Mark Zuckerberg along with his three classmates Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. In the start it was named as Facemash, Mark Zuckerberg had developed many social networking websites for students like Coursematch which was used to view people taking their degrees. Facemash was opened on October 28, 2003, but closed after a few days because of copyrights and violating privacy.
At the start of February 2004, Mark Zuckerberg developed a new website and named it TheFacebook for the university students which help the students to know each other better. In twenty-four hours more than a thousand students sign up into TheFacebook website and after one month half of the university students make a profile on The Facebook website.
After six days “TheFacebook” was made live by Mark Zuckerberg and co-founders Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, they faced accusations by three Harvard seniors, Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra that the idea for the website had been stolen from them.
According to the Winklevoss brothers and Narendra, they had discussed it first to create a social network for Harvard students called “HarvardConnection” with Zuckerberg.
They filed a lawsuit against Zuckerberg, in 2008, eventually, all three received a settlement of 1.2 million shares in the company each.
In a few months, Facebook proved to be extremely popular among Harvard students, so the site soon available and promoted to other universities likes Yale, Standford and Columbia, and other numerous colleges of the US.
In August 2005, TheFacebook website becomes Facebook.com and the address was purchased for 200,000 dollars, after that it became spread to all universities and schools of the US and then spread worldwide. In September 2006, it was accessible to everyone at least 13 years old along with registered email addresses with free access.
As the members of Facebook grew day-by-day, so Zuckerberg did also increases the number of employees. Napster co-founder Sean Parker had come across the Facebook while browsing the computer of a student at Stanford University and had become familiar with Zuckerberg and Saverin soon thereafter that he was named as president of Facebook in 2004.
Facebook co-founder and Zuckerberg friend Saverin has been the Chief financial officer (CFO) Business manager for Facebook since its conception but he has some issues with Mark. Saverin was reportedly cut from Facebook in 2005 by Zuckerberg and his shares in the company also attenuate.
Saverin also filed a lawsuit against Zuckerberg which was later settled down outside the court.
Facebook: The World’s Most Popular Social Network
In 2007 the site continues to develop and promoted and had 30 million registered users and become the largest social networking site.
In 2009 it become the world’s largest social networking service with 350m registered users and become the most popular site in the world according to a report by the analytics site Compete.com.
In 2010 it becomes the 3rd largest website after Google and Amazon in the US, in June 2011 it achieved a huge milestone as it reached one trillion page views and become the second most visited site in the US. In August 2011 the Facebook messenger was released which was a group of messaging services. After that Facebook become a globally used website.
Mark Zuckerberg becomes World’s Youngest Billionaire:
Facebook profits eventually led Mark Zuckerberg to become the world’s youngest multi-billionaire, he’s doing his part in the shape of different charity Initiative to spread his wealth around. In 2010, he signed a covenant with other billionaire businessmen, to donate at least half of their wealth to charity. Zuckerberg and his wife, Priscilla Chan started the Chan Zuckerberg Initiative in 2015 and announced that they will contribute 99% of their Facebook share to philanthropy to improve the lives of the poor’s through health, education, energy, and scientific research.
As of August 6, 2020, according to Bloomberg, Mark Zuckerberg’s net worth passes $100 billion and he is listed by Forbes as the 4th-richest person on the planet.
To stay ahead in the race, Facebook has actively acquired rival companies and those at the front of new technologies. As of 2020 Facebook had acquired 82 companies.
It’s most significant acquisitions include Instagram, which it bought for $1 billion in 2012, and WhatsApp, purchased for $22 billion in 2014, and Oculus VR, bought for $2 billion in 2014.
Here is the list of Facebook’s Most Important Acquisitions (credits: Investopedia):
Initial Acquisitions (2007-2009)
- Parakey (2007)
- FriendFeed (2009)
Website and Core Offering Improvements (2010)
- FB.com (2010)
- Octazen Solutions
- Friendster Patents
- Chai Labs
- Hot Potato
App and Mobile Technology (2011)
Online Photo Sharing (2012)
Improving Advertising Revenue Model (2013)
- Atlas Advertiser Suite
Big Acquisitions in Uncharted Territory (2014-19)
- Oculus VR
The future mission of Facebook
Facebook’s mission is to connect people around the world using technology. Also to beam internet to far-flung places using satellites and autonomous solar-powered drones.
They are also developing a new social platform in a virtual reality called Facebook Spaces, which it believes will form the foundation for the future of communication.